Joining many other banks that have eliminated some fees in recent months, PNC Bank has announced that it will no longer charge non-sufficient fund (NSF) fees to any consumer deposit account customers.
PNC had already eliminated NSF fees for customers with some types of checking accounts and will now do the same with additional types, the company said in a Thursday (Aug. 11) press release.
“Over the last several years, we’ve made significant enhancements to our overdraft solutions, all of which are designed to help our customers and give them better control of their financial future,” PNC Head of Retail Banking Alex Overstrom said in the press release. “Eliminating NSF fees on consumer deposit accounts is just another way we are helping our customers strengthen their financial wellness.”
As PYMNTS reported earlier this year, several American banks have begun to eliminate or modify overdraft and NSF fees in an effort to compete with zero-fee FinTechs and appease customers and politicians.
Read more: Citi to Eliminate Overdraft Fees
For example, Citi announced that it would eliminate fees on overdrafts, overdraft protection and returned items; Capital One dropped overdraft fees; JP Morgan Chase modified its overdraft policy and Bank of America announced it would do away with NSF fees and lower overdraft fees.
Politicians and regulators have been pushing to ban some fees as well.
Read more: NY Regulator and Lawmakers Join CFPB in Push to Ban Overdraft Fees
As PYMNTS reported in July, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra has made it a priority for the bureau to fight against “junk fees,” overdraft fees, NSF fees and credit card late fees.
On July 12, New York Department of Financial Services (DFS) Superintendent Adrienne Harris announced that the regulator is prohibiting unfair and deceptive overdraft and NSF practices, targeting overdraft fees relating to Authorization Positive, Settle Negative transactions; double fees from futile overdraft protection transfers and NSF fees relating to representments.
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