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PNC Bank Review
PNC Bank, previously known as Pittsburg Trust and Savings, is now one of the largest banking institutions in the US. It has an extensive physical presence in the South, Northeast, and the Midwest. Its main customers are from the retail industry, focusing on small businesses. With numerous digital banking tools, PNC Bank brings plenty of advantages to its customers. The following sections introduce you to an extensive PNC Bank review and why it may be worth your attention.
Onto our PNC Bank review!
What Does PNC Bank Stand For?
The PNC Bank is the result of a merger between Pittsburg National Corporation and Provident National Corporation. These two institutions merged in 1983, turning to what we call “PNC Bank”, so its name is a reference to its predecessors. The two previous institutions worked in different sectors, so the merger helped to create one of the largest banks in the US.
Features and Advantages
PNC Bank stands out from the crowd in different areas, depending on your needs. Its annual interest rates are often more affordable compared to other lenders. In short, you can get a very competitive rate, but you must have a good credit score and a relatively low debt-to-income ratio, among other requirements.
Joint loans are another excellent offering. If you add a co-borrower with a higher credit score, both of you can benefit from a larger loan or a lower interest rate. In terms of repayments, all borrowers enjoy flexibility as you can choose from any term ranging from 6 months to 5 years.
Finally, PNC has smaller loans than other banks. This recommends it for individuals who need to cover small expenses starting at $1,000 and up to $35,000.
PNC Bank Loans
The terms for loans depend on your personal circumstances. With a repayment term ranging from 6 months to 5 years, you do not have to accept a higher loan than you need, which translates to responsible borrowing. However, shorter loans often come with higher monthly payments, while longer loans have higher interest rates. The best approach would be to choose the length that allows you to make each monthly payment comfortably, but also has a lower total cost.
PNC personal loans are highly accessible for current customers with good credit scores, usually above 700. The interest rate starts at a very low percentage – 7.49% -, and there are no application fees. To apply, you must live in one of the 19 qualifying states and you cannot take a PNC Bank loan higher than $35,000. This makes it unsuitable for large projects or businesses.
Can I Open PNC Bank Account Online?
Although you can visit the nearest PNC branch, applying online remains the most convenient method if you consider opening a bank account. To apply, you have to confirm that you are a US citizen, then you must provide your name and address, employment information, and contact information. In most cases, you will be required to make the first deposit, then your account will be available to you.
Is PNC Bank FDIC Insured?
Similar to many other US banks, PNC Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a result, PNC Bank is FDIC insured according to the current legislation.
PNC Customer Service
PNC support is available through different channels. Apart from visiting one of its physical branches, you can contact PNC customer service representatives via live chat or phone from Monday to Friday, 7 AM to 10 PM; they are also available during the weekend, from 8 AM to 5 PM. If you need to take care of your banking needs using PNC BANK’s online banking, all you need to do is download the mobile phone app; this provides access to all transactions and functions.
PNC Bank VS Chase
Chase is also one of the biggest banking institutions in the US, just like PNC. You can choose from a wide range of account options with different benefits, but PNC Bank is well-known for its digital budgeting tools; even more, their mobile phone app is ranked #59 on iOS out of all the Finance apps.
If you are considering whether you should open a bank account with Chase or PNC Bank, there are some differences, although both institutions offer all banking services you might be interested in. PNC stands out due to its waivable monthly fees and numerous banking tools, while Chase is renowned for its generous sign-up bonuses and customizable account options.
PNC Bank VS Bank of America
Bank of America has much wider coverage than PNC, but the deposit accounts are not as broad. In other words, if you are interested in depositing large amounts of money, PNC might be more suitable because it offers numerous account tiers with enhanced benefits. Also, PNC’s standard checking accounts have a lower fee and you only need to deposit $500 to completely waive it.
PNC Bank VS SunTrust
SunTrust has more than 1,400 branches in the Southeast, while customers only need $100 to open a checking account. Similar to PNC Bank, there are different methods that allow you to waive the fees, and it also has numerous offerings regarding CDs and savings accounts. Unfortunately, SunTrust has lower online transparency, while interest rates, including CDs, are quite low. Despite this, SunTrust has a Loyalty Cash bonus that could make up for these shortcomings.
All in all, PNC is a good banking choice if you have a good credit score. If you live in one of the qualifying states and you can maintain a balance of at least $500, its checking account is up to expectations. Fortunately, the more products you use, the higher your rewards will be.
It also has a solid digital presence with an award-winning app and a virtual wallet. These help you with your budget management needs, so you can meet both short and long-term savings goals. If you keep lower balances or you do not live in the area, PNC may not be suitable for your needs. In this case, you should choose a banking service that has a broader coverage area.
Learn More About PNC Bank
Head to the PNC Bank website to find out if they are a good fir for your banking needs
Thanks for reading our PNC Bank review.
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