PNC Bank is a full-service online and physical bank. They've become known for offering bundled checking and savings accounts that they call "Virtual Wallets."
They also offer student loans and we've reviewed their student loans product specifically here: PNC Bank student loans review.
So how does PNC Bank stack up? See how they compare to our list of the best checking accounts, and read our full review below.
Quick Summary
- Virtual Wallet combines checking, savings, and budgeting tools
- "Low Cash Mode" helps customers avoid overdraft fees
- There are minimums and monthly fees if requirements aren't met
PNC Bank Details | |
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Product Name | PNC Bank Virtual Wallet |
Min Deposit | $0 |
APY | Up to 4.00% |
Monthly Fees | $7 to $25 (waived if requirements are met) |
Promotions | None |
What Is PNC Bank?
PNC Bank has been around for over 170 years. It is a full-service bank offering savings, checking, retirement, mortgages, loans, and service for both personal and business customers.
In June 2021, PNC Bank closed its acquisition of BBVA USA. After completing the merger, PNC Bank became one of the largest commercial banks in the United States with almost $560 billion in assets. It also now has a branch presence in all of the top 30 U.S. markets.
What Do They Offer?
PNC Bank’s combines checking and savings in a product called Virtual Wallet. So what exactly is a Virtual Wallet? Here's what you need to know about it.
Spend, Reserve, And Growth
PNC Virtual Wallet has three primary objects: Spend (checking), Reserve (earning interest on checking), and Growth (savings with interest). In a nutshell, it’s a checking account with an interest-earning option.
The Virtual Wallet has a $7 monthly fee which can be waived if you set up $500 in qualifying direct deposits to your Spend or a combined balance between checking accounts. Qualifying direct deposits include the recurring electronic deposit of a paycheck, pension, Social Security or other regular monthly income.
Virtual Wallet with Performance Spend earns interest on balances of $2,000 or more. It has a $15/month fee, which can be waived with $2,000+ in qualifying direct deposits to your Spend account, or a combined balance between checking accounts.
Virtual Wallet with Performance Select also earns interest on balances of $2,000 or more. It includes a $25/month fee which can be waived with $5,000+ in qualifying direct deposits; a $5,000 balance (including up to 7 linked checking accounts); or $25,000 in combined balances or PNC consumer deposits, and/or investments. This account is also eligible for the higher relationship rates.
Finally, there is a Virtual Wallet Student account available. The account is also eligible for the higher relationship rates. There are no deposit or balance requirements on this account and it doesn’t have a monthly fee.
Low Cash Mode
Low Cash Mode is a set of tools from PNC that are designed to help members avoid overdraft fees. It will deliver real-time alerts to when your balance is low, let you to choose which transactions should be paid or returned when your account is overdrawn, and gives 24 hours to bring your account into the positive before overdraft fees are charged.
Relationship Benefits
The highest Virtual Wallet APYs are reserved for relationship customers. Relationship customers meet one of the following qualifications:
- Make a combination of 5 or more PIN and/or signature point-of-sale transactions (excluding cash advances) posted during the previous calendar month to your account using your Visa® Debit Card or to your linked Visa® Credit Card.
- Have $500 in qualifying direct deposits in a linked Spend account of a Virtual Wallet during the previous calendar month.
- Have $2,000 in qualifying direct deposits ($1,000 for WorkPlace or Military Banking customers) in a linked Spend account of a Virtual Wallet with Performance Spend during the previous calendar month.
- Have $5,000 in qualifying direct deposits in a linked Spend account of a Virtual Wallet with Performance Select during the previous calendar month.
Unfortunately, all available APYs are currently lower than you could get from other high yield savings accounts whether you're able to earn the relationship rate or not. Right now, the non-relationship rates are between 0.01% - 3.95% APY depending on your account balance while relationship rates top out at 4.00% APY.
However, their high-yield savings account is earning 4.65% APY.
Mobile Banking
PNC Bank offers digital and mobile banking. You’ll have access to Zelle, mobile check deposits, money transfers, online bill payment, and more.
The mobile app also allows you to access a PNC ATM without having to use your debit card. This is done by using an access code.
See how PNC Bank compares to the other top free checking accounts here.
Are There Any Fees?
Yes — the monthly maintenance fees on PNC's Virtual Wallet accounts range from $7-$25, but they can be waived if you meet certain conditions.
There is a $36 overdraft fee, with up to one occurrences per day.
Virtual Wallet with Performance Select has free card replacements, but otherwise it costs $7.50 and another $25 if you need to expedite the card.
If you use a non-PNC ATM, you may be charged a $3.00 fee from PNC in addition to any surcharges from the ATM provider. But, as show in the table below, you may be eligible for a certain number of reimbursements or this fee may be waived altogether depending on your account type.
Header | Virtual Wallet | Virtual Wallet with Performance Spend | Virtual Wallet with Performance Select |
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Out-of-Network ATM Fees Charged By PNC | $3 | $3 (2 free per statement period) | No charge |
Fees Charged By Third-Party ATM Providers | Not reimbursed | Reimbursed up to | Reimbursed up to |
How Does PNC Bank Compare?
We like that PNC's Virtual Wallet includes budgeting and savings components. And its branch and ATM network are both expansive. However, if you're looking for a bank that offers a high yield on savings or never charges monthly fees, you might want to consider an online bank instead. Here's a quick look at how PNC Bank compares:
Header | |||
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Rating | |||
Top APY | 4.00% (in eligible markets) | 2.00% | 0.61% |
Monthly Fees | $7 to $25 | $0 | $0 |
Min Deposit | $0 | $0 | $0 |
ATM Access | 60,000+ PNC and partner ATMs | 60,000+ Free ATMs | Unlimited |
Branch Access | 2,300+ | N/A | N/A |
FDIC Insured | |||
Cell |
PNC Promotional Offers
Right now there are no current offers.
How Do I Open An Account?
You can visit PNC.com to apply for an account. On the application, you'll need to provide a valid U.S. address and Social Security number. You must also be at least 18 years of age and will need to provide a 2nd form of ID (U.S. Driver's License, State Issued ID's, or Military ID).
Is My Money Safe?
Yes — PNC Bank’s Virtual Wallet products are FDIC-secured. Additionally, PNC uses bank-grade encryption.
How Do I Contact PNC Bank?
You can get in touch with PNC's customer support team by calling 1-888-762-2265. Operating hours are Monday - Friday, 8:00 AM - 9:00 PM (ET) and Saturday - Sunday, 8:00 AM - 5:00 PM (ET). PNC Bank's Trustpilot reviews are overwhelmingly negative; however the bank does have an A+ rating with the Better Business Bureau (BBB).
Is It Worth It?
If you want access to a huge nationwide network of branches and ATMs, opening a PNC Bank Virtual Wallet could be right for you. But you'll want to look elsewhere if you're hoping to land the highest APYs or lowest fees.
PNC Bank FAQs
Let's answer a few of the questions that people ask most frequently about PNC Bank:
Does PNC Bank have a high-yield savings account?
Yes, in eligible markets! However, PNC Bank encourages new customers to open Virtual Wallet accounts which combine checking and savings together.
How many branches does PNC have?
According to the PNC website, the bank has approximately 2,300 branches coast-to-coast.
What do the letters "PNC" stand for?
The two Pennsylvania banks that merged together to form the bank each had "PNC" as their initials. Those two banks were Pittsburgh National Corporation and Provident National Corporation.
Will my BBVA USA accounts be transferred to PNC?
Yes, all BBVA USA accounts should have been moved over to PNC by October 12, 2021 and will no longer be functional after January 29, 2022.
Virtual Wallet, Virtual Wallet with Performance Spend and Virtual Wallet with Performance Select are available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV.
Virtual Wallet with Performance Select is offered in the state of MO with the exception of the Greater Kansas City area. Offer is contingent on product availability and may vary based on your address and where and how you open your account.
If you’re located in AK, AR, CT, HI, ID, IA, KS, LA, ME, MA, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, SD, TN, UT, VT, WA, WY, or in MO (only in the greater Kansas City area), you can open the PNC Virtual Wallet Checking Pro account.
PNC Bank Features
Account Types |
|
Minimum Deposit | $0 |
APY | 0.01% to 4.65% |
Maintenance Fees (If Waiver Requirements Aren't Met) |
|
Overdraft Fee | $36 |
Foreign Transaction Fee | 3% |
Branches | Approximately 2,300 |
Mobile Check Deposits | Yes |
Cash Deposits | Yes |
Checkbook Support | Yes |
Early Direct Deposit | No |
ATM Availability | 60,000 PNC and partner ATMs |
Customer Service Number | 1-888-762-2265 |
Customer Service Hours | Monday - Friday, 8:00 AM - 9:00 PM (ET) |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | |
Promotions | None |
PNC Bank Review
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Summary
PNC is a full-service bank that offers checking, savings, and lending products. Their Virtual Wallet accounts bundle checking and savings together.
Pros
- Checking + savings are combined
- Two layers of overdraft protection
- Large branch and ATM network
- Up to $10/mo in refunds of third-party ATM fees
Cons
- All Virtual Wallet accounts have monthly fees if requirements aren’t met
- APYs are lower than you can get elsewhere
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Colin Graves