Low cash mode comes with the ‘spend’ account inside of PNC's Virtual Wallet and gives customers payment control, letting them prioritise by determining whether certain debits (checks and ACH transactions) are processed that otherwise might result in overdrafts, rather than the bank making the decision. Moreover, alerts let customers know when their balance is low and – if it is negative – low cash mode provides at least 24 hours of ‘extra time’ to prevent or address overdrafts before fees are charged.
Low cash mode launches nationwide to Virtual Wallet customers in June and July 2021 via the PNC Mobile Banking App on Apple and Android phones. The feature is currently available to Virtual Wallet Checking Pro users, and Virtual Wallet Student users will have access during April 2021.
With the implementation of low cash mode, PNC expects to help its customers avoid approximately USD 125 million to USD 150 million in overdraft fees annually.
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