You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

breaking news

Honda supplier gets state tax credit to bring 85 jobs to Springfield

PNC latest to eliminate free personal checking


Another big bank has moved to eliminate free checking with no strings attached. This time PNC Financial Services Group says it will do away with free checking and offer a new standard checking account that requires customers to maintain minimum balances to avoid paying fees.

Most major regional banks have made similar moves, including Cincinnati-based Fifth Third, Cleveland-based KeyCorp, JPMorgan Chase & Co. and U.S. Bancorp.

Starting Monday through July 9, Pittsburgh, Penn.-based PNC is notifying customers of checking account changes, PNC spokeswoman Marcey Zwiebel said. The free checking account will be phased out in 12 months. Two new accounts will be offered this year — Standard Checking and Virtual Wallet with Performance Select, Zwiebel said.

With the exception of foundation checking, every account will have a minimum balance requirement and other requirements to keep the account free, she said.

“For current customers, the impact will be minimal,” Zwiebel said in an emailed statement.

Nine out of 10 customers currently have balances that exceed the minimums. PNC wants to encourage more customers to make the company their primary bank with increased deposits and other services such as loans, credit cards and investments, she said.

“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,” Zwiebel said in the provided statement.

Ron Cloyd, Dayton community bank president for Huntington Bancshares, said, “They’re joining the vast majority of the rest of the industry.”

Huntington introduced in late 2010 a strategy that includes a 24-hour grace period for overdrafts and “ asterisk-free” checking. The Columbus-based bank plans to stick to its strategy and continue offering free personal checking.

Based on Huntington’s market research, “consumers say loud and clear they want free checking,” Cloyd said. “As long as we’re effective in meeting with the clients and diving into other needs they have….it’s a sustainable strategy.”

PNC is the third largest bank in each the Cincinnati, Dayton and Springfield metropolitans by deposits, according to the Federal Deposit Insurance Corp.


Reader Comments ...


Next Up in Business

RECALL: Lay’s chips recalled for potential Salmonella contamination
RECALL: Lay’s chips recalled for potential Salmonella contamination

Frito-Lay has voluntarily recalled two of its brand of snacks, including its Jalapeño-flavored potato chips. The Jalapeno Flavored Lay’s Kettle Cooked potato chips and Jalapeño Flavored Miss Vickie’s Kettle Cooked potato have been recalled due to a potential presence of Salmonella in the seasoning. Salmonella can cause serious...
Sam’s Club introduces 300 new products, including wine
Sam’s Club introduces 300 new products, including wine

Sam’s Club has relaunched its private brand, adding more than 300 new products this year. The warehouse club revamped its Member’s Mark brand, which represents $10 billion in sales for the division of Walmart. The new product line covers everything from food products to general merchandise. In addition to redesigning the brand’s labels...
Gas prices continue to slowly increase
Gas prices continue to slowly increase

DAYTON — Average retail gasoline prices in Dayton increased 10.9 cents per gallon in the past week, averaging $2.39 per gallon on Sunday, according to GasBuddy's daily survey of 391 gas outlets in Dayton. This compares with the national average that has increased 1 cent per gallon in the last week to $2.42 per gallon, according to gasoline price...
Spring cleaning your computer

As you’re doing spring cleaning around the home, don’t forget about your computer! It needs taken care of, too. Here are a few things you should consider doing to keep your computer in tip-top shape: Run a malware scanner to remove junk: Along with having an anti-virus installed, consider a secondary anti-malware program. They can catch...
Potholes costly for state, motorists
Potholes costly for state, motorists

Earlier this month, Anna Gros of Fairborn was driving home when she turned onto Interstate 675 and hit a large piece of concrete sticking out of a pothole. The large piece of debris blew out a back tire on the car, causing her to lose control and swerve into another lane on the highway. “I was able to control my car. I was blessed,” she...
More Stories