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People make mistakes, so the occasional overdraft can happen. That's why it's a good idea to have a PNC Overdraft Solution in place. Here, you will find information about your options, so you can choose the overdraft solutions that are right for you.
A choice for your consideration
There are two ways to protect your account:
Overdraft Protection is a service that links another PNC account to your PNC checking account. You can link:
- A secondary PNC checking account
- A PNC savings account or money market deposit account
- Any PNC credit card
- A PNC personal line of credit
When there's an insufficient balance in your checking account to pay for any item, funds, if available, are automatically transferred from the Protecting Account to cover your purchases.
Overdraft Coverage covers your ATM and everyday (one-time) debit card transactions, at our discretion, if you overdraw your account. You can choose Overdraft Coverage for each PNC checking account you have, and you can opt in or out of Overdraft Coverage whenever you like. Of course you can remain opted out or you can change your mind at any time - just let us know.
For additional details:
Overdraft Notification (Standard OD/NSF fees apply)
Virtual Wallet is comprised of 3 accounts - Spend, Reserve and Growth. If you overdraw your Spend account, it is automatically protected by your Reserve account if money is available. The Growth account can be set up as a secondary form of Overdraft Protection for your Spend Account. However, Overdraft Protection and Overdraft Coverage are not available for your Reserve and Growth accounts.
Spend is the primary checking account for your "everyday" transactions. Debit Card purchases, online bill payments, ATM withdrawals and checks will come from the Spend account by default. The Spend account is set up with overdraft protection by the Reserve Account and the Growth account works as a secondary source of Overdraft Protection. You may find that Virtual Wallet works best when you use the Spend account for all outgoing payments.
Reserve is your short-term savings account where you can set aside money for upcoming expenses and budgeting purposes. Once you have enough, simply transfer that money to your Spend account. Reserve also functions as the primary Overdraft Protection source for your Spend account. Overdraft Protection and Overdraft Coverage are not available for your Reserve account.
Growth is your long-term savings account, helping you grow your nest egg and save for life-changing purchases ahead. You'll also receive a competitive interest rate to further contribute to your savings goals. In addition to saving, Growth will serve as a secondary source of Overdraft Protection on your Spend account. Keep in mind that you can transfer as often as you want into the Growth account, but there are federal limits on how often funds can be transferred out. Overdraft Protection and Overdraft Coverage are not available for your Growth account.
Keep in mind overdraft protection is only available for the Spend account. Overdraft Protection and Overdraft Coverage are not available for the Reserve and Growth accounts.
Managing Your Money
Keep track of - and manage - your money with these products and services.
PNC offers a number of ways to make your financial life easier. Here are just a few services that you can sign up for with your checking account:
Online Banking and Bill Pay - Experience an easier way to manage your finances. Check your balances, transfer funds, and pay bills anytime with just a couple of clicks. It's easy to get started. Simply click on the orange Login button at the top of the page and select "Enroll in Online Banking".
Direct Deposit - With this service, you can access your money the same day you're paid. Contact your employer or government agency to have your check deposited into your account automatically every payday.
PNC Alerts - With PNC Alerts, you'll be notified when your checking account balance falls below a certain minimum that you select. To register for text or email PNC Alerts, enroll through our free Online Banking Service.
Auto Savings - This convenient feature is the easy way to get into a committed savings routine and to save for a rainy day or unexpected expenses. Just choose the amount you want to transfer from your checking account to your savings account on a regular basis. Ask about it when you set up Overdraft Protection.
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?
You will be charged a fee each time we pay an overdraft, with a limit of four charges per day. You may also be assessed additional fees if your account remains overdrawn. See Consumer Schedule of Service Charges and Fees »
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.
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Important Information and Disclosures
Establishment of a line of credit is subject to credit approval. Available line balance must be sufficient to cover overdraft amount.
If you make at least 5 qualifying purchases in a month with your Virtual Wallet Debit Card and/or PNC credit card included in your Virtual Wallet or set up a qualifying monthly direct deposit of at least $500 for Virtual Wallet, or $2,000 ($1,000 for PNC WorkPlace Banking® or Military Banking customers) for Virtual Wallet with Performance Spend, or $5,000 for Virtual Wallet with Performance Select, you’ll earn the higher relationship rate on your Growth account for the following month. Transactions are considered to be made when the transaction posts to the Spend or credit card account, which may be later than the date you initiated the transaction.
We will only link accounts at your direction. If you have not directed PNC to link another account to your Virtual Wallet, the accounts will not be linked and you will not receive a relationship rate, applicable waivers of monthly service charges or other relationship benefits on your unlinked PNC accounts. The requirement that you direct us to link accounts in order for you to receive benefits applies to all of your PNC accounts.
A qualifying direct deposit is a recurring electronic deposit made by an employer or an outside agency. Transfers made from one account to another or deposits made via a branch, ATM, online transfer, mobile device or the mail are not eligible to meet this requirement.
A federal regulation limits the number of transfers that may be made from a savings or money market account. Please see our Consumer Schedule of Service Charges and Fees for additional information.
PNC Alerts are free to customers. However, third party message and data rates may apply. These include fees your wireless carrier may charge you for data usage and text messaging services. Check with your wireless carrier for details regarding your specific wireless plan and any data usage or text messaging charges that may apply.
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