The Proper Way to Cancel Your BBVA or PNC Account

Moving to a more environmentally responsible bank is a crucial step in everyone's climate action plan. The majority of conventional banks around the world use customer deposits to subsidize polluting industries and businesses.  

You, former BBVA customer, have now been taken over by PNC. Your bank has acquired you, but that doesn't mean you have to move your money there.

More than 5% of PNC's loan portfolio was invested in the oil and gas sector as of 12/31/20. And it's safe to assume that there's a lot more going on behind the scenes in favor of fossil fuels and other polluting industries than meets the eye. Your tax dollars at work funding global warming

More and more people are coming to the conclusion that large financial institutions aren't the best bet when it comes to making the most of your money, especially if your goal is to make a significant impact on climate change. New neobanking options are appearing, and they're not just making an impact; they're also providing fee-free banking, keeping more of your money where it belongs.

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Changing banks may seem like a hassle, but in reality it's much simpler than you might think. As an added bonus, you can probably cut costs and get more perks if you go with one of the new digital options.

Keep These Things in Mind Before Closing Your PNC or BBVA Account

Close your PNC or BBVA account only after you've completed the following steps. Do not rush into closing your PNC account. Make sure you follow through with these measures so nothing crucial gets overlooked.

The first step is to choose a bank that is climate-friendly and open a new account there.

Finding a new bank or credit union should be your first order of business. There are a variety of financial institutions that can help you stay true to your beliefs, such as Atmos, which focuses on the environment, and credit unions and community banks, which focus on the local economy.  

Opening a new bank account is the next step after selecting a new financial institution. There has been a dramatic simplification of the process of opening a bank account. Modern digital offerings are designed for your convenience and usually enable new checking and savings accounts in just a few minutes, while many credit unions may still require paper applications and joining an affiliated association of some sort. Try to find a solution that doesn't charge you money every month for upkeep or service.

You should then fund your new account.

The new account can be used in conjunction with your existing PNC or BBVA account, neither of which need to be closed. After your account has been funded, you can request debit cards and immediately begin using your new account.   

You should remember to keep some funds in your old PNC account for a while after switching banks so that you can continue paying any regular bills that haven't yet been transferred over. In due time, you'll be able to sever all ties. You may want to keep that account for easy ATM or cash deposit access until you get used to the new setup, especially if your new financial institution doesn't have an ATM on every street corner or an ATM finder easily accessible.

Third, move your regular payments and deposits

It's likely that you have subscriptions or bills that automatically deduct from your old PNC checking account. Have a look at your most recent bank statement and make a list of all the subscriptions that were automatically deducted.  

As an added piece of advice, check your credit card statement right now if you have one. It is a good idea for many people to review these statements on a regular basis to make sure they aren't being charged for any services they aren't currently using.

After compiling your list, you can begin switching your regular payments to the new account. If it's too much, break it up into smaller chunks and listen to some Ted Lasso in the background. You should be able to complete this procedure before the end credits.  

Verify that your new account has sufficient funds to cover the costs.   

It's a good idea to use a tool like a digital debit card to handle these renewals and other subscriptions in the future. We've all experienced the frustration of losing a physical debit card. You don't have to worry about renewals or cancellation fees because you can simply request a replacement card, cancel the old one, and it will be sent to you. Your personal information and regular payments are safe with digital debit cards because they use a unique card number.  

Make a financial shift, number four

After you've opened your new account and begun using it as your primary payment method and have transferred all of your automatic debits and credits, you can transfer the remaining funds from your old account. Having done this, you can finally close your PNC or BBVA account that was used to fund fossil fuel projects.  

In today's era of electronic banking, transferring funds is a breeze. Your old balance can be transferred to your new account via ACH. Free ACH transfers are available with many of the newest digital banking options.

How to Close Your BBVA or PNC Account

You've made a lot of progress, and you're almost there. It's safe to close your PNC account now that your money is safely in the new account and your regular payments have been transferred over. Easy account closure results from having no outstanding balance and no recent activity.  

To keep your account active, customer service representatives may offer you incentives. It's too little, too late, and we don't want it. A few options for ending your account are outlined below.

Online Account Closure with PNC or BBVA

Log in to their online banking system via your preferred web browser to close your account. Account closure requests are sometimes handled via email, with a response taking up to two business days to arrive. The follow-up email should include detailed instructions for completing the sale.  

We totally get it if you don't want to wait around for a few days or go through an automated decision tree. Your account can be closed immediately via phone or in person at any branch.

Account Closure via Telephone with PNC or BBVA

PNC's phone lines are staffed by helpful people from 7 a.m. to 10 p.m. ET Monday through Friday and from 8 a.m. to 5 p.m. ET on Saturdays and Sundays, making it To speak with a service representative, dial PNC's customer service number (1-888-762-2265). Please notify the agent that you would like to terminate your account.  

Bank Account Closing Procedures at a PNC or BBVA Branch

In the event that you'd rather close your account in person, you can either stop by your nearest branch during business hours or make an appointment through their website. Bring a government-issued photo ID and clear your balance before you visit, just to be safe. If you are lost and need to find the nearest branch, you can do so with the help of their handy branch locator tool.

Typical Inquiries

Just how much does it set you back to cancel your account?

Closing a PNC or BBVA account won't cost you anything, but keeping one could if you're hit with monthly maintenance or ATM surcharge fees. When you use ACH, you can withdraw money from your account. Think about switching to a service that doesn't charge you every month and provides free ACH withdrawals.

If I close my PNC or BBVA account, will it hurt my credit?

There will be no negative effect on your credit rating from closing a bank account.  

Conclusion

Eliminating your reliance on large financial institutions can be incredibly freeing and will save you a ton of money. You can help the environment and your carbon footprint by switching to a more sustainable bank while you're at it. Atmos is creating the most environmentally friendly financial institution in the world. Benefit from increased returns, rewards, and cutting-edge technology while making a positive impact on the environment and society at large with Atmos.

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* Footnote

PNC hid the fact that it financially backs other dirty businesses (like E g Things made of plastic, chemicals, ore, etc. aside from the statement that "[they] have chosen to limit new originations in sectors that are no longer consistent with our strategic direction, such as mountain-top removal coal mining and private prisons." Despite widespread approval for the decision to forego mountain-top removal, critics point out that this doesn't address the organization's strong backing of other coal operations or other carbon-intensive industries. Finally, PNC conceals its role in the bond and equity issuance for these unsavory industries. For its deep involvement with polluting businesses, PNC ranks among the worst offenders.