Chase VS PNC Bank

Author: Harvey Specter

The largest US banks are private commercial enterprises serving American businesses and a significant share of international transactions. The activities of American banks are very diverse, but many banks are in cooperation with each other organizations.

To better understand the issue, let’s see which bank is better, Chase or PNC?
First of all, let’s see what Chase bank is.

The largest banking institution in the United States. First in the “Big Four” of America’s banks. A conglomerate of several financial companies.
Chase Bank offers the following services:

The Bank provides all types of financial and investment services for both individuals and corporations and government agencies and institutions.

• Consumer & Community Banking: Work with individuals and small businesses through a network of branches and ATMs throughout the United States (Deposits, savings accounts, credit cards, mortgages, and car loans).
  Corporate & Investment Bank: Serving corporations, government agencies, investors, and financial institutions (All types of operations with securities (bonds, stock, etc.), including depositary services).
• Commercial Banking: Servicing corporate clients with a turnover of $20 million to $2 billion per year. (Loans, investment banking, treasury services) .
• Asset Management: Services of trust management of capital.

Another benefit that comes with banking with Chase is sign-up bonuses. Chase offers you money when you open an account with the bank. While the bonus amounts vary per month, the typical sign-up bonus is around $200.
And also read the information about PNC Bank.

PNC Bank offers a wide range of personal banking services including:

• checking and savings accounts ( Some features of this service: Two layers of overdraft protection, Digital tools to track your spending  and to automate your savings goals, Low Cash Mode)
• credit cards( Earn 1.5% cashback on net purchases, No limits on the amount of cash back you earn, Redeem cash back anytime as a statement credit, or deposit cash back into an eligible PNC Business checking or savings account, employee cards at no cost and earn cashback on their business spending, too, No Annual Fee)
• mortgage loans (PNC Bank offers mortgage loan options to help make home buying easier. Find the right home mortgage loan option based on loan terms, down payment & more.)
• auto loans (Opportunity to apply for a new or used car loan with car financing from PNC Bank. Use the auto loan calculator to check current rates)

Let’s move on to the most interesting, which bank is better, compare, and draw a conclusion.

PNC vs Chase: Bank Accounts

These banks provide similar products, but if you compare the fees, banking codes, and processes, they are very different.

In PNC Bank you have the opportunity to choose one of two types of savings account options, including one for children. These accounts offer include the PNC Bank Standard Checking account, the Bank Performance Checking account, and the Performance Select Checking account. All in all the account reimburses you for network ATM fees. In addition, accounts’ monthly fees are waivable.

Chase Bank also offers two saving accounts, which require monthly fees. These include the Chase Savings and the Chase Premier Savings accounts. Fortunately, when compared with NPC, there are no monthly fees for these accounts.

Compare PNC vs. Chase: Fees

If you take two banks separately, it’s obvious that the fee for each account type and banking action is different.

Basic Checking Account: PNC $7 per month; Chase $12 per month.
Basic Saving Account: PNC $4 per month; Chase $5 per month.
Non-bank ATM in the U.S: PNC $3 per month; Chase $2.5 per month.
Overdraft: PNC $36 ; Chase $34

PROS AND CONS:

Chase Pros:

1. Chase Pay (Chase Pay is a way to quickly complete payments with participating merchants, similar to Apple Pay. Chase Pay works with all personal Chase Visa cards and Chase LiquidChase Pay is a way to quickly complete payments with participating merchants, similar to Apple Pay)
2. Chase Liquid (Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. It is accepted anywhere that Visa debit cards are accepted. Pricing and fees: The card requires a $25 deposit to open)
3. Credit Journey (Chase Credit Journey is a free online tool available to both Chase customers and noncustomers that provides access to your credit score and credit report from the credit bureau Experian)
4. Chase QuickDeposit (Chase QuickDeposit is a secure service that allows you to scan paper checks from your desktop and electronically send the images to Chase for deposit.)

Cons:

1. Products Not Offered Everywhere
2. Accounts Have Fees
3. High Opening Amount
4. High Daily Balances

1. Virtual Wallet rates are competitive ( You can also earn a bonus when you open a PNC Virtual Wallet)
2. Relationship Rates offer higher rates (PNC offers a higher interest rate for savings)
3. Student accounts offered (PNC offers an account designed specifically for students – the PNC Virtual Wallet Student Checking and Savings Account)
4. Business accounts are available (PNC Bank offers several businesses checking accounts to fit the needs of your small business)

Cons:

1. Low-interest rates for other accounts
2. Accounts have monthly fees
3. High required balances to avoid fees
4. Must open CDs at branch locations

Conclusion

When considering which account you should open, PNC or Chase, you should consider that both banks basically offer all the banking services you need. The main difference is that PNC offers various banking perks such as monthly fee waivers and interest rate increases, while Chase offers more granular branch access and registration bonuses. Both banks are good in their own way, but the decision is up to you.