PITTSBURGH — PNC Bank announced Monday that it plans to eliminate free checking accounts over the next 12 months as it tries to balance investments in technology for retail banking customers and costs.
The downtown-based bank, the largest in Pennsylvania and the seventh largest nationwide, said that it has begun notifying its customers that “every account, with the exception of Foundation Checking, will have a minimum balance requirement and other options to keep the account free,” according to a statement.
“This is part of our long-term strategy to remain financially strong and invest more in technology and the services that enable customers to bank when and where they want,” the statement said.
“I don’t think that’s fair,” said Richard Jones. "What made them come up with that? I don't really agree with that one.”
Holders of PNC's free checking account will have their accounts transferred in June 2014 to a new account called Standard Checking.
To maintain free checking in a Standard account, customers will need to meet one of three requirements: a $500 average monthly balance, $500 in combined monthly direct deposits, or be 62 years or older.
If these requirements are not met, a $7 fee will be charged to your account.
“That’s ridiculous. I think I’m going to switch banks,” said Karla Harden. “I’m on a tight budget and it’s hard to keep money in my account like that. I have kids.”
Channel 11’s news exchange partners at TribLIVE contributed to this report.