How to Close a PNC Account
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Closing a bank account can be a pain. It's easy to make a mistake. Find out how to properly close your PNC account online, over the phone, or at a branch.
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This guide will take you through the entire process of closing your PNC bank account. Learn what to do before you close your account and the steps to take afterwards.
Is it Possible to Close a PNC Account?
Yes, it is possible. You can close your account in four ways by:
- Visiting a branch
- Phone
- Sending a written letter
- Submitting an online request using chat
However, before closing your account, there are a few things that you'll need to do. This way, you'll make sure the process goes smoothly.
Before You Close Your PNC Account
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You'll need to take a few steps before closing your PNC account. They will help you avoid additional charges and overdrafts.
1. Open Another Bank Account first
Before closing your PNC account, you need to open another account in a different bank.
That way, you'll have an active account where you can transfer your monthly subscriptions and your paychecks.
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2. Switch Over Subscriptions and Auto Payments
When closing your PNC account, you'll need to transfer all funds from that account to your new account.
Check with your bank for withdrawal/transfer limitations. If you empty your account without closing it, you may be charged a balance limit fee. To avoid this, it's a good idea to cancel your account on the same day you move your money.
If you have any automated transactions set up, make sure to transfer them to your new account. For example, consider your electric bill, credit card payments, auto payments, etc.
It may be beneficial to review your most recent billing statement to check that you have covered all the bases.
3. Review your Direct Deposit
Be sure to change your direct deposit to your new account if you have one set up.
This means handing your employer a voided check from your new account or permission paperwork.
This way, you will ensure that your paycheck is sent to the correct location.
4. Pay off Outstanding Balances and Fees
If you have an overdraft or additional fees that you need to pay, make sure you pay them before closing the account.
This way, you can avoid extra charges.
5. Consider Overdraft Protection
If you decide to close only one of your multiple PNC accounts, this is how you can protect yourself from a surprising overdraft.
To shield your PNC checking account from overdrafts, link another PNC account of yours. This way, any available funds can be used to cover overdrafts.[1]
You can link:
- A secondary PNC checking account
- A PNC savings account or money market deposit account
- Any PNC credit card
- A PNC line of credit
If you overdraw your Spend account using Virtual Wallet, PNC will move available cash from your Reserve and/or Growth accounts to even out your balance.
The one thing that you need to keep in mind is that overdraft protection is not available for reserve or growth accounts. However, it is available for your virtual wallet product with a spend-only feature.
It takes roughly a day or two to close your account. This depends on how long it will take to cancel any subscriptions and zero out your account before closing.
How to Close Your PNC Account
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There are four ways you can close your account. They are all viable and leave you to choose which one you prefer.
1. Close the Account Online
First, you'll need to go to their web page and click "Login." The drop-down menu will give you several options. You can choose between these two:
- "Sign on to Mobile Banking" if you are closing your account from your mobile phone
- "Sign on to Online Banking" if you'll be doing this from your computer
Once you are logged in, find the option to close your account and follow the instructions.
Yes, you can close your PNC account from the app. It is the same process as closing it online.
2. Close the Account at a Branch
You can close your account by visiting a branch. Go to PNC's branch locator, enter your city and state or your ZIP code, and then unselect ATMs and Partner ATMs.
Then, you can visit the branch, and from there, a bank teller will guide you through the process.
These are the documents that you'll need to have with you:
- Your identity proof documents
- Account Number Documents (optional)
If you don't have a branch nearby, you can always close your account over the phone.
No, it's completely free of charge.
3. Close the Account Over the Phone
PNC has a toll-free customer service line that may provide fast, easy, and safe account information. The number for this line is:
- 1-888-762-2265
A customer service agent will help you go through the steps. Just keep in mind that the customer service agent may require verification in writing before closing your account.
Before making the call, you'll need to gather these documents:
- Your identity proof documents
- Your account's User ID and password
- Your registered Telephone PIN Number with your account (this is the same as your PNC Debit Card PIN)
- Your credit and debit cards
After you close your account with PNC, be sure to ask for a written confirmation. You can keep this in your records as proof that your account is closed.
4. Close the Account by Writing a Letter
Although this is a slower option, you can close your PNC account by mailing a letter.
You can look through their contact page and send the letter to a nearby address. However, it may take a while before processing your inquiry.
No, closing a bank account won't hurt your credit score. The exception to this rule is if you leave your account with an outstanding balance, such as an overdraft fee that you never paid.
The bank may decide to send the debt you owe to a collection agency. If they don't manage to collect the money you owe them, this will be reported to the credit bureaus. And a collection account on your credit report can cause a severe drop in your credit score.
Wait. Do This Before You Close Your PNC Account
Before closing your account with PNC, make sure you have a new banking home ready. That way, there's no hiccups with paychecks or bill payments.
But more importantly - make your switch count. Look for banks offering attractive bonuses and kickstart your new banking journey with extra cash in your account.
Bottom Line
Closing a PNC account is pretty straightforward and fast. However, the main thing to focus on is finding a suitable replacement.
There are many options out there. Therefore, finding a bank that resonates with your needs and expectations is the key to a longstanding mutual collaboration.
References
- ^ PNC Bank. Overdraft Services & Solutions, Retrieved 5/7/2022
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