PNC Launches Low Cash Mode(SM) To Address $17 Billion In Industry Overdraft Fees

PITTSBURGH, April 13, 2021 /PRNewswire/ — Addressing the $17 billion that some studies estimate U.S. consumers pay each year in overdraft fees, The PNC Financial Services Group, Inc. (NYSE: PNC) today announced its groundbreaking new Low Cash Mode℠ digital offering that is expected to help Virtual Wallet^® customers avoid overdraft fees through unprecedented account transparency and control to manage through low-cash moments or mis-timed payments.

“Low Cash Mode gives our customers the ability to avoid unnecessary overdraft fees. With this new tool, we’re able to shift away from the industry’s widely used overdraft approach, which we believe is unsustainable,” said William S. Demchak, PNC’s chairman, president and chief executive officer. “Low Cash Mode is a great example of how advances in our technology allow us to better align with a core principle of supporting our customers’ financial well-being. This is the right move for our customers and the bank.”

Built on patent-pending technology, Low Cash Mode℠ comes with the Spend account inside of PNC’s industry-leading Virtual Wallet^® and gives customers Payment Control, including the power to prioritize by determining whether certain debits (checks and ACH transactions) are processed that otherwise might result in overdrafts, rather than the common industry practice of the bank making the decision. Real-time intelligent alerts let customers know when…