PNC fees could backfire, analysts say

PNC fees could backfire, analysts say
Tags: Bank / Credit Union, Other, Transaction Processing, Trends / Statistics
December 4, 2005

Philadelphia Business Journal: PNC Bank's increased fees could cost the bank customers, some analysts and competitors say. The new fees, which kicked in Dec. 2, are part of Pittsburgh-based PNC's plan to cut expenses and generate more revenue. The bank expects to save $300 million in expenses and generate an additional $100 million in revenue by the middle of 2007. The bank raised fees for having insufficient funds, setting up overdraft protection and continually overdrafting funds. It also instituted new fees for inactive checking and savings accounts, closing newly opened accounts and checking transaction history through an ATM.