What will happen if I do not opt in to Overdraft Coverage?
Your ATM and everyday (one-time) debit card transactions will be declined in the event of an overdraft, unless you have PNC Overdraft Protection. Our standard overdraft practice will continue to be in effect for your checks and automatic bank payments.
What if I already have Overdraft Protection?
Your linked Overdraft Protection account will continue to function the same way as it does today.
If I already have PNC Overdraft Protection on my checking account (through a link to a secondary checking account, savings account, credit card, personal line of credit or Choice Home Equity Line of Credit) can I still opt in to Overdraft Coverage?
Yes. The PNC Overdraft Protection you have automatically transfers available funds to your checking account to cover any overdraft on your account. However, if you do not have enough available funds in your Overdraft Protection account to cover your ATM and everyday (one-time) debit card transactions, they will be declined. Opting in to Overdraft Coverage could provide an additional layer of coverage for ATM and everyday (one-time) debit card transactions in the event you exhaust your Overdraft Protection funds.
I would never spend more money than I have, so why would I want to opt in to Overdraft Coverage?
People make mistakes, so the occasional overdraft can happen. If it happens, opting in may allow your ATM withdrawals and everyday (one-time) debit card purchases to be approved, which saves you the embarrassment of being declined and/or leaving you in a position where you may be unable to complete the transaction.
If I opt in to PNC Overdraft Coverage will my ATM and everyday (one-time) debit card transactions always be authorized regardless of available funds?
No, the bank has the discretion to approve or decline a transaction that causes the account to become overdrawn.
What fees are associated with overdrawing my account?
I have heard that opting out ensures that the bank can never charge me an overdraft fee. Is this true?
No, Overdraft Coverage only applies to ATM and everyday (one-time) debit card transactions. Items such as checks, ACH transactions and recurring debit card transactions are treated under the bank's standard overdraft practices. In the case when you do not have sufficient available funds to cover these types of items, the bank, at its discretion, may pay the item(s) resulting in an overdraft fee(s).
What about automatic or recurring payments I have set-up on my debit card?
Overdraft Coverage does not affect the way we process overdrafts on recurring debit card transactions, checks and other transactions made using your checking account. We will continue to exercise our discretion in paying these overdrafts.
If I choose not to opt in to Overdraft Coverage at this time but change my mind later, how can I opt in and when will it take effect?
You may call 1-877-588-3605, go online at pnc.com/overdraftsolutions or visit any PNC branch to opt in to Overdraft Coverage. The request will become effective the following business day.
Can I change my Overdraft Coverage selection?
You or your joint owner may revoke your opt-in or opt-out choice at any time. Call 1-877-588-3605, visit any branch, or sign on to PNC Online Banking, and select the "Overdraft Solutions" link under the Account Services section to manage both your Overdraft Coverage and Overdraft Protection settings.
What happens if I choose to opt in to Overdraft Coverage this morning and then decide to change my selection to opt-out later in the day?
The bank will process the last selection received as of 10:00 p.m. ET (before posting) each business day. Therefore, in the example above, the last opt-out choice would be applied to the account the next business day.
My spouse and I are both signers on two different accounts. If we want Overdraft Coverage, do we both have to opt in?
Only one authorized signer per account has to opt in for Overdraft Coverage.
I have a Virtual Wallet. Can I opt in to Overdraft Coverage?
Yes, you do have the option to add Overdraft Coverage to the Spend account in your Virtual Wallet. The Virtual Wallet Spend account comes with Overdraft Protection via links from both the Reserve and Growth accounts. Opting in to Overdraft Coverage would provide you with an additional layer of coverage for your ATM and everyday (one-time) debit card transactions on your Spend account in the event you exhaust all of your Overdraft Protection funds. If you do not opt in, your ATM and everyday (one-time) debit card transactions will be declined if you do not have sufficient funds in your Spend, Reserve and Growth accounts to cover the transaction. Overdraft Coverage is available on the Spend account only.
Are business accounts impacted by the regulation?
No, Overdraft Coverage applies to consumers only. All business transactions will be processed under the bank's standard overdraft practices. However, business accounts may opt out of Overdraft Coverage if desired.
Feedback
