What is PNC Bank virtual wallet?

What is PNC Bank？

PNC Bank has a history of over 170 years. It is a full-service bank offering savings, checking, retirement, mortgage loans, and loans to both individuals and business clients.

In June 2021, PNC Bank completed the acquisition of BBVA USA. After the merger, PNC Bank became one of the largest commercial banks in the United States with nearly $560 billion in assets. Currently, the company has branches in the top 30 markets in the United States.

PNC Bank combines checking and savings in a product called Virtual Wallet. But what exactly is Virtual Wallet？ Here's what you need to know.

PNC Virtual Wallet

PNC Virtual Wallet has three main objectives: Spending (checking), Reserves (earning checking interest), and Growth (interest-bearing savings). In essence, it's a checking account with an option to earn interest.

Virtual Wallet charges a monthly fee of $7, which can be waived if you have eligible direct deposits totaling $500 or more in the combined balance between your Spend and Reserve accounts. Virtual Wallet with Performance Spend can earn interest on balances of $2,000 or more. It charges a monthly fee of $15, which can be waived if you have eligible direct deposits totaling over $2,000 between your Spend and Reserve accounts.

Virtual Wallet with Performance Select can also earn interest on balances of $2,000 or more. It includes a $25 monthly fee, which can be waived if you have eligible direct deposits totaling over $5,000, a $5,000 balance (including up to 7 linked checking accounts), or a combined balance of $25,000 or more in PNC consumer deposits and/or investments. This account also qualifies for higher relationship rates.

Lastly, there's a Virtual Wallet Student account available. This account also qualifies for higher relationship rates. There are no deposit or balance requirements and no monthly fee.

Refer to：https://thecollegeinvestor.com/

Low Cash Mode

Low Cash Mode is a set of tools by PNC aimed at helping members avoid overdraft fees. When your balance is low, it sends real-time alerts, allowing you to choose which transactions to pay or return when your account is overdrawn, with 24 hours to bring your account back to normal before overdraft fees are charged.

The highest Virtual Wallet APY is reserved for relationship clients. Relationship clients qualify under one of the following conditions:

- Have 5 or more PIN and/or signature point-of-sale transactions (excluding cash advances) with your Visa Debit Card or linked Visa credit card in the previous calendar month.

- Have $500 in eligible direct deposits in the Virtual Wallet's associated Spend account in the previous calendar month.

- Have $2,000 in eligible direct deposits in the associated Spend account with Performance Spend (WorkPlace or Military Banking clients need $1,000).

- Have $5,000 in eligible direct deposits in the associated Spend account with Performance Select.

Unfortunately, all available APYs currently are lower than what you'd get from other high-yield savings accounts, whether you qualify for relationship rates or not. Currently, non-relationship rates range from 0.01% to 3.95% APY, depending on your account balance, while relationship rates go up to 4.00% APY. However, their high-yield savings account offers a 4.65% APY.

Fees

PNC Bank offers digital banking and mobile banking services. You'll be able to use Zelle, mobile check deposit, transfers, online bill pay, and more. The mobile app also allows you to access PNC ATMs without using a debit card. This is done by using an access code.

Monthly maintenance fees for PNC Virtual Wallet accounts range from $7 to $25, but these fees can be waived if you meet certain conditions. Overdraft fees are $36 and can occur once per day at most. Virtual Wallet with Performance Select allows free card replacement, but beyond that, it costs $7.50, with an additional $25 for expedited card replacement.

If you use a non-PNC ATM, PNC may charge you a $3.00 fee, in addition to any surcharge by the ATM provider. However, as shown in the table below, you may be eligible for a certain amount of reimbursement, or this fee may be entirely waived depending on your account type.

Pros and Cons of PNC Virtual Wallet

Pros:

If you intend to fulfill most of your banking needs online and if you have enough direct deposits to meet the bonus requirements, then opening an account with PNC Virtual Wallet makes sense. We like the fact that if you open the account online, there's no minimum balance requirement, and PNC provides various tools to help you track spending and increase your savings over time.

The three different accounts within each tier—Spending, Growth, and Reserve—are ideal for those who want to keep funds separate for different purposes.

While the Spending account can help you manage regular expenses and bills, having other short-term (Reserve) and long-term savings (Growth) accounts can help you prepare for other financial needs. For example, short-term savings can be used to cover budget overages or unexpected expenses, while long-term savings can be used for planning major renovation projects or upcoming college expenses.

If you occasionally use ATMs that are not part of the regular bank network, you'll also appreciate the fact that certain PNC Virtual Wallet accounts offer tiered reimbursement for out-of-network ATM usage.

For each statement cycle, Virtual Wallet with Performance Spend can receive a $5 reimbursement for non-PNC ATM fees, while Virtual Wallet with Performance Select can receive a $10 reimbursement for non-PNC ATM fees per statement cycle.

Cons:

The biggest drawback of PNC Virtual Wallet lies in the details, especially the fees and fine print. For example, holders of Basic PNC Virtual Wallet, PNC Virtual Wallet with Performance Spend, or PNC Virtual Wallet with Performance Select accounts will be charged a monthly service fee of $7 to $25 unless they can meet the direct deposit or average monthly balance requirements.

If you're a PNC employee, you can waive all these account fees, and individuals aged 62 or older can also waive the monthly fee for PNC Virtual Wallet. Additionally, be sure to check which PNC accounts you're eligible for based on the state you reside in. Certain states may not be eligible to open PNC accounts or earn the bonuses mentioned above.

Furthermore, the savings and reserve accounts offer only low interest rates, typically with an annual percentage yield (APY) below 1.0%. This is significantly lower than the high-yield savings accounts offered by competing banks. For example, as of writing this article, UFB Secure Savings offers a 5.25% APY.

Refer to：https://www.cnn.com/cnn-underscored/money/pnc-virtual-wallet-account-review#/

Which PNC Virtual Wallet is right for you？

PNC Virtual Wallet options can seem overwhelming, but you dont have to make too many decisions to decide on an account.

First off, the state you live in will determine which account and bonus options are even available to you. Once youve chosen an account tier, you just have to decide if you want a regular checking account for everyday spending, or if you want to add on linked accounts for short-term and long-term financial goals.

Consider a Spend (checking only) account if:

-You have plenty of network ATMs near you and dont need any high-end features.

-You mostly just want a checking account you can use for bills and regular purchases.

Consider a Spend, Reserve, and Growth account if:

-You want the benefit of overdraft protection in the form of your linked accounts.

-You want to separate your funds based on different goals you have.

The PNC Virtual Wallet with Performance Select accounts is a better option for people who want free incoming and outgoing wire domestic transfers as well as those who want no non-network ATM fees for withdrawals in the United States, Canada, Puerto Rico, and the Virgin Islands.

However, the PNC Virtual Wallet with Performance Spend could be a good middle-ground choice if you want an account with a handful of monthly ATM fee reimbursements and a solid bonus, but can also meet the $2,000 average daily balance requirement to avoid paying a monthly service fee.

YouTube Link：https://www.youtube.com/watch？v=eMDk-Z5-Hhw#/

Future Trends of Virtual Wallet

With the continuous development of technology and the increasing popularity of financial services, PNC Bank's Virtual Wallet is expected to grow and expand in the future. In the future, Virtual Wallet may further improve its features and services to meet the growing financial needs of users. Additionally, Virtual Wallet may also collaborate with other financial technology companies to jointly drive innovation in the financial industry, providing users with a better and more convenient financial experience.

More Information：https://www.pnc.com/en/about-pnc/company-profile/corporate-overview.html#/

FAQ:

How to waive the monthly fee for PNC Virtual Wallet？

You can waive the monthly fee for PNC Virtual Wallet by meeting the requirements for direct deposit or the average combined monthly balance. Please refer to the relevant policies of PNC Bank for specific conditions.

How to obtain a high relationship interest rate for a Virtual Wallet？

To obtain the high relationship interest rate for Virtual Wallet, you need to meet certain conditions, such as using your Visa debit card or associated Visa credit card for transactions or maintaining a certain amount of direct deposits in your account.

Does Virtual Wallet provide overdraft services？

Yes, Virtual Wallet provides overdraft services. When your balance is insufficient, you can choose to pay or return transactions when overdrawing your account, and you will be given 24 hours to restore your account to normal before overdraft fees are charged.

What is the annual interest rate for PNC Virtual Wallet？

The annual interest rate for PNC Virtual Wallet depends on your account type and balance. Relationship customers can enjoy higher interest rates, while non-relationship customers typically have lower rates.

How to change the payment plan for Virtual Wallet accounts？

You can change your payment plan for Virtual Wallet accounts by logging into your PNC Virtual Wallet account or contacting PNC Bank customer service. For specific instructions, please refer to the PNC Bank website or consult customer service representatives.