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pnc bank credit card processing

PNC Bank - Bethany Beach, Banking, Credit Card Processing. 2 S. Pennsylvania Ave. Bethany Beach, DE 19930. (302) 537-2600. You can keep a $5,000 minimum account balance, spend at least $5,000 on your business credit card, have $5,000 worth of merchant services deposits. A balance transfer is when you move a balance from one credit card to another. Balance transfer processing periods vary by lender and bank.

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Pnc bank credit card processing
pnc bank credit card processing

About double or pending charges on merrick bank cc login bank account or credit card

Double or pending charges on your bank account or credit card do not necessarily mean that you have been charged twice.

Authorization hold (also called card authorization, preauthorization, or preauth) is the banking industry practice of authorizing electronic transactions made with a debit card or credit card, and holding the balance queensborough bank savannah ga unavailable either until the merchant clears the transaction (also called settlement), or the hold "falls off" and makes the balance available again.

For debit cards, authorization holds can fall off the account from one to five days after the transaction date, depending on the bank's policy. For credit cards, holds can last as long as 30 days, depending on the issuing bank.

When a merchant swipes a customer's credit card, the credit card terminal connects to the merchant's acquirer, or credit card processor, who verifies that the customer's account is valid and that sufficient funds are available to cover the transaction cost. At this point, the funds are "held" and deducted from the customer's credit limit (or bank balance, for a debit card), but are not yet transferred to the merchant.

At the end of the day, the merchant instructs the credit card machine to submit the finalized transactions to the acquirer in a "batch transfer." This begins the settlement process in which the funds are transferred from the customer's accounts to the merchant's accounts. This process is not instantaneous (although many believe it is). The transaction might not appear on the customer's statement or online account activity for a day or two, and it can take up to three days for funds to be deposited in the merchant's account.

For example, if an individual has a credit limit of $100 and uses a credit card to make a purchase at a retail store for $30, his available balance immediately decreases to $70 because the merchant has obtained authorization for a $30 purchase from the individual's bank by swiping the card through its credit card terminal. However, the actual balance in the bank is still $100, because the merchant has not actually collected the funds in question. The actual balance is not reduced until the merchant submits their batch of transactions and the banking system transfers the funds.

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Источник: https://quickbooks.intuit.com/learn-support/en-us/help-article/bank-transactions/double-pending-charges-bank-account-credit-card/L6MUfOEt2_US_en_US

PNC Bank Business Account Review 2021: Good Deals for New Customers

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Published on December 17, 2020

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Last Updated: several months ago

We revised this review to include the latest fees, promotions, and other numbers. Not much changed, though PNC’s customer ratings on Trustpilot have slipped a bit. That change hasn’t been enough to change our review―it’s still a decent bank, though not one of our favorites―but we’ll keep an eye on things.

Updated: several months ago

In an effort to boost the economy, the Federal Reserve has changed rules for savings accounts. They can now have an unlimited number of transactions per month, penalty-free. (Previously, you could only make six transactions per month.) That said, banks can still impose their own limits and fees. And as of right now, PNC is maintaining a limit of six transactions per month on its business savings accounts. We’ll let you know if PNC changes its policy. But for now, that limit is something to consider as you shop around for a bank.

View all updates

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So you’re interested in PNC’s business bank accounts. Makes sense—PNC covers much of the eastern half of the United States, and it gets pretty good reviews. But does that mean it’s the best choice for your business banking?

We don’t have an easy answer to that question, but we’re here to help you figure it out. We’ll walk you through everything you should know about PNC: what sets it apart from other banks, the details about its bank accounts, the other financial products it has, and what customers say about it.

By the time we’re done, you’ll know all about PNC—and hopefully you’ll know if it’s right for you.

PNC Bank has the best discounts and deals for new customers

Signing up for a business bank account can feel like a big deal. After all, you’re trusting your new bank with your business’s hard-earned money. So wouldn’t it be nice if a bank put in some extra effort to make you feel welcome as a new customer?

PNC does exactly that. It regularly offers incentives to new small-business customers, like $200 for opening a PNC checking account, waived bank account fees for your first few months, and bonus earnings on your PNC business credit card.

(We’ll tell you more about these offers in a bit.)

Feature

PNC Bank

Online banking

Icon Check Dark

Mobile banking

Icon Check pnc bank credit card processing Dark

In-person banking

Icon Check Dark

Branch locations

ATMs

24/7 support

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Customer service options

Now, PNC isn’t the only bank to throw a little something extra at new customers from time to time. But PNC pretty much always has some kind of offer (unlike other banks that have blink-and-you’ll-miss-it deals), and those offers are pretty good to boot.

So if you want to get rewarded for opening a new bank account, then go ahead and apply for one with PNC.

Just note that, because it’s a traditional bank, PNC may not be available in your state. Right now, it has branches in just 21 states, plus the District of Columbia.

US map showing states where PNC is available, including Alabama, Delaware, DC, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia, Wisconsin

Still interested? Then let’s dive into PNC’s bank accounts.

PNC Bank business account options

Most of PNC’s business bank accounts are checking accounts—including some niche, specialized accounts. It also has a couple of options for business savings, though.

Money

PNC prices and fees

PNC has some unique bank accounts, but it also has higher costs and fees than many other banks we’ve reviewed. These costs aren’t high enough to break the bank, but if you want a cheaper alternative, you can look at our list of the best free business checking accounts.

Let’s start by taking a look at PNC’s basic checking accounts. These generic accounts are versatile enough to meet gpa requirements for south carolina state university needs of most businesses. You’ll just have to decide which tier you want.

PNC Bank small-business checking accounts

FeatureBusiness CheckingBusiness Checking PlusAnalysis Business CheckingTreasury Enterprise Plan
Min. opening deposit
Monthly fee
Monthly fee waivable?
Icon Check Dark
Icon Check Dark
Icon No Dark
Icon Check Dark
Account balance fee

N/A

N/A

Icon Check Dark
Icon Check Dark
ATM fees

N/A

N/A

N/A

N/A

Out of network ATM fee reimbursement2 per periodAllAllAll
Free transactions1505002,500
Additional transactions$0.50 each$0.50 eachVaries$0.50 each
Free cash depositsUp to $5,000Up to $10,000N/AUp to $50,000
Cash deposit fee$0.25 per $100$0.25 per $100$0.10-$0.12 per $100$0.25 per $100
Open an accountApply NowApply NowApply NowApply Now

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

If you don’t use your account much, you might want the basic Business Checking account. It doesn’t give you many free transactions or deposits, but it does have the cheapest monthly fee—which you can waive by keeping a $500 minimum balance in your account, spending $500 on your PNC business credit card, or making $500 of merchant services deposits through PNC.

Business Checking Plus more than triples your number of free transactions and doubles the amount of cash you can deposit for free. But it has a higher monthly service fee, and it’s harder to waive. You can keep a $5,000 minimum account balance, spend at least $5,000 on your business credit card, have $5,000 worth of merchant services deposits, or have a $20,000 balance across your checking and money market accounts.

If you prefer to pay for what you use rather than have a number of free transactions, you can get Business Analysis Checking. You’ll pay for each transaction and deposit, but you can get earnings credits based on your average monthly balance. These credits can be applied to both transaction fees as well as the monthly maintenance fee. So if you keep a large balance, this plan could end up being a surprisingly affordable option.

The Treasury Enterprise Plan gives you the most free transactions and cash deposits—five times as many as other plans. You can waive the service fee with gpa requirements for south carolina state university $30,000 balance across your accounts. Note that this is technically a plan and not an account; it gives you Analysis Business Checking plus a Money Market or Business Sweep account. You can also get four other checking accounts and link them.

But what about those specialized checking accounts we were talking about?

PNC Bank specialized business checking accounts

FeatureBusiness Sweep CheckingBusiness Interest CheckingNon-Profit CheckingInterest on Lawyers Trust Accounts
Min. opening deposit
Monthly fee
Monthly fee waivable?
Icon No Dark
Icon Check Dark
Icon Check Dark

N/A

Earns interest?Icon Check DarkIcon Check DarkIcon Check DarkIcon Check Dark
Free transactionsN/A150150Unlimited
Additional transactionsVaries$0.50 each$0.50 eachN/A
Free cash depositsN/AUp to $5,000Up to $5,000Unlisted
Cash deposit fee$0.10-$0.12 per $100$0.25 my amazon account is locked $100$0.25 per $100Unlisted
Open an accountApply NowApply NowApply NowApply Now

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Business Sweep Checking makes it easy to earn more from your money. You’ll choose both a walmart asurion sign in and maximum target balance for your checking account. Funds over the max balance will get “swept” into a linked Money Market account (see below). But if your balance ever drops below your minimum, funds will automatically get transferred from the money market account to your checking account. Easy, right?

If you’d rather just earn interest in your checking account, you can go for Business Interest Checking instead. This interest-bearing checking account has a variable rate (so your interest rate can change at any time). You can waive your monthly fee by keeping a $5,000 account balance. And remember, the higher your balance, the more you earn, so this account will work best if you keep a healthy checking balance.

Then there’s Non-Profit Checking. You’ll have to have a qualified nonprofit or not-for-profit organization to open one of these. It looks pretty much like PNC’s Business Checking account, but with a lower monthly maintenance fee. You can waive the fee with a $500 average monthly balance in your account.

Finally, PNC has special trust checking accounts for attorneys. While it groups these under Interest On Lawyers Trust Accounts (IOLTAs), these include IOTAs, IOLAs, MJ IOTAs, IBRETAs, and MAHTs (we assume that if you’re the kind of business that needs these accounts, you already know what all that means). These accounts are subject to your state’s IOLTA regulations, so make sure you use them properly. We don’t want you getting disbarred, after all, and we can’t imagine PNC does either.

Compared to its checking accounts, PNC’s business savings account options seem pretty limited. Really, you’ve got only two choices.

PNC Bank small-business savings accounts

FeaturePremium Business Money Market AccountCertificates of Deposit
Min. opening deposit
Monthly maintenance fee$12N/A
Monthly fee waivable?
Icon Check Dark

N/A

APYVariableFixed
TermsN/ADays to years
Free cash depositsUp to $5,000N/A
Cash deposit fee$0.40 per $100N/A
Able to use checks?

6 per cycle

Icon No Dark
Open an accountApply NowApply Now

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

If you want access to your savings, then check out PNC’s Premium Business Money Market Account. This account has a variable interest rate, so you’ll need to talk with your local branch to find out current rates.

You can make up to six transactions (including withdrawals) per cycle with PNC’s money market account. (Note that those limited transactions from savings accounts are a PNC policy―it’s no longer a government-mandated rule.) And if you want to waive the monthly fee, you just need an average balance of $2,500 in your account.

If access isn’t an issue, then certificates of deposit (CDs) often offer the best APY for savings. You can’t deposit or withdraw money from your CD during the term, so make sure you’re really ready to commit to saving before you open one. Plus it requires a high opening balance of $1,000. But with no maintenance fee or other fees to speak of, CDs can be a good way to build your business savings.

Delivering Business Advice Directly to You

We mentioned earlier that you can get special perks when you open a new PNC account. So before you open yours, let’s talk about those perks in more detail.

Now, we do want to note that PNC’s offers do expire. So the specific offers we discuss here may not exist in a few months. But as far as we can pnc bank credit card processing, PNC consistently replaces expired offers with new ones. So you should, with any luck, always qualify for at least some kind of neat perk.

You can get a couple different incentives when you open a PNC business checking account.

Many of its business checking accounts waive the monthly account maintenance fee for your first citibank best buy visa card months. That means you can get a free trial of sorts (you’ll still have to pay other fees) to see if you like your new account.

This offer applies to the following accounts:

  • Business Checking
  • Business Checking Plus
  • Business Interest Checking
  • Non-Profit Checking
  • Treasury Enterprise Plan

Plus, PNC usually has a deal that gets you free money for opening a business checking account. For example, you can get $200 for opening a Business Checking or Business Checking Plus Account. And you can get $500 for opening an Analysis Business Checking or Treasury Enterprise Plan.

You will have to meet some conditions, like keeping a certain account balance and making debit card purchases―pretty routine stuff. But in return, you’ll get free money pnc bank credit card processing your PNC bank account. Neat, huh?

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What does PNC stand for?

PNC stands for Pittsburgh National Corporation and Provident National Corporation—the two banks that merged to create the PNC we know today.

You can also get signup bonuses on certain PNC credit cards.

Take the PNC Cash Rewards Visa card. It lets you get a $200 bonus when you spend $3,000 in your first three months. Or if you’re a big spender, there’s the PNC Business Options credit card. It can get you a $750 credit when you spend $25,000.

Some credit cards also come with a promotional (low or no) APR for your first year, so you can save that way.

Put simply, PNC’s offers can sweeten your signup quite a bit. So when you apply for a bank account or a credit card, make sure you ask about any current deals for new customers.

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Find a Loan

Other small-business offerings from PNC Bank

Speaking of credit cards, let’s take a look at all the other banking products PNC has for small-business owners.

PNC has a pnc bank credit card processing of business financing options, from small lines of credit to large commercial real estate loans.

Compare PNC Bank’s small-business td latin american growth fund min./max.

Interest rate

Term

Get a loan

Small Business Loan$20,000/$100,000FixedUp to 60 mos.Apply NowSecured Small Business Loan$100,001/$3 millionFixed or variableUp to 7 yrs.Apply NowCommercial real estate loan$100,001/$3 millionFixed or variableUp to 10 yrs. w/ 20 yr. amortizationApply NowSmall Business Vehicle Finance Loan$10,000/$250,000FixedUp to 72 mos.Apply NowSmall Business Line of Credit$20,000/$250,000VariableN/AApply NowSecured Small Business Line of Credit$100,001/$3 millionVariableN/AApply NowSBA Business LoansUp to $5 millionFixedUp to 25 yrs.Apply Now

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

To qualify for a PNC loan, you’ll usually need to have been in business for at least three years. PNC will also look for a solid credit report and a history of profitability―among other things.

PNC doesn’t list interest rates or APR on its business loans (you’ll have to talk with your branch to get details) so we can’t tell you exactly how those compare to other lenders.

But PNC’s variety of loan options, flexible loan amounts, and lengthy repayment terms make it a good bet for businesses that can qualify for traditional financing—especially if you’re already using PNC for other business financial needs.

Small-business credit cards

PNC has five different Visa credit card options for businesses. Four of these have no annual fee (nice!), and the fifth has options for waiving the fee (assuming you’re a big spender, of course).

You can choose between several types of rewards, including cash back, travel, and points—whatever makes the most sense for your business. Plus, several of the cards have special offers when you spend a certain amount after opening an account.

PNC even has options for employee credit cards, so you don’t always have to let your staff mibank hibiscus card your card to go buy more reams of paper.

Cash Flow Insight is basically PNC’s advanced online banking software suite. It lets you do all the basics of online banking, like viewing your account balances, paying bills, and scheduling account transfers (all of which you can do with PNC’s normal online banking)—but it goes beyond that.

Compare PNC’s online banking

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Cash Flow Insight lets you do a deep dive into your spending by organizing your credit card spending into different categories. It also lets you plan for the future by forecasting account balances and payments. Likewise, it helps you plan future transactions and see how they’ll affect your accounts.

If you use invoices as part of your business, you can even get Cash Flow Insight with Payables/Receivables. As you probably already guessed, it lets you make and send invoices. It also makes it easy to accept payments for those invoices. Plus, it lets you sync Cash Flow Insight with your accounting software.

PNC also offers some other services that might interest you, such as these:

  • Merchant services
  • Treasury management
  • Payroll processing
  • Bank-at-work program
  • IRA retirement plans
  • Tax-advantaged accounts (HSAs, HRAs, FSAs, QTAs)

What customers say about PNC Bank

Overall, PNC has a (slightly) better-than-average reputation with customers, though its ratings have declined a little over recent months. It earned a 2.1 out of 5 on Trustpilot and 3.3 out of 5 on Bank Branch Locator.1,2 (Those scores may not look all that positive, but they’re higher than most banks earn.)

Most of the reviews we saw were pretty specific to local branches. Positive reviews praised the customer service gpa requirements for south carolina state university their local branches, walmart asurion sign in thanking PNC employees for their specific, actionable advice. On the other hand, negative reviews complained about poor customer service and grumpy branch employees. Oh, and broken ATMs. Lots of broken ATMs.

That means your PNC experience will depend a lot on the staff at your local branch and who’s working when you show up. So hopefully your local branch is one of the good ones.

We have seen some recent complaints that PNC doesn’t deal with fraud well.

Customers complain that PNC didn’t alert them to suspicious transactions and that PNC made it difficult to dispute fraudulent transactions.

So keep an eye on your PNC bank accounts. But rest easy knowing that PNC doesn’t have the kind pnc bank credit card processing company-wide scandals that many other big banks have.

So should you get a business account from PNC? We still don’t have the answer, but hopefully you do.

PNC offers some nice bonuses when you get a new bank account pnc bank credit card processing credit card, which can help you feel td bank north arlington about signing up. And even if you don’t care so much about those offers, PNC has versatile accounts and financial services that can work for many businesses—even if those cost a little more than other banks do.

Not sure PNC has the right bank account for you? No problem. Check out our ranking of the best banks for small business to find a better fit.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources

  1. Trustpilot, “PNC.” Accessed November 19, 2020.
  2. Bank Branch Locator, “PNC Bank.” Accessed November 19, 2020.
Chloe Goodshore

Written by

Chloe Goodshore

Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.

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Источник: https://www.business.org/finance/banking/pnc-bank-review/

Instant Transfers Unavailable Troubleshooting

There's a number of reasons why you might not be able to use instant transfers:

  • You haven’t linked a bank account to Square, or your bank account isn't completely verified. 

  • Your current balance is below the minimum transfer amount after fees: $25 minimum for instant transfers and $1 minimum for same-day transfers.

  • At least one transaction in your balance is over $10,000. 

  • You’re new to Square and already sent your one instant transfer of up to $2000 today.

  • We periodically conduct regular account reviews to ensure customer security, which can impact instant transfers.

Link a Supported Bank Account

To use instant transfers, you have to link a verified bank account If you attempted to link your bank account and it isn’t supported, you’ll see an error message asking you to try linking a supported debit card.

Supported bank accounts with instant transfers

We currently support most U.S. banks. However, credit cards, ATM, PayPal, or prepaid bank cards aren’t supported right now. You’ll need to link a supported bank account to your Square account to use instant transfers.

We can’t confirm if a bank is supported until there's an attempt to link it to Square. However, we’ve had strong success linking the following banks:

  • Bank of America

  • Citizens Bank

  • Chase

  • Huntington Bank

  • PNC Bank

  • Regions

  • SunTrust

  • TD Bank

Supported debit cards with instant transfers

Many different debit cards are supported with instant transfer. If you have trouble with that card, you can try linking a different debit card or you can count on your deposits being sent with next-day transfers.

Note: If you attempt to link a Visa or MasterCard debit card issued outside of the US, it may be declined. Learn more about linking a supported debit card.

Visit your online Square Dashboard to link a bank account or check your verification status .

Choose the Right Transfer Amount

Instant transfers aren’t available for amounts outside the minimum or maximum transfer limits—these are amounts under $25 or over $10,000, after Square’s processing fees.

If your Square account balance is made up of payments between $25 and $10,000, you can send repeated instant transfers until your balance is empty. You can select any amount over $25 available in your Square balance if you’ve set up manual transfers on your account.

Note: New sellers start with a limit of one instant transfer per day of up to $2,000. As you continue processing with Square, your daily transfer amount limit will increase.

Account Under Review

We regularly monitor your transactions to keep your account safe. If our system notices something that appears out of the ordinary, we suspend all transfers—including instant transfers—to your bank account until we can make sure everything is alright. We usually complete these reviews within one business day—if we need more information to complete the review, we’ll reach out to you by email.

One of our best tools in keeping Square secure is checking in periodically to make sure that everyone is who they say they are. The documentation and information you provide during a security review gives us a sense of how we can be helpful and get your transfers moving again.

For more on instant transfers, check out our instant transfers FAQ.

Источник: https://squareup.com/help/us/en/article/6283-instant-deposit-unavailable-troubleshooting

Banks, credit unions making changes on how sky-high overdraft fees are handled


Overdraft fees remain a moneymaking machine for banks and a devastating financial gotcha for poor families and communities of color. 

Some consumers lose enough money in just one day to cover a monthly utility bill. Think about that one for one minute. 

Many vulnerable consumers just don't have a financial cushion to absorb those kind of losses. At the extreme, some end up seeing their checking accounts closed after accumulating overdraft fees and dealing with ongoing negative balances. 

Many well-off consumers who can pay few fees  — or even get a fee waived — don't get too excited about the overdraft debate. Some judge others, maintaining that people should learn how to balance their checkbooks. 

But overdraft fees are generating sizzle this summer as the political fancy f in cursive heats up. 

During the coronavirus crisis, many struggling consumers felt that banks could have offered them more financial support but didn't, said Peter Smith, senior researcher at the Center for Responsible Lending. 

"People across the country have gotten tired of overdrafts," Smith said. "It feels increasingly punitive." 

The Rolling Stone weighed in last month after U.S. Sen. Elizabeth Warren slammed banking powerhouse Jamie Dimon, the chairman and CEO of JPMorgan Chase, over how the major New York-based bank generated nearly $1.5 billion in overdraft fees during the pandemic last year.

During a Senate committee hearing in late May, Warren, D-Mass., heatedly asked Dimon: "Without that overdraft money, would your bank have been in financial trouble?" 

Dimon responded coolly: "We waived the fees for customers upon request if they were under stress because of COVID." 

A Chase spokesperson said that the bank waived fees on more than 1 million deposit accounts, including overdraft fees, last year when customers said they were struggling — no questions asked. The overdraft fee is $34 at Chase, and customers may be charged a maximum of three Chase overdraft fees per day.

Overdraft fees generated an estimated $31.3 billion in 2020, if one includes big banks, community banks, savings banks, credit unions and fintech firms, which offer financial services digitally, according to financial research firm Moebs Services Inc.

That's down nearly 10% from the year before. But overdraft revenue could jump back up, as some banks are no longer willing to waive these fees. 

An overdraft is triggered when consumers don't have enough money in their account to cover a bill or make a payment, but the bank or credit union pays it anyway. Consumers then need to make up that shortfall and pay a fee, many times at $30 or $35 a pop. 

Because many pnc bank credit card processing charge multiple overdraft fees in a day, the costs can add up.

"Even banks that 'limit' the number of fees per day set that limit at three to six per day, adding up to $105–$210 in a single day," according to a 2020 report by the Center for Responsible Lending. 

The ability to swipe and pay only makes things more tricky for some consumers. And that's true even though consumers must voluntarily sign up for overdraft coverage for point-of-sale purchases with a debit card or transactions using the ATM.

One strategy is to link a checking account to another account, such as a savings account, as a way to cover a shortfall. The fee for that service can be smaller than an overdraft fee. Vulnerable households don't often have much in savings, though. 

Banks will make sure they're paid back the amount of the overdraft and all the fees first, according to the center. The bank will get that money from their customer's next deposit — whether that's a paycheck, Social Security, unemployment benefits or military or veterans compensation. 

"Banks in effect 'jump the line' ahead of other essential expenses or debts the consumer has," the center noted in its report.

"This practice can leave consumers with little to pay for their essential needs. It also prioritizes the account holding bank ahead of a consumer’s other creditors." 

Smith, at the center, said he welcomes some positive changes — including a plan by Ally Bank to eliminate overdraft fees and efforts by others to offer restricted small short-term loans to consumers to deal with shortfalls. But he said regulators will need to step in, jose c hernandez people more time to add money to their account will help, as is being done by PNC Bank. But Smith noted that many people who are not being paid a living wage aren't making enough money to fix the shortfall quickly. 

High overdraft fees can be triggered anywhere, even some credit unions that appear consumer-friendly. So, Smith said, it's important to review how your bank or credit union handles overdrafts.

Some institutions, he said, still engage in practices that some larger banks gave up, such as reordering checks from the largest to smallest amounts in order to maximize overdraft fees. 

Here are three strategies that were recently launched to better help customers deal with checking accounts and overdrafts:

First a warning, then some new options

Pittsburgh-based PNC Bank is advertising a product called Low Cash Mode for its Virtual Wallet customers — or currently nearly half of its checking account customers. 

The bank is completing the nationwide rollout of Low Cash Mode in June and July. 

PNC Virtual Wallet customers get notices of low balances via email, text or push notices. The alert is automatically set if a balance falls below $50. Or the customer can set a different dollar amount for an alert. 

The banking app then shows the customer what actual payments are outstanding and which ones would trigger an overdraft given the current low balance. 

The customer has 24 hours or more, depending on processing, to put more money into the account before overdraft fees are charged. Options include transferring money from savings to checking, making a mobile deposit or depositing money at a PNC bank branch or ATM. And sometimes, a customer’s direct deposit is only a day away.

A time clock on the app even shows the consumer pnc bank credit card processing much time is left to make a move to fix the problem and avoid overdraft fees.  

"Customers are always aware how much time they have; they don't have at and t wireless store near me do the math," said Matthew Steenson, executive united 1st president, retail national expansion executive at PNC. 

After testing the product, Steenson said the bank has found that about 87% of customers so far have been what is the capital of wyoming cheyenne to get their balance to $0 or better before the Extra Time period expires. 

PNC began developing Low Cash Mode before the pandemic hit in 2020, Steenson said, recognizing that technology can be used to give consumers a better banking experience.

He said there's no guarantee that overdrafts will be zero but many people could see a lot fewer overdraft fees if they take action. 

Steenson said advancements in technology make it possible to give customers more information via their smartphones so they can decide what to do. 

And PNC is offering a new, digital last resort option, too. 

Under Low Cash Mode, the Virtual Wallet customer has a choice to take the extreme step of actually stopping a check or automatic payment entirely if necessary to avoid the overdraft. To be sure, such action could result in someone else like an auto lender triggering a late fee. (Debit card transactions do not qualify for what's called "Payment Control.")

The idea is that you can decide if you want to pay the rent. Or maybe you can stop a payment to the neighborhood babysitter for a few days to avoid an overdraft. Stopping some payments won't trigger other fees but they might upset some people you need to pay. 

PNC estimates that the system could help its customers avoid $125 million to $150 million in overdraft fees a year.

CEO Bill Demchak pnc bank credit card processing the Low Cash Mode gives customers a chance to decide what action makes the most sense in their situation.

"We're putting that choice in the hands of the customer,"  Demchak, chairman, president and chief executive officer of The PNC Financial Services Group, said during a virtual news conference April 13. 

The overdraft service, he said, is useful because people can make sure that important bills get paid. Many people today, he added, do not balance their checkbooks so they don't know the exact amount in their accounts at any given time. 

But many consumers find overdraftfees to be highly aggravating, too, and the new system may help avoid unwelcome surprises. 

Demchak called the banking industry’s overdraft approach "unsustainable."

The Virtual Wallet product has a maximum of one $36 overdraft fee per day, customized alerts when balances are low and no fees for non-sufficient funds. 

PNC's regular checking account has a $36 overdraft fee — as well as a maximum of four overdraft and returned item fees each day. 

Steenson said it's important to change the landscape when it comes to overdrafts.

"You could argue we win when you mess up," he said. "We don't want that. We win when you win." 

A way to get a quick emergency loan 

What if you could take out a quick, no-cost loan to cover some badly needed new tires for a car? Or some other sudden expense that shows up before payday? 

Huntington Bank, based in Columbus, Ohio, is advertising a new digital-only loan as a way to help checking account customers cover emergency expenses any time of the day and avoid an overdraft fee of up to $37.50.

The bank's overdraft policy is $23 for each item if it’s the first occurrence in 12 months. But then the fee goes up to $37.50 for each item if this is a second occurrence or more in 12 months. The bank can charge up to four fees per day. 

The product, called Standby Cash, gives eligible customers access to small loans ranging from $100 to $1,000 that can be transferred into their Huntington checking accounts.

The bank notes that if customers overdraft, they can transfer money from Standby Cash within the 24-hour grace window to bring their balance positive to avoid a fee.

The loan must pnc bank credit card processing paid back over three months. The bank will not charge interest or fees if customers sign up for automatic payments.

 If customers do not sign up for automatic payments, then a 1% monthly interest charge — a 12% annual percentage rate — applies to the outstanding balance.

Not all customers are eligible. To qualify, a customer must have had consistent monthly deposit activity of $750 or more for three or more months, have a checking account that community first bank new iberia been active for at least 90 days and be enrolled in online banking.

The bank's website also notes: Your average checking account balance must be over $0 for the past 30 days. And none of your Huntington accounts are overdrawn for more than 24 hours.

Standby Cash is not tied to a person’s paycheck or a person’s credit score. It’s an immediate line of credit that can be used for emergencies, overdraft and even possibly help build or repair credit.

Standby Cash activity is reported to the credit bureaus and could help build a credit history. Once a Standby Cash account is opened, activity is reported to the credit bureaus, like balance, repayment and age of the account.

When used responsibly, the bank said, Standby Cash could help customers improve, establish or boost their credit scores, a crucial first step in building wealth.

The Standby Cash follows another move in 2020 by Huntington where the bank introduced a program that charges no overdraft fees when small oversights are made.

The bank has a "$50 Safety Zone" where consumer or business customers who overdraw their accounts by $50 or less will not see an overdraft fee. That was increased from the previous $5 limit. The bank also offers a 24-hour grace period for consumers and business customers to make a deposit to fix issues and avoid an overdraft. 

Eliminate overdraft fees entirely

Detroit-based Ally Financial took the most unusual step by announcing in June that its Ally Bank would end all overdraft fees.

Diane Morais, president of consumer and commercial banking at Ally Bank, said in a phone interview that many people who are living paycheck to paycheck deal with overdraft fees because they typically have low balances in their accounts.

"What we are doing is taking one piece of stress and anxiety out of the equation," Morais said. 

"The last thing we want to do is create a bitter problem for consumers." 

More: Not having a bank account is costing metro Detroiters big money

More: Banks look to new accounts to attract the unbanked as COVID-19 takes a toll

More: Huntington gives business a break on overdrafts

Experts note that Ally isn't going to lose as much as other big banks would by making such a move. Ally generated $5 chase bank opening account online in overdraft fees in 2020 even after waiving those fees from March through July last year for all its customers. In 2019, Ally reported  $6 million in overdraft fees. 

Even so, the move could draw others to reconsider how overdrafts are handled.

Morais said financially vulnerable consumers have a disproportionate chance of being hit with overdraft fees.

"Adding one or two or up to five fees a day can really set someone back in a material way," Morais said.

"You'll continue to see a lot of banks setting up other types of accounts for consumers who are more likely to overdraft," she said.

Ally Bank has charged one overdraft fee per day of $25 and never charged overdraft fees for debit card transactions. 

Roughly 1 out of every 8 Ally bank customers overdrafted at some point.

The number of accounts Ally closed year-to-date because of insufficient funds is less than .05%, the company said.

Generally, customers have six business days to bring their account back to a positive balance. If they’re not able to bring their account positive after six days, their account may be limited, but Ally said it will "work hard to understand their specific situation."

Morais said 80% of the bank's customers "do cure their negative balance within the first six days." 

She said Ally didn't want to put in a hard floor where it would never allow an overdraft — as some in the industry are doing now with some accounts. 

She said Ally Bank would continue to decide what payments it will approve to go through if the customer's balance won't cover it, much like is done now. 

For example, a small overcharge on groceries is likely to still go through if you don't have enough money in your account, she said.

"If you're buying a $4,000 TV, probably not," she smiled in a Zoom call. 

She noted that many times people don't want a purchase automatically rejected if there's not enough money in an account, such as if you're buying gas at 11 p.m. 

By permanently removing overdraft fees entirely, though, Ally said it will help protect consumers disproportionately hurt by overdrafts. 

About 95% of the consumers who paid overdraft fees in 2020 were “financially vulnerable” and disproportionately Black and Latinx, according to the 2021 FinHealth Spend Report.

And "among those financially vulnerable households with checking accounts, 43% averaged 9.6 overdrafts during 2020, resulting in annual overdraft fees of hundreds of dollars per household on average," the report stated. 

The report noted that financially struggling households spent $255 billion in 2020 on fees and interest related to everyday financial services, such as credit cards, auto loans, and overdraft charges. Struggling households spend a greater share of their income on such fees, compared with those who are financially healthy. 

The pandemic — and the racial injustice protests of last summer — put more focus on the role that high overdraft fees play in economic and racial disparities. 

And this summer, it's a hot topic that more banks and credit unions will likely need to address. 

Contact Susan Tompor via [email protected] Follow her on Twitter @tompor. To subscribe, please go to freep.com/specialoffer. Read more on business and sign up for our business newsletter.

FacebookTwitterEmail

Источник: https://www.freep.com/story/money/personal-finance/susan-tompor/2021/06/11/ally-bank-pnc-huntington-launch-overdraft-ideas-industry-criticized/7581786002/

PNC Merchant Services Review

In this PNC Merchant Services review, we’ll give an overview of what it can offer your business and take an objective look at the company’s reputation.


News

In 2017, law firm Webb, Klase & Lemond filed a class action lawsuit against PNC Merchant Services alleging that the company consistently and knowingly charged more than permitted in merchant agreements to clients across the country in what it calls an example of systematic overbilling. The case, Healing for the Abused Woman Ministries v. PNC Merchant Services Company, alleges breach of contract and seeks return of amounts paid to PNC that exceeded the fees outlined in the merchant agreements signed by the businesses.

What processing services can PNC Merchant Services offer my business?

PNC offers an array of processing services that can be fashioned to fit your business’ specific processing needs. With PNC you can accept payment cards or checks whether your transactions occur in a traditional store environment, on-the-go with mobile processing, online for ecommerce, or taking mail/phone orders. The company also offers a gift card program to those who are interested. 

PNC Merchant Services homepage

Payment Card Services

You can worry less about making a sale when you offer a variety of convenient ways of payment. Credit cards, debit cards, EBT payments, and gift and loyalty best home remedy for allergy cough can all be processed using PNC’s services. The company also offers equipment for facilitating these transactions.

Check Services

Accepting checks is still an important way of receiving payment for many businesses, but you don’t need to be burdened by excessive trips to the bank or worries about the check bouncing anymore. PNC Merchant Services offers TeleCheck Electronic Check Acceptance; it converts paper checks into electronic transactions for added security and roslyn savings bank east meadow them directly into your account. You can convert the checks electronically with any terminal that supports TeleCheck.

In Person Processing

PNC Merchant Services offers a variety of payment methods for businesses like retail, restaurants, and others that work out of a traditional brick and mortar location. You can process payment cards and checks using terminals, PIN pads, point of sale systems, check readers, and equipment for EMV and contactless payments.

Mobile Processing

If your business can’t be tethered to one spot, mobile processing offers the flexibility you need for making sales while on the move. PNC Merchant Services offers different options for mobile transactions including wireless terminals and card readers that plug into your smartphone. These options can be beneficial for those who work at tradeshows, festivals, or offer in-home services.

Online Processing and Mail/Phone Orders

Whether you are an ecommerce entrepreneur or looking for a way to enable mail order or telephone order payments, a payment gateway can meet your processing needs. PNC Merchant Services offers the payment gateway Payeezy. Along with the ability to process credit card payments, Payeezy offers hosted checkout tarrant county business personal property tax rendition that can be customized for collecting sensitive billing information, a real-time payment manager for reporting and obtaining transaction information, and programming tools to help integrate your current website or app.

Gift Card Program

Gift cards can be a great way to pnc bank credit card processing your influence and allow your customers to share your business with others. They also offer a means for analyzing spending trends and patterns. PNC Merchant Services has a program that will allow you to customize cards or choose from pre-made designs, as well as create signs, displays, and other accessories to go with them. Programs can be tailored to meet your business’s individual needs.

Cash Flow Insights

Cash Flow Insights is a collection of computing tools for analyzing and managing your business’s cash flow. The tools can be accessed online anytime and offer accounting software syncing, invoicing, document management, and more. The service is not included automatically with an account, but can be added for a monthly fee.

What equipment does PNC offer?

PNC Merchant Services can provide several options for equipment, including traditional card processing terminals, check scanners, point-of-sale solutions, and mobile options. Multi-location terminals are also available for companies with more than one branch. The company, however, does not offer much specific information regarding the models of equipment offered.

PNC Merchant Services does offer an assortment of Clover products. One option is the Clover Station, a point-of-sale solution for retailers and restaurants. The comprehensive system replaces your existing cash register, payment terminal, receipt printer, and barcode scanner. It has touchscreen functionality, can be accessed via the internet, and includes comprehensive tracking, including inventory, transactions, and pnc bank credit card processing activity.

Clover Mobile and Clover Go are also available options for accepting mobile payments. The misleadingly named Clover Mobile is actually still a point of sale solution, not a reader for smartphones as “mobile” usually refers to. The tablet-based system can be paired with the Clover Station for taking tableside payments and has other features such as a built in barcode scanner and EMV card reader.

The Clover Go is the smartphone solution. With Clover Go, you can download an app that will allow you to key-in payments on your smartphone, as well as take payments with a plug-in card reader.

Are there any security benefits to working with PNC?

If you are looking for hands on help you might need to look elsewhere, but PNC Merchant Services does dedicate a large section of its website to PCI compliance and security information. Pages include understanding data security requirements, tips to minimize chargebacks, protection from phishing, and protecting cardholder data, understanding PCI, validating PCI, TransArmor seamless solution for tokenization, and Trustwave compliance validation information.

PNC Merchant Services Rates and Fees

PNC Merchant Services doesn’t publish pricing information on its website, and will set pricing differently for each business. If you would like to know what you would be paying for PNC’s services, you can request a quote directly through this profile using CardFellow’s free quote request tool.   

PNC Merchant Services Reviews 

A good place to start when researching a company’s reputation is by reading through the complaints at the Better Business Bureau. Unfortunately in this case, there’s nothing to go on: PNC Merchant Services does have a profile with the BBB, but it is not accredited and holds no rating. There are no complaints or reviews. This is likely because a note from the BBB informs people that the profile’s address is incorrect and that they must contact the BBB directly to make a complaint. This might mean that zero complaint status is misleading, but it is unclear if the BBB would post the complaints or if anyone has made an attempt.

There are also no reviews to be found on Google or Yelp, but Ripoff Report has 7 reviews listed between 2012 and 2015. The main complaint seems to be that the contracts are intentionally deceptive and not fully disclosed. People report being unable to cancel their accounts, rates being raised, and hidden fees.

With only 7 reviews to go on, a valid assessment of PNC Merchant Services’ online reputation isn’t really possible. It could be that complaints tdb online bank the company are few and far between, or maybe we aren’t getting the whole story. If you have worked with PNC, we want to hear from you! Leave a review!

Источник: https://www.cardfellow.com/credit-card-processors/pnc-merchant-services

Pnc bank credit card processing -

Banks, credit unions making changes on how sky-high overdraft fees are handled


Overdraft fees remain a moneymaking machine for banks and a devastating financial gotcha for poor families and communities of color. 

Some consumers lose enough money in just one day to cover a monthly utility bill. Think about that one for one minute. 

Many vulnerable consumers just don't have a financial cushion to absorb those kind of losses. At the extreme, some end up seeing their checking accounts closed after accumulating overdraft fees and dealing with ongoing negative balances. 

Many well-off consumers who can pay few fees  — or even get a fee waived — don't get too excited about the overdraft debate. Some judge others, maintaining that people should learn how to balance their checkbooks. 

But overdraft fees are generating sizzle this summer as the political pressure heats up. 

During the coronavirus crisis, many struggling consumers felt that banks could have offered them more financial support but didn't, said Peter Smith, senior researcher at the Center for Responsible Lending. 

"People across the country have gotten tired of overdrafts," Smith said. "It feels increasingly punitive." 

The Rolling Stone weighed in last month after U.S. Sen. Elizabeth Warren slammed banking powerhouse Jamie Dimon, the chairman and CEO of JPMorgan Chase, over how the major New York-based bank generated nearly $1.5 billion in overdraft fees during the pandemic last year.

During a Senate committee hearing in late May, Warren, D-Mass., heatedly asked Dimon: "Without that overdraft money, would your bank have been in financial trouble?" 

Dimon responded coolly: "We waived the fees for customers upon request if they were under stress because of COVID." 

A Chase spokesperson said that the bank waived fees on more than 1 million deposit accounts, including overdraft fees, last year when customers said they were struggling — no questions asked. The overdraft fee is $34 at Chase, and customers may be charged a maximum of three Chase overdraft fees per day.

Overdraft fees generated an estimated $31.3 billion in 2020, if one includes big banks, community banks, savings banks, credit unions and fintech firms, which offer financial services digitally, according to financial research firm Moebs Services Inc.

That's down nearly 10% from the year before. But overdraft revenue could jump back up, as some banks are no longer willing to waive these fees. 

An overdraft is triggered when consumers don't have enough money in their account to cover a bill or make a payment, but the bank or credit union pays it anyway. Consumers then need to make up that shortfall and pay a fee, many times at $30 or $35 a pop. 

Because many banks charge multiple overdraft fees in a day, the costs can add up.

"Even banks that 'limit' the number of fees per day set that limit at three to six per day, adding up to $105–$210 in a single day," according to a 2020 report by the Center for Responsible Lending. 

The ability to swipe and pay only makes things more tricky for some consumers. And that's true even though consumers must voluntarily sign up for overdraft coverage for point-of-sale purchases with a debit card or transactions using the ATM.

One strategy is to link a checking account to another account, such as a savings account, as a way to cover a shortfall. The fee for that service can be smaller than an overdraft fee. Vulnerable households don't often have much in savings, though. 

Banks will make sure they're paid back the amount of the overdraft and all the fees first, according to the center. The bank will get that money from their customer's next deposit — whether that's a paycheck, Social Security, unemployment benefits or military or veterans compensation. 

"Banks in effect 'jump the line' ahead of other essential expenses or debts the consumer has," the center noted in its report.

"This practice can leave consumers with little to pay for their essential needs. It also prioritizes the account holding bank ahead of a consumer’s other creditors." 

Smith, at the center, said he welcomes some positive changes — including a plan by Ally Bank to eliminate overdraft fees and efforts by others to offer restricted small short-term loans to consumers to deal with shortfalls. But he said regulators will need to step in, too. 

Offering people more time to add money to their account will help, as is being done by PNC Bank. But Smith noted that many people who are not being paid a living wage aren't making enough money to fix the shortfall quickly. 

High overdraft fees can be triggered anywhere, even some credit unions that appear consumer-friendly. So, Smith said, it's important to review how your bank or credit union handles overdrafts.

Some institutions, he said, still engage in practices that some larger banks gave up, such as reordering checks from the largest to smallest amounts in order to maximize overdraft fees. 

Here are three strategies that were recently launched to better help customers deal with checking accounts and overdrafts:

First a warning, then some new options

Pittsburgh-based PNC Bank is advertising a product called Low Cash Mode for its Virtual Wallet customers — or currently nearly half of its checking account customers. 

The bank is completing the nationwide rollout of Low Cash Mode in June and July. 

PNC Virtual Wallet customers get notices of low balances via email, text or push notices. The alert is automatically set if a balance falls below $50. Or the customer can set a different dollar amount for an alert. 

The banking app then shows the customer what actual payments are outstanding and which ones would trigger an overdraft given the current low balance. 

The customer has 24 hours or more, depending on processing, to put more money into the account before overdraft fees are charged. Options include transferring money from savings to checking, making a mobile deposit or depositing money at a PNC bank branch or ATM. And sometimes, a customer’s direct deposit is only a day away.

A time clock on the app even shows the consumer how much time is left to make a move to fix the problem and avoid overdraft fees.  

"Customers are always aware how much time they have; they don't have to do the math," said Matthew Steenson, executive vice president, retail national expansion executive at PNC. 

After testing the product, Steenson said the bank has found that about 87% of customers so far have been able to get their balance to $0 or better before the Extra Time period expires. 

PNC began developing Low Cash Mode before the pandemic hit in 2020, Steenson said, recognizing that technology can be used to give consumers a better banking experience.

He said there's no guarantee that overdrafts will be zero but many people could see a lot fewer overdraft fees if they take action. 

Steenson said advancements in technology make it possible to give customers more information via their smartphones so they can decide what to do. 

And PNC is offering a new, digital last resort option, too. 

Under Low Cash Mode, the Virtual Wallet customer has a choice to take the extreme step of actually stopping a check or automatic payment entirely if necessary to avoid the overdraft. To be sure, such action could result in someone else like an auto lender triggering a late fee. (Debit card transactions do not qualify for what's called "Payment Control.")

The idea is that you can decide if you want to pay the rent. Or maybe you can stop a payment to the neighborhood babysitter for a few days to avoid an overdraft. Stopping some payments won't trigger other fees but they might upset some people you need to pay. 

PNC estimates that the system could help its customers avoid $125 million to $150 million in overdraft fees a year.

CEO Bill Demchak said the Low Cash Mode gives customers a chance to decide what action makes the most sense in their situation.

"We're putting that choice in the hands of the customer,"  Demchak, chairman, president and chief executive officer of The PNC Financial Services Group, said during a virtual news conference April 13. 

The overdraft service, he said, is useful because people can make sure that important bills get paid. Many people today, he added, do not balance their checkbooks so they don't know the exact amount in their accounts at any given time. 

But many consumers find overdraftfees to be highly aggravating, too, and the new system may help avoid unwelcome surprises. 

Demchak called the banking industry’s overdraft approach "unsustainable."

The Virtual Wallet product has a maximum of one $36 overdraft fee per day, customized alerts when balances are low and no fees for non-sufficient funds. 

PNC's regular checking account has a $36 overdraft fee — as well as a maximum of four overdraft and returned item fees each day. 

Steenson said it's important to change the landscape when it comes to overdrafts.

"You could argue we win when you mess up," he said. "We don't want that. We win when you win." 

A way to get a quick emergency loan 

What if you could take out a quick, no-cost loan to cover some badly needed new tires for a car? Or some other sudden expense that shows up before payday? 

Huntington Bank, based in Columbus, Ohio, is advertising a new digital-only loan as a way to help checking account customers cover emergency expenses any time of the day and avoid an overdraft fee of up to $37.50.

The bank's overdraft policy is $23 for each item if it’s the first occurrence in 12 months. But then the fee goes up to $37.50 for each item if this is a second occurrence or more in 12 months. The bank can charge up to four fees per day. 

The product, called Standby Cash, gives eligible customers access to small loans ranging from $100 to $1,000 that can be transferred into their Huntington checking accounts.

The bank notes that if customers overdraft, they can transfer money from Standby Cash within the 24-hour grace window to bring their balance positive to avoid a fee.

The loan must be paid back over three months. The bank will not charge interest or fees if customers sign up for automatic payments.

 If customers do not sign up for automatic payments, then a 1% monthly interest charge — a 12% annual percentage rate — applies to the outstanding balance.

Not all customers are eligible. To qualify, a customer must have had consistent monthly deposit activity of $750 or more for three or more months, have a checking account that has been active for at least 90 days and be enrolled in online banking.

The bank's website also notes: Your average checking account balance must be over $0 for the past 30 days. And none of your Huntington accounts are overdrawn for more than 24 hours.

Standby Cash is not tied to a person’s paycheck or a person’s credit score. It’s an immediate line of credit that can be used for emergencies, overdraft and even possibly help build or repair credit.

Standby Cash activity is reported to the credit bureaus and could help build a credit history. Once a Standby Cash account is opened, activity is reported to the credit bureaus, like balance, repayment and age of the account.

When used responsibly, the bank said, Standby Cash could help customers improve, establish or boost their credit scores, a crucial first step in building wealth.

The Standby Cash follows another move in 2020 by Huntington where the bank introduced a program that charges no overdraft fees when small oversights are made.

The bank has a "$50 Safety Zone" where consumer or business customers who overdraw their accounts by $50 or less will not see an overdraft fee. That was increased from the previous $5 limit. The bank also offers a 24-hour grace period for consumers and business customers to make a deposit to fix issues and avoid an overdraft. 

Eliminate overdraft fees entirely

Detroit-based Ally Financial took the most unusual step by announcing in June that its Ally Bank would end all overdraft fees.

Diane Morais, president of consumer and commercial banking at Ally Bank, said in a phone interview that many people who are living paycheck to paycheck deal with overdraft fees because they typically have low balances in their accounts.

"What we are doing is taking one piece of stress and anxiety out of the equation," Morais said. 

"The last thing we want to do is create a bitter problem for consumers." 

More: Not having a bank account is costing metro Detroiters big money

More: Banks look to new accounts to attract the unbanked as COVID-19 takes a toll

More: Huntington gives business a break on overdrafts

Experts note that Ally isn't going to lose as much as other big banks would by making such a move. Ally generated $5 million in overdraft fees in 2020 even after waiving those fees from March through July last year for all its customers. In 2019, Ally reported  $6 million in overdraft fees. 

Even so, the move could draw others to reconsider how overdrafts are handled.

Morais said financially vulnerable consumers have a disproportionate chance of being hit with overdraft fees.

"Adding one or two or up to five fees a day can really set someone back in a material way," Morais said.

"You'll continue to see a lot of banks setting up other types of accounts for consumers who are more likely to overdraft," she said.

Ally Bank has charged one overdraft fee per day of $25 and never charged overdraft fees for debit card transactions. 

Roughly 1 out of every 8 Ally bank customers overdrafted at some point.

The number of accounts Ally closed year-to-date because of insufficient funds is less than .05%, the company said.

Generally, customers have six business days to bring their account back to a positive balance. If they’re not able to bring their account positive after six days, their account may be limited, but Ally said it will "work hard to understand their specific situation."

Morais said 80% of the bank's customers "do cure their negative balance within the first six days." 

She said Ally didn't want to put in a hard floor where it would never allow an overdraft — as some in the industry are doing now with some accounts. 

She said Ally Bank would continue to decide what payments it will approve to go through if the customer's balance won't cover it, much like is done now. 

For example, a small overcharge on groceries is likely to still go through if you don't have enough money in your account, she said.

"If you're buying a $4,000 TV, probably not," she smiled in a Zoom call. 

She noted that many times people don't want a purchase automatically rejected if there's not enough money in an account, such as if you're buying gas at 11 p.m. 

By permanently removing overdraft fees entirely, though, Ally said it will help protect consumers disproportionately hurt by overdrafts. 

About 95% of the consumers who paid overdraft fees in 2020 were “financially vulnerable” and disproportionately Black and Latinx, according to the 2021 FinHealth Spend Report.

And "among those financially vulnerable households with checking accounts, 43% averaged 9.6 overdrafts during 2020, resulting in annual overdraft fees of hundreds of dollars per household on average," the report stated. 

The report noted that financially struggling households spent $255 billion in 2020 on fees and interest related to everyday financial services, such as credit cards, auto loans, and overdraft charges. Struggling households spend a greater share of their income on such fees, compared with those who are financially healthy. 

The pandemic — and the racial injustice protests of last summer — put more focus on the role that high overdraft fees play in economic and racial disparities. 

And this summer, it's a hot topic that more banks and credit unions will likely need to address. 

Contact Susan Tompor via [email protected] Follow her on Twitter @tompor. To subscribe, please go to freep.com/specialoffer. Read more on business and sign up for our business newsletter.

FacebookTwitterEmail

Источник: https://www.freep.com/story/money/personal-finance/susan-tompor/2021/06/11/ally-bank-pnc-huntington-launch-overdraft-ideas-industry-criticized/7581786002/

The P-card is a supplemental purchase method for certain types of low-value, low-risk, or emergency purchases. A P-card is an institutional purchasing VISA credit card administered through PNC Bank. For more information about P-card use and examples of prohibited purchases, please review Policy FN 20, Procurement Card.

The PantherExpress System is the preferred purchasing method for most routine goods and services. The University Travel Card is the preferred payment method for travel bookings and purchases, purchases in travel status, and for business entertainment expenses that cannot be purchased through the PantherExpress System. Conference registrations, memberships and dues, and travel purchases should be made only on the University Travel Card and not the P-card

For guidance on selecting between using P-card, PantherExpress System, and the University Travel Card, please review this payment methods comparison table (excel) or contact Customer Service.

Access and Training

Visit this page to learn more about obtaining a P-card, as well as training resources.

Lost Cards

It is very important to notify PNC Bank immediately when a cardholder or department administrator realizes a P-card has been lost or stolen. The toll-free phone number to call PNC Bank is 1-800-685-4039. This number is accessible 24 hours a day, 365 days a year. The bank will be able to stop activity immediately. Finally, submit a P-card inquiry so that the P-card Administrator is aware that your card has been lost or stolen.

Using Your P-card

Purchases that fall within the bounds of the policy may be made by using the P-card in the same ways you would make any other credit card transaction. 

P-cards may be used to purchase certain types of software if the cardholder has taken the appropriate training course. These software purchases include wrap, click-wrap, click-to-accept software and services, as well as business-related apps. Review the Exceptions section below for more information.

P-cards should, generally, not be used for services purchases, excepting emergency repairs which are an allowable expense.

Note: There are merchant categories that are not applicable to the University's day-to-day business affairs. Your transaction could be rejected at the point of sale if you attempt to purchase goods that are categorized with non-approved Merchant Category Codes (MCC). However, occasionally a supplier can be categorized with an incorrect MCC code. If this is an issue, please contact Customer Service.

Exceptions

  • Imported books & journals: P-card users are authorized to purchase imported books and journals. However, the P-card cannot be used to purchase other foreign good imports.
  • Software: P-card holders who have completed the P-card: Purchasing Software training are authorized to purchase the following types of software with their P-cards: wrap, click-wrap, click-to-accept software and services, and business-related apps.
    • Note: a software purchase that requires a signed Software License Agreement is NOT considered certain Software and is therefore not eligible to be purchased with a P-card.

Reconciling Your Expenses

P-card expenses must be reconciled in the P-card Redistribution application with the PRISM system. Anyone who is responsible for redistributing P-card charges must take the P-Card Redistribution training.

Resources

Источник: https://www.ppt.pitt.edu/payments-taxes/payment-methods/p-card

Merchant Discount Rate

What Is the Merchant Discount Rate?

The merchant discount rate is the rate charged to a merchant for payment processing services on debit and credit card transactions. The merchant must set up this service and agree to the rate before accepting debit and credit cards as payment.

Understanding the Merchant Discount Rate

The merchant discount rate is a fee that merchants must consider when managing the overall costs of their business. Local merchants and e-commerce merchants will typically have varying fees and service level agreements. Most merchants can expect to pay a 1% to 3% fee for payment processing of each transaction. Payment processors have well-established infrastructures and fee schedule arrangements in place to support all types of merchant payments.

Key Takeaways

  • The merchant discount rate is charged to merchants for processing debit and credit card transactions.
  • To accept debit and credit cards, merchants must set up this service and agree to the rate.
  • The merchant discount rate is a fee, typically between 1%-3%, that merchants must consider when managing business costs.

Special Considerations

Payment processing infrastructures help support commerce across the world. Financial technology is helping payments to be processed faster with many companies developing point-of-sale (POS) services that also offer options for payment plans, loans, and lines of credit. Payment processors are at the forefront of technology development in payment processing and their relationships with merchants are key to the infrastructure of commerce.

Merchants have a range of options available for payment processing. They can utilize fintech company services, such as Square or Shopify. They can also set up merchant payment processing with a bank directly. Some of the top bank offerings for payment processing include Chase POS Payment Solutions, U.S. Bank POS Solutions, and Bank of America Merchant Services. All of these payment processors can also offer e-commerce payment processing.

For merchants, the fees and fee agreements involved in an account can be complicated. Merchants have numerous providers to choose from and these providers also offer varying fee schedules. Merchants can expect to pay a processing fee for the deposit, as well as network and interchange fees for obtaining funds from the customer’s account. Merchant discount rates for e-commerce are typically higher due to additional costs for added security.

Many businesses will have both local and e-commerce transactions, which will vary and also add to the complexity of payment processing costs.

Fee schedules for payment processing are most often charged at a merchant discount rate; however, some providers may charge a flat monthly fee. If service arrangements include an interchange provider with a bank. Then the merchant will pay two providers for the transaction. If dealing only with a bank, the merchant will typically have a bundled merchant discount rate for the full processing of the transaction. Fintech processors will typically offer lower costs while bank processing fees are typically higher due to the full-service consolidation.

Electronic payment networks offer customers the option to pay from multiple sources. This is a benefit for customers and an advantage for merchants. Many merchants will require a minimum charge for using an electronic form of payment. This minimum charge helps support the payment of the merchant discount rate by the merchant.

Источник: https://www.investopedia.com/terms/m/merchant-discount-rate.asp

PNC Inks $14.5M Deal With Merchants In Overbilling Spat

By Hailey Konnath (November 8, 2021, 11:12 PM EST) -- PNC Merchant Services Co. LP has agreed to pay up to $14.5 million to more than 200,000 merchants who allege it overbilled them through credit card processing fees, according to a proposed settlement filed Monday in New York federal court.

The merchants said in the motion for preliminary approval of the deal that PNC has also agreed to "important practice changes" that include allowing customers to switch from pricing plans that require annual fees, giving customers notice before charging that sort of fee and getting written consent from customers before charging fees on customers that request paper statements.

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Источник: https://www.law360.com/articles/1438978/pnc-inks-14-5m-deal-with-merchants-in-overbilling-spat

Instant Transfers Unavailable Troubleshooting

There's a number of reasons why you might not be able to use instant transfers:

  • You haven’t linked a bank account to Square, or your bank account isn't completely verified. 

  • Your current balance is below the minimum transfer amount after fees: $25 minimum for instant transfers and $1 minimum for same-day transfers.

  • At least one transaction in your balance is over $10,000. 

  • You’re new to Square and already sent your one instant transfer of up to $2000 today.

  • We periodically conduct regular account reviews to ensure customer security, which can impact instant transfers.

Link a Supported Bank Account

To use instant transfers, you have to link a verified bank account If you attempted to link your bank account and it isn’t supported, you’ll see an error message asking you to try linking a supported debit card.

Supported bank accounts with instant transfers

We currently support most U.S. banks. However, credit cards, ATM, PayPal, or prepaid bank cards aren’t supported right now. You’ll need to link a supported bank account to your Square account to use instant transfers.

We can’t confirm if a bank is supported until there's an attempt to link it to Square. However, we’ve had strong success linking the following banks:

  • Bank of America

  • Citizens Bank

  • Chase

  • Huntington Bank

  • PNC Bank

  • Regions

  • SunTrust

  • TD Bank

Supported debit cards with instant transfers

Many different debit cards are supported with instant transfer. If you have trouble with that card, you can try linking a different debit card or you can count on your deposits being sent with next-day transfers.

Note: If you attempt to link a Visa or MasterCard debit card issued outside of the US, it may be declined. Learn more about linking a supported debit card.

Visit your online Square Dashboard to link a bank account or check your verification status .

Choose the Right Transfer Amount

Instant transfers aren’t available for amounts outside the minimum or maximum transfer limits—these are amounts under $25 or over $10,000, after Square’s processing fees.

If your Square account balance is made up of payments between $25 and $10,000, you can send repeated instant transfers until your balance is empty. You can select any amount over $25 available in your Square balance if you’ve set up manual transfers on your account.

Note: New sellers start with a limit of one instant transfer per day of up to $2,000. As you continue processing with Square, your daily transfer amount limit will increase.

Account Under Review

We regularly monitor your transactions to keep your account safe. If our system notices something that appears out of the ordinary, we suspend all transfers—including instant transfers—to your bank account until we can make sure everything is alright. We usually complete these reviews within one business day—if we need more information to complete the review, we’ll reach out to you by email.

One of our best tools in keeping Square secure is checking in periodically to make sure that everyone is who they say they are. The documentation and information you provide during a security review gives us a sense of how we can be helpful and get your transfers moving again.

For more on instant transfers, check out our instant transfers FAQ.

Источник: https://squareup.com/help/us/en/article/6283-instant-deposit-unavailable-troubleshooting

About double or pending charges on your bank account or credit card

Double or pending charges on your bank account or credit card do not necessarily mean that you have been charged twice.

Authorization hold (also called card authorization, preauthorization, or preauth) is the banking industry practice of authorizing electronic transactions made with a debit card or credit card, and holding the balance as unavailable either until the merchant clears the transaction (also called settlement), or the hold "falls off" and makes the balance available again.

For debit cards, authorization holds can fall off the account from one to five days after the transaction date, depending on the bank's policy. For credit cards, holds can last as long as 30 days, depending on the issuing bank.

When a merchant swipes a customer's credit card, the credit card terminal connects to the merchant's acquirer, or credit card processor, who verifies that the customer's account is valid and that sufficient funds are available to cover the transaction cost. At this point, the funds are "held" and deducted from the customer's credit limit (or bank balance, for a debit card), but are not yet transferred to the merchant.

At the end of the day, the merchant instructs the credit card machine to submit the finalized transactions to the acquirer in a "batch transfer." This begins the settlement process in which the funds are transferred from the customer's accounts to the merchant's accounts. This process is not instantaneous (although many believe it is). The transaction might not appear on the customer's statement or online account activity for a day or two, and it can take up to three days for funds to be deposited in the merchant's account.

For example, if an individual has a credit limit of $100 and uses a credit card to make a purchase at a retail store for $30, his available balance immediately decreases to $70 because the merchant has obtained authorization for a $30 purchase from the individual's bank by swiping the card through its credit card terminal. However, the actual balance in the bank is still $100, because the merchant has not actually collected the funds in question. The actual balance is not reduced until the merchant submits their batch of transactions and the banking system transfers the funds.

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Источник: https://quickbooks.intuit.com/learn-support/en-us/help-article/bank-transactions/double-pending-charges-bank-account-credit-card/L6MUfOEt2_US_en_US

Comments

  1. they warn you the first time you do it, the second time they shut your account down and flag your account.

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