PNC: Ending is near for free checking era - 19 Action News|Cleveland, OH|News, Weather, Sports

PNC: Ending is near for free checking era

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CLEVELAND, OH (WOIO) -

PNC officials told 19 Action News Monday afternoon that ending free checking is a part of their long term strategy to remain financially strong.

They're about to start charging you seven dollars a month if you don't meet one of two checking accounts criteria.

For the standard checking you won't be charged if:

  • You average a monthly balance of $500
  • Or your direct deposits total more than $500 a month
  • Or you're older than 62.

The other type of account is the Virtual Wallet. You won't be charged if:

  • Again you have a $500 balance or direct deposit
  • Or the only services you use are ATM's, on-line and mobile banking.

PNC officials claim 905 of all customers already meet the criteria and won't see any increase.

In the last five years, majority of banks have ditched free checking.

We talked to people like Mike and Jennifer Pernell who say they've run into the fees fiasco before and simply changed banks.

"Do you think they get the message or do they care?" our Dan DeRoos asked Mike.

"Probably don't care. It's just bottom line deal," answered Mike.

"My initial reaction to that is I'll just start paying cash and no longer use the bank system. That's crazy that we have to pay to use our own money," Jennifer said.

Brian Gomez is a PNC customer and says this pretty much a corporate money-grab.

"They're in the business of making money with fractional reserve banking. They create money out of thin air that's her federal reserve system," according to Gomez.

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