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PNC Gets Certification for Account Aimed at the Underbanked

  • Second PNC account to win validation from non-profit CFE Fund
  • Underbanked issue is intensified by pandemic, digital shift
Updated on

PNC Financial Services Group Inc. won certification from the Cities for Financial Empowerment Fund for a second 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, costs $5 a month, a company spokesperson said. The CFE Fund, a non-profit that seeks to improve financial stability of low and moderate income households, validated the account under its Bank On initiative, which works to ensure that everyone has access to affordable transactional bank accounts, the spokesperson said.