Intro – PNC Bank Reviews & Rankings
PNC Bank was recently ranked and reviewed by AdvisoryHQ as one of the top banking firms. Firms on our top-rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our PNC bank review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Below we have provided a detailed PNC Bank review, including the specific factors we used in our decision-making process.
PNC Bank Review
With over 8 million customers and an impressive 160+ years of service, PNC Bank offers a wide range of services to a wide range of clients.
PNC Bank Reviews
No matter if you are an individual or a business, a corporation or a government entity, PNC has a comprehensive financial solution, making them one of the top banking firms in the U.S.
PNC Bank Reviews | What Is PNC Bank?
This bank was founded in Pittsburgh over 160 years ago. If you’re not familiar with PNC, it may be because its offices are mostly located on the East Coast and in the Midwest.
According to PNC Bank reviews on Credio, the bank offers many different products, such as savings and checking accounts with online access. PNC provides small business and personal loans, including mortgages.
Credit Karma’s PNC Bank review mentions that the bank can help you with your investment needs. It has wealth management services, insurance products, and can act as a trustee for your retirement account.
In the sections below, we’ll look at PNC Bank mortgage reviews, PNC Bank credit card reviews, and more from customers and industry experts to help you determine whether PNC is the best bank for you.
PNC Bank Reviews | What Is PNC’s Online Banking Like?
NerdWallet’s PNC online banking review focuses on a large number of technology tools available. It has the standard features you’d expect from any large bank, like:
- Check deposits from your mobile device
- Text alerts for account activity
- Online payment of bills
- Paperless statements
- Funds transfer
- Download of transactions to Quickbooks or Quicken software
As one of the best banking companies, PNC also provides customers with some high-tech innovations. PopMoney allows you to send or receive money from the bank just by using your phone.
Clover Go will let you accept credit or debit cards on your tablet or smartphone. You can even track the status of your mortgage application online with Home Insight.
One PNC Bank review at My Bank Tracker pointed out that the technology has other downsides. Bugs in the software make it look like bills are paid when they aren’t, leading to high fees. Another review claims that PNC’s website lacks functionality and often has broken links.
PNC Bank Reviews | What Is the Virtual Wallet?
The most famous online product is the Virtual Wallet. The PNC Bank reviews on WalletHub are generally positive, with 195 reviewers giving an average score of 3.4 out of 5. As one customer explains, you get three linked bank accounts:
- Spend (checking)
- Reserve (short-term savings plus overdraft protection)
- Growth (savings)
You can use the mobile app to do all your banking needs, and it has cool features like a calendar to schedule your bills. You also get a “money bar” which shows you how much money you have left and how much is allocated to your regular bills.
Another PNC online banking review likes the fact that you can make a budget and get alerts if you are about to go over it.
PNC Bank Reviews | What Are the Online Banking Fees?
If you choose the Virtual Wallet, Modern Saver’s PNC Bank review points out that you get free online bill pay, use of the bank’s ATMs, and overdraft protection.
GoBankingRates’ PNC online banking review notes that you can skip the $7 monthly fee if you do one of the following:
- You only use the bank’s ATMs or mobile banking
- You direct deposit $500 or more each month
- You keep a $500 average monthly balance in your Spend and Reserve accounts
- You are a student
Unfortunately, many customers have complained of bad experiences with high or confusing fees. One PNC online banking review on Credit Karma joked that the firm should be called “Fees R Us.”
Another customer claimed he was charged $25 and didn’t receive an adequate explanation. Many people complained that the timing of withdrawals and deposits was manipulated by the bank so they would have overdraft fees.
Here are a few of the many other fees that AdvisoryHQ found on the PNC website:
- $7.50 debit card replacement fee
- $25 expedited card delivery fee
- $3 non-PNC ATM fee
- $36 overdraft/returned item fee
- $1.50-$5 ATM statement fee
- $25 early account closure fee
PNC Bank Mortgage Reviews | What Kind of Mortgages Does PNC Offer?
Buying a home is one of the most important financial decisions you will ever make. If you are like most people and can’t afford to buy a home for cash, it’s important to get your mortgage from a stable, trustworthy company.
PNC mortgage reviews on LendingTree indicate that 85% of its customers would recommend this bank to others.
Some of the mortgages that are available include:
- Fixed-rate loans
- Adjustable-rate loans
- Jumbo loans (for mortgages between $453,100 and $5 million)
- FHA loans (government-backed mortgages for lenders with credit problems)
- VA loans for veterans or active military
The bank also offers these same options if you need to refinance your mortgage, plus Home Equity Rapid Refinance.
PNC Bank Mortgage Reviews | What Are the Mortgage Interest Rates Like?
According to LendingTree’s PNC Bank mortgage reviews, the bank earned a “good” score on interest rates, or 4.4 out of 5.
Still, PNC Bank is committed to transparency, as demonstrated by their posting of current interest rates. For example, using a Chicago, Illinois zip code and a $250,000 for the mortgage amount, these are the current results for interest rates:
- 30 Year FHA Fixed: 4.375%
- 5-1 Arm: 3.875%
- 15 Year Fixed: 3.750%
- 30 Year Fixed: 4.250%
The Mortgage Insider’s PNC Bank review points out that any posted rates are just estimates. As with any loan, an individual’s experience may vary due to personal circumstances, such as:
- Credit score
- Location of property
- Amount of mortgage desired
- Type of property
- Current real estate market conditions
PNC Bank Mortgage Reviews | Are There Other Fees Associated with a PNC Mortgage?
If PNC approves your mortgage, interest isn’t the only expense you have to worry about. Other fees can cost an additional 3–5% of your purchase price. These fees include:
- Origination fees for processing the mortgage
- Settlement services to appraisers, title companies, and others
- Property insurance
- Tax and insurance escrow deposits
- Mortgage insurance if you have less than 20% for a down payment
Some PNC Bank mortgage reviews on Consumer Affairs complained that fees could be extreme. More than one person had problems with the bank not crediting their payment to their account on time.
Other PNC mortgage reviews stated that the bank had individuals’ addresses wrong, which lead to an avalanche of penalties. Some customers claimed that payments were misplaced, causing them to be unfairly charged late fees.
Even more alarming, multiple customers on Credit Karma missed their closing date because of the bank’s incompetence.
PNC Bank Reviews | What Credit Cards Does PNC Have?
Our PNC credit card review found four different cards for consumers to choose from:
- PNC Core® Visa® Credit Card
- PNC Cash Rewards® Visa® Credit Card
- PNC points® Visa® Credit Card
- PNC Premier Traveler® Visa Signature® Credit Card
According to CreditCards.com, Core is best for people who regularly carry a balance, but have an excellent credit rating.
Our own PNC credit card review found a relatively low-interest rate of 11.49%-21.49%. You also get 0% interest on purchases and balance transfers for the first 15 months, but no rewards.
The Points card is a great option for people who use their credit card a lot every month. Our PNC credit card review found that the 4 points earned for every dollar spent could be incredibly beneficial, as well as the lack of an annual fee.
However, this card earned 1.5 stars out of 5 on Credit Karma due to the low number of points awarded and the difficulty of redeeming them.
Conversely, the Premier Traveler card was ranked #21 by U.S. News & World Report as a points card.
Our PNC review found that, while the $85 annual fee is steep in comparison to other points cards, cardholders can earn 2 miles for every $1 spent, making this a valuable card for frequent travelers.
With a wide range of financial products and a versatile online banking platform, PNC Bank has a lot to offer to their customers, making them one of the best banking companies in the U.S.
While PNC Bank reviews fluctuate between positive and negative—as customer reviews tend to naturally do—it’s worth mentioning that this inconsistency can point to issues down the road, particularly for customers that utilize mortgage lending services.
By putting forth a concentrated effort on improving the customer experience and addressing negative complaints, PNC Bank could easily improve both their value proposition to new customers and their rating as one of the top banking firms in the U.S.
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Conclusion – PNC Bank Reviews
After analyzing a wide variety of PNC Bank reviews from industry experts and customers alike, it’s clear that some customers really love the service they get and give the bank a full 5 stars. This is most likely if they visit their local branch or deal with a mortgage broker one-on-one.
The PNC reviews about online banking are also generally positive, although many people point out that the sheer number of virtual tools make it confusing. People especially like the Virtual Wallet, although it can be buggy at times.
According to PNC reviews, this bank is for you if:
- You live near one or more branches
- You want to try Virtual Wallet or other online tools
- You have bank accounts with PNC and also want a credit card
- You’re good with technology
- You don’t need to call the bank often
PNC credit card reviews are decidedly mixed, and the experts generally rate them as average. They give the best value when integrated with other bank products like checking accounts.
Other PNC Bank customer reviews are very negative. The saddest stories involve mortgages. Many customers claim that their closings fell through at the last minute. Others had tried to work out a short sale or other loan modification and ended up in foreclosure instead.
As such, PNC reviews suggest that this bank is NOT for you if:
- You need a new mortgage
- You are having difficulty paying your mortgage
- You find technology confusing
- You have excellent credit and no current relationship with PNC
- You need a lot of customer service
Since a house is a very large investment that’s hard to get out of, we can’t recommend using PNC for your mortgage.
However, if you like online banking tools and live close to a bank branch, it’s worth trying out the Virtual Wallet or a credit card offer. If it doesn’t work out for you, it’s much easier to quit the relationship.
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