The PNC Financial Services Group Inc. is launching a new digital capability to help customers avoid overdraft fees.
Pittsburgh-based PNC introduced Low Cash Mode earlier this year. Customers can access it via PNC’s Virtual Wallet. Payment control allows them to choose whether certain transactions are processed, rather than the bank making that decision when funds aren’t available. Low Cash Mode also alerts customers when their balance is low.
[ ALSO READ: Victims claim scammers opened PNC bank accounts in their name ]
“The big difference here is we’re putting the control for these payments back in the hands of the customer,” said Weston Andress, PNC’s regional president for western Carolina.
An early trial in Baltimore resulted in a 60% reduction of overdraft fees among thousands of customers, Andress said.
Read more here about how it works.
This browser does not support the video element.