What is PNC Bank virtual wallet?

PNC Bank's Virtual Wallet is a banking tool that integrates spending, short-term saving, and long-term saving accounts, enhancing accessibility and organization in personal finance management through digital tracking and money management features.

Key Features of PNC Virtual Wallet

Account Structure: Virtual Wallet is divided into three components: Spending (checking), Reserves (earning checking interest), and Growth (interest-bearing savings), offering a comprehensive approach to financial management.

Fees and Waivers: There is a monthly fee ranging from $7 to $25, which can be waived by meeting specific direct deposit or balance requirements. For instance, the Virtual Wallet with Performance Spend has a $15 monthly fee, waivable with direct deposits over $2,000.

Interest Earning: Virtual Wallet with Performance Spend and Performance Select can earn interest on balances of $2,000 or more, with the potential for higher relationship rates based on certain conditions.

Low Cash Mode: A tool designed to help avoid overdraft fees by sending real-time alerts when the balance is low, allowing users to manage transactions before overdraft fees are charged.

Relationship Rates: Higher APYs are available for relationship clients who meet specific transaction or deposit criteria, though currently, these rates are lower compared to other high-yield savings accounts.

Fees and Services: PNC Bank provides digital and mobile banking services, including Zelle, mobile check deposit, transfers, online bill pay, and ATM access without a debit card. Overdraft fees are $36, with a maximum of one fee per day.

ATM Fees: Non-PNC ATM usage may incur a $3 fee, with potential reimbursements or waivers based on the account type.

Pros and Cons: The Virtual Wallet is ideal for online banking and those who can meet direct deposit requirements. It offers separate accounts for different financial goals and reimburses for out-of-network ATM usage. However, it has higher fees and lower interest rates compared to competitors.

Choosing the Right Account: The decision should be based on the state of residence, proximity to network ATMs, and financial goals. The Performance Select account offers free wire transfers and no non-network ATM fees in certain regions.

Future Trends: As technology advances, Virtual Wallet is expected to expand its features and services, potentially collaborating with fintech companies to enhance the financial experience for users.

FAQ

Waiving Monthly Fees: Meet direct deposit or balance requirements as specified by PNC Bank.

High Relationship Interest Rate: Achieve by using a Visa debit or credit card for transactions or maintaining direct deposits in the account.

Overdraft Services: Virtual Wallet offers a 24-hour grace period to avoid overdraft fees after an overdraft occurs.

Annual Interest Rate: Varies by account type and balance, with higher rates for relationship customers.

Changing Payment Plans: Log into the Virtual Wallet account or contact PNC Bank customer service for changes.