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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