An In-Depth Evaluation Of The PNC Banking Options

PNC accounts can be opened

PNC Bank is a subsidiary of PNC Financial Services Group. It is based in Pittsburgh. Its retail branch network includes branches in 28 states, including the District of Columbia and South, Midwest, Midwest, West, and Mid-Atlantic.

PNC Bank offers more than 2700 locations and almost 18,000 fee-free ATMs. It offers a complete suite of online and mobile banking options that are both convenient for customers who have traditional branches and those who want the most recent in personal-finance technology.

PNC Bank offers three main checking accounts: Virtual Wallet for customers who need basic account features and online tools. Virtual Wallet Performance Spend is for customers who are looking for more benefits and reimbursements for ATM use outside of PNC. Virtual Wallet Performance select is a premium account that provides the best benefits.

Wallet in the cloud

Under the umbrella term, “virtual wallets”, checking and savings accounts are also known as checking and savings accounts. This account level is the Spend checking account. It’s a basic account with no fees. You can add two savings accounts to the package: Short-term (Reserve), and long-term (Growth) savings accounts. Reserve and Growth accounts provide overdraft protection.

PNC will reimburse two non-PNC Bank ATM transactions per statement period. There is no minimum deposit to open a Virtual Wallet Online. A $25 deposit is required if the account is opened in branch. The $7 monthly service fee is waived if you meet the following conditions:

  • Spend and Reserve accounts must have a monthly combined balance of at least $500.
  • You will need to send at least 500 monthly direct deposits or paychecks.
  • Minimum 62 years of age
  • Performance Spending Wallet
  • Balances over $2,000 in the Virtual Wallet With Performance Spend checking account are subject to interest.

Online, there is no minimum deposit required to open a Performance Spend Account. However, $25 is required for accounts opened in person. The $15 monthly fee will be waived if you meet any of the following conditions:

  1. Each month, deposit $2,000 directly into your Spend account.
  2. Check that your checking and/or reserves accounts have an average monthly account balance of $2,000 each.
  3. Keep a balance in your combined PNC deposit accounts of $10,000.00

This account offers more fee forgiveness than a basic checking one. Each statement period, the bank reimburses up to four non-PNC ATM transactions as well as $10 in ATM surcharges from other banks.

The Performance Spend account service includes paper statements, cashier’s checks, returned items and copies of account details. A select number of check designs can also be eligible for an $8 discount

Performance Select for Virtual Wallets

PNC’s Performance Select account level includes a checking account that earns interest. Performance Select allows you to link up eight additional PNC savings or checking accounts without paying a monthly fee.

Spend accounts offer a 0.01% annual percentage return (APY) on balances less than $2,000 The Growth account has tiered relationship rates. Balances greater than $1 will earn you a 0.05-0.6 percent annual percentage yield (APY).

Online accounts do not require a minimum deposit. However, if the account is opened in a physical branch, it will require a $25 deposit. The $25 monthly fee will be waived if you fall within one of these categories:

  • Each month, you’ll receive $5,000 in Spend account automatically transfer
  • A linked PNC checking account may have a maximum of $5,000 in a monthly average balance
  • Your linked PNC investment and deposit accounts should have a minimum monthly balance of $25,000
  • Performance Select will waive the replacement fee on your Visa debit card, and reimburse you up to $20 per Month in ATM surcharges from financial institutions.
  • There are no fees for paper statements that include check images, domestic wire transfer and stop payments or redeposits. Select check designs are eligible for a $12 discount on basic PNC checks.

PNC checking account fees

Review your account information carefully to avoid unpleasant surprises. Lower monthly fees are usually associated with higher account tiers. These charges will not be waived and you will be responsible for the following:

  1. Insufficient funds: $36 If your account is insufficient funds, $36.
  2. Virtual Wallet and Performance Spend, $33, were canceled.
  3. Performance Select can be canceled at any time without penalty.
  4. Statements on paper for Virtual Wallet cost two dollars. Check images add three dollars.
  5. Delivery of Performance Select and Performance Spend statements in paper form is free.
  6. Virtual Wallet cashier’s checks, $10 each
  7. Performance selection cashier’s checks and free performance spending
  8. Virtual Wallet and Performance Spend require a $3 fee to access an ATM outside of your network; foreign ATMs will charge a $5 fee.
  9. Performance Select members are exempt from fees at ATMs that are not in their network; however, foreign ATMs are available for free.
  10. Virtual Wallet and Performance spend have a $3 cash advance fee at the PNC ATMs, and a $5 fee at other non-PNC ATMs to cash advances.
  11. Performance Select debit card cash advances are free of charge.
  12. Virtual Wallet and Performance Spend replace debit cards for $7.50
  13. A debit card replacement is free for Performance Select.
  14. Card delivery requires payment of $25.
  15. International purchases and cash advances are subject to a 3 percent transaction fee
  16. There is no charge for wire transfers domestically or internationally up to $45.
  17. Checks under $25 are free; checks over $25 that are cashed by non-clients will cost 2% (minimum $2).
  18. PNC Express Funds charges $2 per check for checks over $100.
  19. 12 dollars to return cash or deposit.
  20. Requests for images or photocopies less than $13 are free of charge

PNC checking accounts offer a number of benefits.

When you use your PNC Bank Visa Debit Card, there is no charge to withdraw cash at thousands of ATMs throughout the country. You will also enjoy free online and mobile banking and reimbursement for ATM fees charged by other institutions. As you build up your account balances, you can also get higher savings interest rates. You can use the PNC mobile app to deposit checks, make cardless ATM withdrawals and locate nearby ATMs. You can also check your account balances.

You can avoid overdrafts by making a transfer to your linked Reserve and Growth savings account. PNC’s budgeting tools and spending tools make it easier to keep track of your finances. You can set up a budget and schedule bills, get alerts when your account is at high risk, and much more.

Customers with PNC Purchase Paymentback can get money back at participating merchants when they open checking accounts with PNC.

Zelle is a feature in the mobile app of PNC that allows payments to be sent to loved ones from any location. The iPhone wallet app makes it easy to tap-and-go with a PNC Visa Card.

Promotions and bonuses on checking accounts at PNC

You can open a virtual wallet to get $50, a virtual Wallet Performance Spend, and a virtual Wallet Performance Select for $200 and $400 respectively. Only one reward is available.

Until February 28, 2022, new checking accounts can be opened either online through the application link or at a branch. Direct deposit is only available if you receive a regular payment such as a pension, Social Security check, or a Social Security check. Your account must remain open for at most 60 days.

Once all conditions have been met, the reward will be deposited to the account within 60-90 days. Each market, state, or region has its own products and promotions.

There are other options for checking accounts at PNC.

If you aren’t sure whether a PNC account would be right for you, don’t hesitate to look at checking accounts from other banks. You don’t necessarily need a branch to access the PNC account, but you may be able to turn to challenger banks. These are financial technology startups.

Credit unions are an alternative option, especially those that have more relaxed membership requirements. Credit unions are ranked based on their product selection, annual percent yield (APY), mobile features and fees. You can earn high returns on checking accounts by maintaining a minimum balance and fulfilling other account requirements. These yields are comparable to savings or certificates of deposit.