PNC Bank Review: Budgeting and Saving

Feb 07, 2024 By Triston Martin

Other banks' online account management capabilitiesare less extensive than PNC Virtual Wallet's offerings. As a result, students attending any of these institutions may use PNC's on-campus banking services and financial education programmers.

Should You Open a PNC Account?

To avoid monthly fees, you must have at least $500 deposited into your PNC account each month, even if you are not a student at one of its partner institutions. It has branches in 19 eastern states, but other banks like Chase and Bank of America have coast-to-coast access.

PNC's bank accountsdon't have the most effective interest rates, but they have modest monthly fees, which you may avoid if you maintain a minimum amount or make a certain number of direct deposits.

Even PNC's premium accounts enable direct deposit to eliminate costs, a provision that other banks do not follow. Saving and budgeting options are also included in the Virtual Wallet account package, making it easier to keep track of your funds.

Features of a PNC Savings Account

Even though Foundation Checking is a second chance checking account, PNC provides it as one of four options it gives to its customers. Here are some of the most important numbers and costs for each of the four possibilities.

PNC Bankhas cheaper monthly checking account fees and lower minimum balance requirements than nearly every brick-and-mortar bank. That's a good thing to know if your existing checking account costs you too much money, either in fees or in making the minimum deposits to avoid them.

With direct deposit, PNC also waives account fees. You may continue to enjoy free checking even if your balance is low, provided your account receives $500 in direct deposits every month. Only Performance Select Checking offers no non-network ATM fees and only $10 in monthly refunds for ATM fees paid by operators. PNC falls behind in its ATM policy.


·Deposit account signup bonuses

While credit cards and business accounts tend to provide signup bonuses more frequently, PNC also offers one when establishing a Virtual Wallet. When you sync your account with a qualifying direct deposit, you can earn $50, $200, or $300, depending on the kind of account you have.

·Reimbursement of ATM fees

Non-network ATM costs may be compensated or eliminated depending on the kind of deposit account you choose. It may repay many ATM costs, or you may get a refund for a specified amount of fees every statement cycle.

·Various goods and services

PNC also provides a wide range of financial services, including student loans, vehicle loans, asset management, and life insurance.


·Open a separate account

Deposit accounts at PNC are packaged slightly differently from those offered by other banks. A primary checking account called "Spend," an interest-earning checking account called "Reserve," and finally a savings account called "Growth" are all included in the company's Virtual Wallet. Getting your head around PNC's deposit account environment might be a bit of a challenge.

You'll have to put in the time and effort to study the ins and outs of how everything works. Although separate checking and savings accounts are available, the Virtual Wallet offered by PNC Bank appears to be the default option. It usually takes two to three weeks to start a stand-alone deposit account, and you'll have to do it over the phone. You may apply for a Virtual Wallet online and access your money as soon as it is approved.

·Note a few cautions

If you want to save money on your monthly payments or acquire the most significant possible interest rate, there are a few things to keep in mind. For example, links to PNC accounts are required to take advantage of the advertised relationship pricing. PNC, on the other hand, will only do so if you choose to. It's not going to happen automatically.

How Do PNC and Other Banks Compare?

Comparing PNC Bank to a couple of its biggest competitors was necessary because bank accounts at influential organizations might be highly similar.

·Chase vs. PNC

If you're looking for a nationwide bank, Chase is the better option than PNC. There are better signup incentives than PNC, with new customers getting $200 for checking accounts with direct deposit and $150 for savings accounts when they deposit $10,000 or more in the first ten days of their account being opened.

To move $10,000 to a different bank, you'll need to switch from PNC to Chase if you don't mind changing your direct deposit settings. If you want access to all of Virtual Wallet's capabilities, you may be disappointed with Chase's web interface.

·PNC vs. TD Bank

TD Bank has more ATMs and branch locations in New England than PNC. Even though TD's monthly fee waiver threshold is lower than PNC's, no exceptions may be made for customers who have direct deposits with the bank.

PNC is a better choice if you intend to set up direct deposits. There is no transaction fee for overseas debit card usage at TD Bank, assisting travellers who use debit cards. At the same time, however, travel reward credit cards may be a more economical alternative.

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