PNC Launches Checking Account for Underbanked That Limits Fees

PNC Financial Services Group Inc. launched a bank account that limits fees to help consumers facing financial pressures worsened by the pandemic maintain their access to banking services.

The checking account, which has no charges for overdrafts or insufficient funds, will cost $5 a month, a company spokesperson said. It’s designed to hold on to customers struggling to pay loans or fees, according to Chief Executive Officer Bill Demchak.

“We have to charge them off -- for accounting you have to do that,” Demchak said of customers who miss payments. But they could be assigned “a safety product -- ...