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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 21, 2021

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Summary

  • PNC is the seventh-largest bank in the United States
  • Customers get a checking, savings, and growth account through the Virtual Wallet when they sign up
  • PNC also offers CDs

PNC Bank was founded in 1852 as the Pittsburgh National Bank under chairman James E. Laughlin of Jones and Laughlin. In this PNC review, learn how the financial giant grew from its Wood Street headquarters in Pittsburgh — the street it remains on today.

PNC has more than nine million customers across its subsidiaries and products, which span over 2,000 branches in 20 states in the Midwest, Mid-Atlantic, and Southeast. In addition to standard bank accounts, PNC offers a variety of loan services that you can find from a local list of branches.

Keep reading to learn all about its products and services and how they may fit into your life.

If you’re looking for a loan, use our free tool to find a loan provider near you. Enter your ZIP code to get started.

What does PNC offer?

Like many large financial companies, PNC has several products and services available to its customers. These include checkings and savings accounts, Certificates of Deposits, credits cards, and loans.

PNC Bank has a unique account setup called the Virtual Wallet, and this is two savings accounts and a spending account wrapped into one. With this account, you must have a minimum balance of $25. However, if you opened an account online, the $7 low-balance fee may be waived.

The Virtual Wallet’s savings account accrues interest for long- and short-term savings goals. The amount may vary depending on when you live and any rules on our account.

PNC’s CDs are built to build your money over various terms. PNC bank terms can be from 30 days to 10 years, depending on what you choose and how you open your CD. (Online accounts are limited to max three-year terms.)

PNC’s CDs require a minimum of $1,000 in the account; balances of $1,000 to $25,000 earn a rate of 0.02%.

Other products from PNC bank:

  • Purchase mortgages
  • Refinance mortgages
  • Home equity loans
  • Auto loans
  • Personal loans
  • Student loans
  • Student loan refinancing
  • Individual Retirement Accounts (IRAs)
  • and more

PNC may not be the right choice for everyone. Keep reading this PNC bank review to see how you would fit as a customer.

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Who is PNC Bank best for?

Since PNC has a plethora of services available to customers, there are many groups that you can fit into. If you’re looking for an easy-access checkings/savings account or you’re looking to consolidate your student loans, PNC may be right for you.

PNC could also be good for:

  • Those looking for an all-in-one bank for all financial services
  • Those looking for both a brick-and-mortar location and accessible ATMs

What does that mean for you? Keep reading to learn more about the pros and cons of PNC.

Pros and Cons of PNC

PNC holds its own in the financial world. Across the third-party creditor ratings, PNC received high marks.

  • For long-term deposits, Moody’s rated PNC a P-1, and S&P’s gave an A-1
  • Short-term deposits received the same ratings

Customers have also given the company decent praise for being flexible and accessible. The Better Business Bureau offers PNC an A+.

In 2020, the Consumer Financial Protection Bureau reported more than 300 PNC bank loan reviews relating to mortgage loans — the bureau looked into all the complaints.

Pros

In addition to good ratings, PNC is known for its wide variety of services, which we discussed above. PNC private client reviews reveal that the bank is also reliable on its ATM reimbursement fees.

As PNC isn’t nationwide, there’s a chance its customers may encounter non-network ATM fees. These charges are reimbursed or dropped depending on your account.

Cons

The most common complaint regarding PNC bank accounts is that it’s hard to open just one account. PNC offers a bundle of checkings and savings varieties, and customers have reported several hoops to jump to avoid having more than one account.

However, its savings earnings aren’t very high, and amounts vary based on region. Its short-term savings account earns 0.05% APY lower than the national average. Also, PNC allows up to four $36 overdraft fees per day.

PNC Bank: The Bottom Line

PNC is a generally well-received bank that serves nearly half the nation’s states. It’s known for its user-friendly online system and its ATM accessibility.

But there are perks and pitfalls to nearly every banking situation. It’s best to speak directly to an account manager about your financial details. Enter your ZIP code to find affordable loans near you.