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 is one of the best banking companies and offers a wide range of services to clients in over 40 states throughout the country.
No matter whether you are an individual, small business, corporation, or a government entity, PNC has a comprehensive financial solution tailored to your needs, making them one of the top banking firms in the U.S.
AdvisoryHQ PNC Bank Review
From PNC personal loan options to PNC checking account choices, PNC’s financial professionals strive to create strong, long-term relationships with their clients as well as offer them exceptional financial services.
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 of their services, the bank offers many different products, such as PNC checking and savings 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.
Additionally, in our PNC Bank review, we’ll look over several highlights that make them one of the top banking firms. This includes what type of banking tools they offer, a look at PNC personal loan and PNC checking account options, and a PNC Virtual Wallet review.
Read on to find out more about PNC Bank and what makes them one of the best banking companies to trust with your money.
See Also: TCF Bank Ranking and Review
Key Factors Leading Us to Rank This Firm as One of the 2020-2021 Top Banking Firms
Upon completing our PNC Bank review, PNC was included in AdvisoryHQ’s ranking of the 2020-2021 top banking firms based on the following factors.
PNC Bank Reviews | What Is PNC’s Online Banking Like?
This PNC online banking review focuses on a large number of technology tools available for mobile and online banking customers. 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
- Ability to send money easily with Zelle®
As one of the best banking companies, PNC also provides customers with additional security through PNC Easy LockSM, which allows you to lock your PNC credit card in real-time.
Clover Go allows customers to accept credit or debit cards on a tablet or smartphone, whether it’s at a trade show or farmer’s market.
In a PNC Bank review of other online products, we found that those looking to get a home loan or auto loan can facilitate the process by using either PNC Total Auto® or PNC Home Insight®.
PNC Bank Reviews | PNC Virtual Wallet Review
One of the unique account packages offered by this financial institution is the PNC Virtual Wallet®. The PNC Bank reviews on WalletHub are generally positive, with 197 reviewers giving an average score of 3.4 out of 5.
How does PNC’s Virtual Wallet Work?
It’s an all-in-one solution designed to cover your finances from multiple fronts. It includes three bank accounts:
- Spend: Primary PNC checking account
- Reserve: Interest-bearing PNC checking account
- Growth: PNC long-term savings account
A PNC Virtual Wallet review of the perks shows that you can earn $50 right away by opening a Virtual Wallet, establishing qualifying direct deposits of $500 or more and making at least 10 purchases with your linked PNC Bank Visa® Debit Card.
If you do a PNC review of the Virtual Wallet, you’ll see they offer four different variations, to fit your needs and also have one for students.
PNC Virtual Wallet review of the benefits:
- Earn high-interest rates
- Free transactions at approximately 9,000 PNC ATMs
- Earn cash with PNC Purchase Payback
- $0 monthly service charge when you meet certain requirements
PNC Bank Reviews | What Are the Online Banking Fees?
If you choose the Virtual Wallet, our PNC Bank review found that you can have the monthly service charge waived if you meet the following requirements:
- Have $500 or more in total qualifying direct deposits per statement period
- Or, have $500 monthly balance in Spend and Reserve accounts
- Or, if the account holder is 62 years or older
If none of those apply, then your PNC checking account and savings account package will be $7.00 per month.
There have been many customers that have complained in PNC Bank reviews 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 card replacement fee
- $25 expedited card delivery fee
- $3 to $5 non-PNC ATM fee
- $36 overdraft/returned item fee
- $2 per month per account, paper statement fee
- $1.50-$2.00 ATM statement fee
- $15 each for domestic incoming wires
- $30 for outgoing wires
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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 other sites, such as SmartAsset, Bankrate, and WalletHub give mid to favorable ratings in their reviews of a PNC personal loan or PNC mortgage. Their ratings fall between 3.2 and 4.1 out of 5 stars.
Some of the mortgages that are available at PNC Banks include:
- Fixed-rate loans
- Adjustable-rate loans
- Jumbo loans (for mortgages above $484,350)
- 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 has home equity loan options.
PNC Bank Mortgage Reviews | What Are the Mortgage Interest Rates Like?
In PNC Bank mortgage reviews, the bank has attractive rates on their mortgages and works to make it easy for customers to do all their research upfront on their website.
We found that 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: 3.000%
- 7-1 Arm: 2.875%
- 15 Year Fixed: 2.875%
- 30 Year Fixed: 3.375%
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. This site’s total rating for PNC mortgages was 1 out of 5, aggregated from 254 consumer ratings.
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 these types of issues, something to keep in mind if you’re considering a PNC mortgage.
Related: Regions Bank Review and Rating
PNC Bank Reviews | PNC Personal Loan
You have three solid options when it comes to securing a PNC personal loan. You can choose from an unsecured loan, a secured loan, or a personal line of credit. Here is a rundown of each PNC personal loan option.
PNC Personal Installment Loan (Unsecured):
- No collateral needed
- Fixed monthly payments
- No penalty for early repayment
- $1,000 – Max. $35,000
PNC Installment Loan (Secured):
- Requires approved non-real estate collateral
- Fixed monthly payments
- No penalty for early repayment
- $2,000 – Max. $100,000
PNC Personal Line of Credit:
- Access funds whenever you like
- Use as much as you need up to your credit limit
- No collateral needed
- No prepayment penalty
- Continuous draw period
- $1,000 – Max. $25,000
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, PNC 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 11.74%-21.74%. 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.
The Premier Traveler card is your best choice if you like to travel. You get 30,000 bonus miles when making $3,000 in purchases during the first three billing cycles (a $300 value).
Our PNC review found that, while the $85 annual fee (after the first year) 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.
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Rating Summary
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 makes it confusing. People especially like the Virtual Wallet, however, and find it a helpful and unique way to package PNC checking and savings accounts.
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 most negative stories involve mortgages. Many customers claim in PNC bank mortgage reviews that their closings fell through at the last minute. Another drawback is the limited number of states where PNC is licensed, according to LendingTree.
As such, PNC reviews suggest that this bank might 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
Overall our PNC Bank review awarded PNC 3-stars as a top banking firm due to the issues noted with mortgages and difficulty getting help by phone from customer service. But with more attention paid to those two areas, PNC could easily score higher in the future.
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