Breaking news PNC Bank is ENDING FREE CHECKING!!!!!

[50cent]

PNC to add deposit, balance requirements for free checking - Chicago Tribune
PhillyInc: PNC Bank to end free checking

Now, PNC, which had $9.42 billion in deposits in the Philadelphia region as of June 30, 2012, is set to join the trend. But a bank spokesman said nine out of 10 PNC customers already maintain minimum balances of at least $500. So for many, the shift to its new standard checking account in June 2014 shouldn't incur a $7 monthly service charge.

That would put PNC's fee higher than the average monthly service fee of $5.48, according to a Bankrate.com survey.

EXTRA EXTRA READ ALL ABOUTS IT

PNC has stood for Phast New Counter to many CRHER's and most east-of-the-missisipi will easily recognize the bank, because they have a not so bad free checking program. Well dawgs, the end is near, free checking is coming to an end. I always gave advice to go with a savings account. This is the reason why. A few coin counters break, they pass the cost on to other customers.

Alternatives:
Look for other banks with free checking
Open a savins account

 

[50cent]

7 x 12, you do the math + if you get negative balance your credit score's down the drain.

 

[Eminem]

thanks for the advice, I will soon be openin a savins account at pnc...

 

[jeff of pa]

sorry But $500.00 Minimum Balance is not "Free Checking" Either.

$500.00 Minimum Balance is paying the bank $500.00 for your checking account.

Think about it. if you keep your account your entire life, You'll never see that $500
again unless you pay a fee for withdrawal , whether they call it an account closer fee or
maintenance fee or what, they are stealing from you.

My guess they will get a run on account closers before they realize they are going to have to
only apply the rule to new accounts. because I'm sure someone else in the area
still offers Free checking.

they tried it here a few years ago, first thing I did was went down,
and questioned them before the fee to close your account
part kicked in, & they explained it was an error.
only new accounts were no longer free.

of course by that time they lost a ton of depositors

 

[BuffaloBoy]

PNC Bank was never good to me anyway.

 

[fish on!]

This is kind of a moot point. If you have an account that you use exclusively for CRH'ing with less than a $500 balance you should fully expect to get cut off from that bank at some point anyway.

@JeffinPA - that's not really how it works. I had a bank of america account for years that had a $2500 minimum balance. When I finally got the motivation to close that account, there was no maintenance or account closing fee associated with liquidating and closing the account. Don't get me wrong, I see what you mean about the money being untouchable while the account is open, but you don't have to pay a fee when you close the account.

 

[jeff of pa]

This is kind of a moot point. If you have an account that you use exclusively for CRH'ing with less than a $500 balance you should fully expect to get cut off from that bank at some point anyway.

@JeffinPA - that's not really how it works. I had a bank of america account for years that had a $2500 minimum balance. When I finally got the motivation to close that account, there was no maintenance or account closing fee associated with liquidating and closing the account. Don't get me wrong, I see what you mean about the money being untouchable while the account is open, but you don't have to pay a fee when you close the account.

perhaps not at all fish But when I received the letter announcing minimum balances,
there was a note included of a cancellation of account fee, being added at the same time also.

This was not PNC or BOA this was Susquehanna.

and as I said many elderly people on fixed incomes Jumped ship
immediatley without asking questions, before it took effect

 

[fish on!]

perhaps not at all fish But when I received the letter announcing minimum balances,
there was a note included of a cancellation of account fee, being added at the same time also.

This was not PNC or BOA this was Susquehanna.

and as I said many elderly people on fixed incomes Jumped ship
immediatley without asking questions, before it took effect

I guess all banks have different rules and policies. I avoid all bank fees. I never pay any of them. If the rules to avoid the fee are too restrictive then I find a new bank.

 

[jeff of pa]

same here fish.

I Jump them as soon as I get a Letter. So far they have worked with me.
it is possible most if not all banks "New Rules" can be side-stepped for old customers.

 

[50cent]

Fully be cut off from the bank? Fishon, if you think you should have $500 sitting around collecting nothing, well you are not good with money. I have had over 3k deposited of coin in a single day, multiple times, i am a HIGH ROLLER, compared to the rift-raft goin into PNC to cash a $100 check from their relative who loaned them money to pay a direct TV bill. yet at times, I've had $0 in my account. I like to diversify in banks, not keep a big lump in one that doesnt collect intrest, I could see $500 in a savings collecting interest but a useless checking? No.

 

[fish on!]

Fully be cut off from the bank? Fishon, if you think you should have $500 sitting around collecting nothing, well you are not good with money. I have had over 3k deposited of coin in a single day, multiple times, i am a HIGH ROLLER, compared to the rift-raft goin into PNC to cash a $100 check from their relative who loaned them money to pay a direct TV bill. yet at times, I've had $0 in my account. I like to diversify in banks, not keep a big lump in one that doesnt collect intrest, I could see $500 in a savings collecting interest but a useless checking? No.

I see that you are a high roller and I am thoroughly impressed. In case you haven't noticed, the interest rates on savings accounts are next to nothing at the moment.

Let's look at this realistically: Say you are someone who is risk averse, yet really "good" with money. Say you also have CRH'ing as a hobby. About the best APY you can expect with no risk is from a CD. Just about the best 1 year CD APY that you can expect to get right now is 1%. Now let's say, "high roller" that you are, you happened to notice that you have $20k sitting around, I don't know, for the sake of argument lets say this allergy season hasn't been too bad so that $20k is hundreds that you normally would have wiped your nose with. If you put that in a CD for the next year and leave it in there until maturity you will have made $200. If you had left that money in a savings account it would have earned much less than $200. Now, the other thing about cd's is that your money is tied up until maturity unless you are willing to take heavy penalties that are going to take a huge chunk of that $200 that you were going to earn. CD's aren't going to be a smart bet if there is even a small chance of a large unexpected expense popping up in that year.

Now, alternatively, you could spread that money across multiple bank accounts that yield little or no interest. At first glance, it looks like a bad move, but in reality it's like an insurance policy to help reduce the risk of getting cut off from a hobby (not work) that is going to yield significantly more over the course of that same year than the $200 the cd would have paid. This is with the added bonus of having immediate liquidity should the need arise.

This was all an example. All investing strategies should be individualized for each person's unique set of circumstances, ie. debt load, pension, 401(k) holdings, age, employment status, etc.

I am not going to say that you will definitely get cut off from a bank where you are depositing and withdrawing $3k in coin "multiple" times per day while holding an account at said institution with a balance that hovers near zero, but I personally would not put myself in that situation if I had a vested interest in continuing my banking relationship with that institution.

 

[Joshr29]

Ohhhhhh. Sick burn. Face 50!