PNC bucks credit card fee trend
With Bank of America leading the charge, a number of large banks across the country have begun to introduce costly fees for consumers who want to open new checking accounts. In addition, some have also announced additional requirements for their existing accountholders.
However, PNC Bank announced this week it would keep offering free checking accounts, while lowering minimum balance requirements on accounts with existing annual charges.
Ed Kozmor, a spokesman for the bank, said the company made the decision to keep its existing customers satisfied, The Philadelphia Business Journal reports. Kozmor estimates 70 percent of PNC accountholders currently have free checking.
In addition, Kozmor said the bank has no plans to add fees on existing online banking, ATM or bill pay services, the news source says. The company also announced the introduction of three new rewards credit cards, all co-branded with major card issuer, Visa.
With interest rates on plastic options on the rise, many consumers will likely be looking to reduce fees associated with theses cards, as many are still struggling with mortgage payments and past credit card debt.