It’s getting harder for consumers to find a bank offering free checking accounts.
On Monday, PNC Financial Services Group (PNC) announced that it will join the list of banks that no longer offer free checking. PNC said that it will advise its customers over the next month that free checking at the bank will end within a year, the noted.
In place of existing free checking accounts, PNC will introduce two new types of accounts. The bank said the change was meant to “accelerate the pace of change” while keeping services affordable.
All accounts, except Foundation Checking, will have minimum deposit requirements to avoid fees.
Last year, a survey of the nation’s banks found that they were raising fees across the board, driven mostly by changing regulations that forced them to reduce overdraft and debit card fees. Just 40% of banks still offered free checking without minimum balance requirements.
Shares of PNC in fell more than 1% Monday morning trading.