PNC Bank Review: All-In-One “Virtual Wallet” Accounts

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.

What Is PNC Bank?

PNC Bank has been around for over 160 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 the fifth-largest commercial bank in the United States with over $560 billion in assets. It also now has a branch presence in 29 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). In a nutshell, it’s a checking account with an interest-earning option.

To avoid the $7/month fee in the basic Virtual Wallet checking account, you’ll need to do $500/month in qualifying deposits, maintain a $500 balance, or be at least 62 years old.

Virtual Wallet with Performance Spend earns interest on balances of $2,000 or more. It has a $15/month fee, but you can avoid it in several ways — $2,000 in qualifying deposits, a $2,000 balance, or $10,000 in combined PNC consumer deposits.

Virtual Wallet with Performance Select also earns interest on balances of $2,000 or more. It has a $25/month fee that is waived by $5,000 in qualifying deposits; a $5,000 balance (including 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 new 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:

• Set up a qualifying monthly direct deposit of at least $500 for Virtual Wallet or Virtual Wallet Student, or one of the following:
  • $2,000 ($1,000 for PNC WorkPlace Banking® or Military Banking customers) for Virtual Wallet with Performance Spend.
  • $5,000 for Virtual Wallet with Performance Select.
• Make at least five qualifying purchases in a month with your Virtual Wallet Debit Card and/or PNC credit card included in your Virtual Wallet.

Unfortunately, all available APYs are currently low whether you're able to earn the relationship rate or not. Right, the non-relationship rate is 0.01% APY regardless of your account balance while relationship rates top out at 0.05% 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.

Bonus Offers

A bonus of up to $400 is available for opening a Virtual Wallet product. To earn the $400 reward, you'll need to open a new Virtual Wallet with Performance Select. You can receive a $200 reward if you open a new Virtual Wallet with Performance Spend. Or you can earn a $50 reward for simply opening a Virtual Wallet.

Are There Any Fees?

Yes — there are a number of fees to watch out for. First, you'll generally need to meet minimum balance or monthly deposit requirements to avoid maintenance fees on PNC's Virtual Wallet accounts.

If you close your account within 180 days of opening it, there will be a $25 fee. There is a $36 overdraft fee, with up to four occurrences per day. To replace a card, it costs $7.50. Stop payments will cost $33 each.

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.

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:

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 Miltary 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 1-800-352-2255. Operating hours are Monday - Friday, 7:00 AM - 10:00 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?

Not anymore. Now PNC Bank encourages new customers to open Virtual Wallet accounts which combine checking and savings together. It does still have a Standards Savings account, however, as well as a Premiere Money Market account and a CD product.

Which states have PNC branches?

PNC has a physical presence in the following states: Alabama, Arizona, California, Colorado, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, and Wisconsin.

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.

PNC Bank Features