PNC Bank Review 2022

PNC is a traditional bank that is well known for its innovative products such as the Virtual Wallet. 

Table of Contents:

What is PNC bank?

Is PNC a strong bank?

What does PNC Bank stand for?

What kind of bank is PNC Bank?

Is PNC owned by another bank?

Which is better PNC or Wells Fargo?

Is PNC a stable bank?

Which bank is better PNC or Bank of America?

Is PNC legit?

Is PNC a big bank?

What is the rating for PNC Bank?

Does PNC charge a monthly fee?

Is PNC a traditional bank?

Is PNC a prepaid bank?

What are the pros and cons of PNC Bank?

What is PNC bank?

PNC Bank is a banking subsidiary of PNC Financial Services Group, Inc. which is an American bank holding company that offers a number of financial services. The corporation has its headquarters in Pittsburgh, Pennsylvania and it is a publicly-traded company. PNC Bank has branches and operates in 27 states as well as in the District of Columbia. 

Is PNC a strong bank?

PNC Bank is one of the largest banks in the USA. In fact, currently based on assets it is the 7th largest bank. Its current rating is a B+, which is a better rating than the one that TD Bank and Wells Fargo have. Where the bank is not as strong is in the fees that it gives its clients and in customer satisfaction. While PNC Bank offers most financial services that you would expect from a big bank, including savings accounts, checking accounts, and home loan services, depending on your needs it may not be the best bank for you if you are expecting low fees and excellent customer support. On the other hand, in many of their branches, they offer a large sign-up bonus which could be helpful if you are trying to maximize your savings while taking full advantage of the bonus. 

What does PNC Bank stand for?

To understand what PNC stands for one must understand some of the company’s history. In 1983 two separate Pennsylvanian banks were merged. These two were known as the Pittsburgh National Corporation and the Provident National Corporation. When the two banks merged the product became known as PNC and it was a bank that started serving all of the diverse markets that its predecessors had engaged in. 

What kind of bank is PNC Bank?

PNC Bank is the main street, a regional bank that offers a range of financial and banking services. These include: 

• Retail Banking
• Home Lending
• Corporate and Institutional Banking
• Asset Management services and products

Is PNC owned by another bank?

PNC Bank is a subsidiary of PNC Financial Services Group, Inc. which is a bank holding company. Currently, it is publicly traded and its headquarters are the Tower at PNC Plaza Pittsburgh, Pennsylvania, US. The bank has a total of 2,945 branches available and from there, its clients can get assistance with all of their banking needs. 

Which is better PNC or Wells Fargo?

Wells Fargo is often considered to be the top-ranking bank in the United States. Part of the reason for this is that it offers its service in 39 states and it has over 6,000 locations. This means that in a competition of finding a branch near you Wells Fargo is far more likely to win as it currently has more branches open in all of its locations than any other bank in the United States. Another big benefit of banking with such a strong bank is that you can pretty much cover all of your banking needs in one place. Its range of products includes: 

• Banking services
• credit cards
• Personal loans
• Mortgages
• Insurance policies
• Investment services
• Wealth management services
• Financial advising

Where Wells Fargo does not fare as well as other banks do, is in its fees. When compared with other credit unions and online banks, Wells Fargo always appears to offer interest rates that are lesser and fees that are higher. So, if the convenience of having a bank near you is better than having the best fees and interest rates on the market. 

PNC while slightly worse, does offer some innovative services and products for both individuals and small-business customers. One such product is the Virtual Wallet which is available to all those who are using online banking to cover their banking needs. 

While you may feel like one bank is better than the other, there is no need to stick with one bank for all of the financial services that you need. While one bank may offer lower fees and higher interest rates for your checking account, their home loan products may not be as great. Especially when it comes to finding the perfect place for a loan or a mortgage do not be afraid to reach out to other banks and find the one that is able to offer you the best interest rate for the loan that you are looking to get. 

These banks also have a joint mortgage venture that aims to make it easier for customers to find the best mortgage and home financing products for themselves. By visiting either of these banks you may be able to get access to this program. 

Is PNC a stable bank?

PNC has a long-standing place in the banking world. In 2021 it acquired BBVA USA furthering in this way its presence on the West Coast. Overall, the bank has over 2,700 branches and it offers some unique digital banking features that can help set it apart. The bank is considered to be quite secure and stable as it has been around for many years. It is also a member of the Federal Deposit Insurance (FDIC) which can provide those who bank with PNC an extra level of security and insurance coverage. 

Which bank is better PNC or Bank of America?

Much like Wells Fargo, Bank of America also has a much wider area than they cover than the one covered by PNC. One of the biggest differences between these two banks relates to how they handle deposit or savings accounts. PNC has multiple account tiers available that could allow you to receive a lot of benefits for depositing your money to them. Their lower monthly fee is also more attractive than the one offered by Bank of America, which is one of the biggest reasons that many people may end up preferring PNC. Both banks offer full financial services so when it comes to choosing a bank to bank with, both can come with their own set of benefits. 

 If you are specifically looking for a bank to get a mortgage from then it may be worth reaching us to both banks regardless of the one that you have an account with already. This is because each bank has different mortgage options available. However, because of the joint mortgage venture between PNC Bank and Well Fargo, you may be able to find some better deals with them. 

Is PNC legit?

PNC is a legitimate bank that offers many different financial products and services to its clients. They also have FDIC which means that the funds that you deposit with them will be secure. PNC is an excellent choice for personal banking and they offer many online tools that can help you decide on the account type that you would like. 

Is PNC a big bank?

PNC is the seventh-largest bank in the USA based on the assets that they manage. While they do not serve as many areas as Bank of America or Wells Fargo does it is still fair to say that they are indeed one of the biggest banks in America. 

What is the rating for PNC Bank?

The PNC Bank rating varies for different categories and according to different assessments. They offer a full view of all of their ranking on their website of PNC Financial Services. Most notably: 

• For Senior debt: Moody’s A2/ Standard & Poor’s A/ Fitch A+/ DBRS AA (low)
• For Subordinate debt: Moody’s A3/ Standard & Poor’s A-/ Fitch A/ DBRS A(high)
• For Long-Term Deposits: Moody’s Aa3/ Standard & Poor’s A/ Fitch AA-/ DBRS AA (low)
• For Short-Term Deposits: Moody’s P-1/ Standard & Poor’s A-1/ Fitch F1+/ DBRS R-1(middle)
• For Short- Term Notes: Moody’s P-1/ Standard & Poor’s A-1/ Fitch F1/ DBRS R-1(middle)

Does PNC charge a monthly fee?

PNC Bank does charge a monthly fee for their checking account. That fee is currently at $7, but it can easily be waived by those who fit one of the requirements listed below: 

1. Maintaining a $500 balance 

2. Having one $500 direct deposit during each statement period

3. Be 62 or older 

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Is PNC a traditional bank?

PNC is a traditional bank that has physical locations and offers a range of checking and savings accounts. Apart from those they also have other loans available, including an extensive list of tools and options for those looking to purchase their home. These include PNC mortgages, PNC refinancing, PNC home equity, and a tool to assess those. 

Is PNC a prepaid bank?

PNC is a traditional bank which means that if you have access to a checking or savings account with them you can also arrange to have access to their prepaid card. The PNC Prepaid Card can help give you access to your money from wherever you are in a secure and convenient manner. With the PNC prepaid card, you can also sign up for text and online notifications so as to always know what your balance is. You will also get the option of combining your card with other offers that are available online. 

What are the pros and cons of PNC Bank?

PNC Bank is quite a large bank that offers diverse services that depending on your situation could be more or less useful. Generally, because of the size of the bank, those who sign on to do their banking with PNC are usually able to receive up to a $300 sign-up bonus. This amount may vary depending on the location that you are in. the Virtual Wallet, which is a combination of checking, short-term savings, and long-term savings accounts are also a nice money management tool that many PNC users appreciate. Apart from an easy mortgage pre-approval application that they have available online they also provide a PNC mortgage calculator. This can help you understand how much you can afford to borrow and at what rate. For those who already own a home and are looking at what other options are available, they also offer a home refinancing tool and calculator as well as a PNC home equity estimator. These tools can be invaluable for those looking to take control of their finances so as to make a major purchase, a home improvement, or a renovation.

Pros

• Valuable tools for home loans, home equity line of credit, and refinancing
• FDIC insured
• Useful digital tools.
• Over 2,600 branches in more than 25 states and Washington, D.C.
• The monthly fee can easily be waived if you maintain a $500 balance

Cons

• Rates widely vary depending on locations and so do bonuses.
• Not as widely available as other banks like Wells Fargo or Bank of America
• CD rates tend to be lower than in other banks
• Customer service has at times been noted to be subpar

Summary

 PNC Bank is a great choice for those looking to consolidate all of their banking under one single institution. PNC is a safe and secure option that has been around for decades. This means that for years they have managed to take proper care of the financial assets of those who bank with them. For those looking to purchase a home or refinance their existing property, PNC offers a PNC mortgage calculator, a PNC home equity line, and the PNC refinancing calculator to make the process all that easier for their clients.