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PNC Virtual Wallet review

Get the perks of a checking and savings account in one, though interest rates are low.

finder.com’s rating: 3.4 / 5.0

★★★★★

PNC Virtual Wallet accounts offer the combined features of checking and savings accounts by letting you organize your assets into Spend, Reserve and Growth categories. There are four types of Virtual Wallet accounts, and each bears interest and comes with an ATM card. But to earn the highest interest rate of 0.05% APY, you’ll need to open a PNC Virtual Wallet with Performance Select account. This Virtual Wallet account has a $25 monthly fee that you can avoid by meeting certain requirements. But 0.05% APY is still below the national average of 0.06%.

From $7 per month

Fee

0.05%

APY

$25

Minimum deposit to open

Details

APY0.05% on balances of $1,000,000+ with a Performance Select relationship rate when you meet certain requirements.
FeeFrom $7 per month
To waive the fee• Be a student at a qualifying education institution
• Be 62 or older
• Maintain a $500 combined monthly balance across checking and savings
• Direct deposit at least $500 into your savings account monthly
Minimum deposit to open$25
ATMsFree transactions at more than 18,000 PNC ATMs nationwide
ATM transaction fee$0
ATM fee rebatesUp to $20 fee reimbursement per statement depending on your account type
Out-of-network ATM fee$3
Foreign transaction fee3%

Review by


Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

PNC Virtual Wallet accounts provide convenience and flexibility by offering checking and savings features in one account. There are four types of Virtual Wallet accounts to choose from, and they each come with free ATM access and mobile banking. Your APY and monthly fee depend on which one Virtual Wallet account you choose. But none of the APYs offered with Virtual Wallet accounts are above the national average of 0.06%. Even if you open the top-tier Virtual Wallet with Performance Select account, you’ll only earn 0.05% APY. Plus, you’ll have to pay a $25 monthly fee unless you spend at least $5,000 each month, maintain a balance of at least $5,000 each month or have more than $25,000 in assets across your PNC accounts.

Apply for a PNC Virtual Wallet account today, or explore other checking and savings accounts that offer more competitive APYs.

How do I open a PNC Virtual Wallet account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From PNC’s website, click Products and services in the menu bar and select Virtual Wallet.
  3. Type in your zip code to confirm product availability.
  4. Tap Apply now.
  5. Choose what type of Virtual Wallet you want, including Low Cash Mode, Performance Speed or Performance Select. (If you’re interested in Virtual Wallet Student, you’ll need to apply from PNC’s Student banking page.) Click Apply now.
  6. Enter your full name, Social Security number, date of birth, email address, residential address and employment information.
  7. Indicate the debit card PIN you’d like to use with your account or opt to receive your PIN by mail. Click Continue.
  8. Enter the bank account and routing number of the external account you’d like to use to fund your account. You must deposit at least $1 in your account to activate it.
  9. Your PNC Virtual Wallet debit card will arrive in the mail. In the meantime, access your funds by downloading PNC’s Virtual Wallet mobile app.

Eligibility

You must meet the following criteria to be eligible for a PNC Virtual Wallet account:

  • US citizen
  • At least years old
  • US residential address
  • Social Security number
  • Valid bank account

Required information

Have the following information ready before you apply:

  • Primary home address
  • Valid email address and phone number
  • Social Security number
  • Driver’s license or other state-issued ID
  • Account and routing number of your funding bank account

Choose from four account options

All Virtual Wallet accounts offer overdraft protection and access to nearly 18,000 ATMs across the US. Here’s a quick look at what each Virtual Wallet has to offer:

Account typeMonthly feeAPYFeaturesBonusesHow to avoid fee
Basic PNC Virtual Wallet$7
  • Spend: None
  • Reserve: 0.01% APY for balances $1 and above.
  • Growth: 0.02% APY for balances between $1 and $2,499.99. 0.03% for balances $2,500 and above.
  • 2 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $5 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Low cash mode to alert you if your account is lower than a specific dollar threshold
$50 if you have $500 or more in qualifying direct deposits to your Spend accountMeet one of the following:

  • $500 combined average monthly balance in Spend and/or Reserve accounts
  • $500 in qualifying direct deposits each statement period
  • 62+ years old or a PNC employee
Virtual Wallet with Performance Spend$15
  • Spend: 0.01%
  • Reserve: 0.01%
  • Growth: 0.03% APY for balances between $1 and $99,999.99. 0.04% for balances $1,000,000 and above.
  • 4 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $10 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Digital tools to track your spending
$200 if you have $2,000 or more in qualifying direct deposits to your Spend accountMeet one of the following:

  • $2,000 combined average monthly balance in Spend and/or Reserve accounts
  • $10,000 combined average monthly balance across linked PNC accounts
  • $2,000 in qualifying direct deposits each statement period
  • PNC employee
Virtual Wallet with Performance Select$25
  • Spend: 0.01%
  • Reserve: 0.01%
  • Growth: 0.05% APY for balances between $1 and $99,999.99. 0.05% for balances $1,000,000 and above.
  • No fee for out-of-network ATM transactions
  • Up to $20 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Digital tools to track your spending
$300 if you have $5,000 or more in qualifying direct deposits to your Spend accountMeet one of the following:

  • Minimum $5,000 monthly direct deposits
  • Minimum $5,000 monthly balance in Spend and Reserve accounts
  • $25,000 combined average monthly balance across linked PNC accounts
  • PNC employee
Virtual Wallet StudentNone
  • Spend: None
  • Reserve: 0.01% APY for balances $1 and above.
  • Growth: 0.02% APY for balances between $1 and $2,499.99. 0.03% for balances $2,500 and above.
  • One courtesy refund for your first overdraft event
  • One free incoming wire transfer per statement
  • 2 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $5 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Low cash mode to alert you if your account is lower than a specific dollar threshold
NoneNone

What are the benefits of a Virtual Wallet account with PNC?

In addition to mobile banking, direct deposit and ATM access, you’ll get the following perks:

  • Checking and savings. Enjoy the best of both worlds with short- and long-term savings along with a checking account.
  • Budgeting and money management tools. PNC Virtual Wallet offers nifty tools like a Money Bar to show you how much you already have allotted for bills and what’s free to spend. And its Danger Day feature tells you when your Spend account is inching toward being overdrawn so you can adjust your spending or accounts.
  • Cash bonus. PNC’s latest bonus promises to deposit $50, $200 or $300 into your new account if you complete the qualifications for the account option you select.
  • Free ATM access. Access your funds for free at more than 18,000 ATMs in PNC’s nationwide network.
  • Reward points. If you hold a PNC points Visa Card, your PNC Virtual Wallet account offers a 25% bonus on the base points you earn each billing cycle.
  • No minimum deposit online. Open your PNC Virtual Wallet online to avoid the $25 minimum required at a branch.

What should I look out for?

Prepare to pay a $3 fee each time you use an ATM outside of PNC’s network, along with the following drawbacks:

  • Low interest rates. Earn up to 1.3% APY when you meet certain direct deposit or transaction requirements each month — a rate much lower than other interest-bearing checking accounts.
  • Monthly fee. Depending on which Virtual Wallet account you choose, you’ll face a monthly fee of $7, $15 or $25. But you can avoid those fees when you satisfy certain balance or direct deposit requirements.
  • Early closure fee. If you close your account within 180 days after opening it, you’ll pay a hefty $25 fee.

Review your savings options with other banks to find the strongest rates and benefits for your banking needs.

Compare PNC Wallet with other checking accounts

Explore other checking accounts with features that give PNC Wallet a run for its money, including APY and ATM access.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
N/A
$0
55,000 AllPoint ATMs around the world for free
$2.50
Earn $30 bonuses every time a friend signs up for an account and deposits at least $20 in one transaction
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
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How do I deposit or withdraw my money?

PNC offers six ways for you to access the money in your account:

  • Online deposit. Transfer funds electronically between your PNC account and an externally linked account.
  • Mobile check deposit. Use the PNC Virtual Wallet mobile app to snap and deposit a check into your account.
  • Direct deposit. Schedule automatic deposits from an external account.
  • ATM. Visit any of PNC’s 9,000 ATMs nationwide and use your debit card.
  • In person. Deposit or withdraw funds during business hours at a PNC bank branch.
  • Zelle. Send and receive money from family and friends with an email address or mobile phone number.

PNC Virtual Wallet reviews and complaints

PNC reviews are mostly negative. It holds a 1.3 out of 5-star rating on Trustpilot out of 294 reviews, as of April 2022. And its Better Business Bureau (BBB) rating isn’t much better, with 1.11 out of 5 stars based on 425 customer opinions. Although it’s not accredited with the BBB, it has an A+ rating for responding to customer complaints.

Most users were unhappy with PNC’s fees and the Virtual Wallet’s low interest rates. But a few customers rave about its budgeting tools, citing the Virtual Wallet as a great way to keep their weekly spending in check and ability to reach long-term savings goals.

How can I reach PNC’s customer service?

Get help in three ways:

  • Call 800-352-2255 weekdays from 7 a.m. to 10 p.m. ET or weekends from 8 a.m. to 5 p.m. ET.
  • Complete a secure online form for an email reply from customer service.
  • Reach out on Twitter by messaging @PNCBank_Help for a response from the support team.

What other savings options does PNC offer?

PNC offers a high-yield savings account, a standard savings account, money market accounts, CDs and IRAs alongside its Virtual Wallet account.

Frequently asked questions

How do I find my account and bank routing number?

Log in to your online account and select Online Statements from the Account Activity page. Your account and bank routing number are at the top right of your account statement.

What can I do from the PNC Virtual Wallet app?

View your account balances, access online statements, track your spending, manage your savings, deposit checks and transfer money between accounts.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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