PNC Virtual Wallet Account Features and Fees 2021 Updates

It has an interest-bearing, that comes with ATM access, and lets you monitor your spending via an app. But interest rates aren’t easy to nail down, and monthly fees could eat into your savings.

PNC Virtual Wallet Account Features and Fees 2020 Updates

PNC offers a full range of regular banking products, including checking and savings accounts, credit cards, loans, and more.

A common option is the PNC Virtual Wallet, which lets you manage your money online through accounts built for checking, saving, and investing.

Overview

The PNC Virtual Wallet is a product/service run by PNC Financial Services Group, Inc. They are an American financial services corporation.

The PNC total assets at the end of last year reached approximately $358 billion and deposits of approximately $249 billion.

The PNC Financial Services operations include a regional banking franchise primarily operating on the east coast. In total, PNC has over 2,600 branches, 9,000 ATMs, and provides both online and mobile services.

PNC is the fifth-largest bank in terms of the number of branches and the sixth-largest by deposits. Also, PNC financial is based and headquartered in Pittsburgh.

PNC Virtual Wallet Pros & Cons

Pros

  • Money management features
  • Debit card rewards program
  • Mobile banking apps available

Cons

  • Monthly fee (can be waived)
  • Interest rates are very low

Dealing with multiple bank accounts can be complicated and tedious. You have to open a checking account to handle your income and expenses and a separate savings account for the money you want to set aside for the future.

Things would be much easier if you could keep all your money in the same place. The PNC Virtual Wallet lets you do this by combining a savings account and checking account into one Virtual Wallet.

In fact, when you open a Virtual Wallet account, you’re actually opening three different accounts.

Here’s how they break down:

“Spend”

This account functions like a standard checking account.

You can deposit your paycheck and other income to the account.

You can then use your debit card, checks, or bill pay services to spend money out of the account.

“Reserve” 

This account is designed to hold your short-term savings.

You might want to save for a down payment on a car, a nice vacation, or some other expensive purchase.

Your Reserve account lets you keep the money you’ve earmarked for that goal separate from your spending cash. That can make it easier to track your progress towards your goal.

It also functions as your overdraft protection account. If you would overdraft your Spend account, money will be moved from your Reserve account, free of charge.

That lets you avoid painful overdraft fees.

“Growth”

This account functions just like a savings account, offering long-term storage for cash.

You’ll earn interest on the balance in your Growth account, with an elevated interest rate for the first $2,500 you deposit.

To earn that elevated rate, you must one of the following requirements:

  • Make five purchases with your Virtual Wallet debit card or PNC credit card
  • Receive $500 in direct deposits

PNC Virtual Wallet Fees

Monthly Fee

There is a $7 monthly fee to keep the PNC Virtual Wallet account open. You can waive the fee by meeting any of the following requirements:

  • $500 combined average balance in your Spend and Reserve accounts
  • $500 in direct deposits to your Spend account
  • Account holder is age 62 or older
  • Account holder provides proof of enrollment in an education institution

Other Fees

The most common fee you’ll face from a checking account is the monthly maintenance fee. Many checking accounts charge this fee, but let you avoid it by jumping through a few hoops.

Even if you can avoid the monthly fee, you might want to be aware of the other fees that you may be charged:

PNC Bank Virtual Wallet Account Fees

Type Fee
Monthly Maintenance Fee $7
Non-PNC ATM $3
Overdraft Fee $36
Returned Item $36
Stop Payment $33
Deposited Item Returned $12
Domestic Wire Transfer (incoming) $15
International Wire Transfer (incoming) $15
Cashiers Check $10

 

Pros

  • Money management features
  • Debit card rewards program
  • Mobile banking apps available

Cons

  • Monthly fee (can be waived)
  • Interest rates are very low

Dealing with multiple bank accounts can be complicated and tedious. You have to open a checking account to handle your income and expenses and a separate savings account for the money you want to set aside for the future.

Things would be much easier if you could keep all your money in the same place. The PNC Virtual Wallet lets you do this by combining a savings account and checking account into one Virtual Wallet.

In fact, when you open a Virtual Wallet account, you’re actually opening three different accounts.

Here’s how they break down:

“Spend”

This account functions like a standard checking account.

You can deposit your paycheck and other income to the account.

You can then use your debit card, checks, or bill pay services to spend money out of the account.

“Reserve” 

This account is designed to hold your short-term savings.

You might want to save for a down payment on a car, a nice vacation, or some other expensive purchase.

Your Reserve account lets you keep the money you’ve earmarked for that goal separate from your spending cash. That can make it easier to track your progress towards your goal.

It also functions as your overdraft protection account. If you would overdraft your Spend account, money will be moved from your Reserve account, free of charge.

That lets you avoid painful overdraft fees.

“Growth”

This account functions just like a savings account, offering long-term storage for cash.

You’ll earn interest on the balance in your Growth account, with an elevated interest rate for the first $2,500 you deposit.

To earn that elevated rate, you must one of the following requirements:

  • Make five purchases with your Virtual Wallet debit card or PNC credit card
  • Receive $500 in direct deposits

Read Also:

PNC Virtual Wallet Fees

 

Monthly Fee

There is a $7 monthly fee to keep the PNC Virtual Wallet account open. You can waive the fee by meeting any of the following requirements:

  • $500 combined average balance in your Spend and Reserve accounts
  • $500 in direct deposits to your Spend account
  • Account holder is age 62 or older
  • Account holder provides proof of enrollment in an education institution

Other Fees

The most common fee you’ll face from a checking account is the monthly maintenance fee. Many checking accounts charge this fee, but let you avoid it by jumping through a few hoops.

Even if you can avoid the monthly fee, you might want to be aware of the other fees that you may be charged:

PNC Bank Virtual Wallet Account Fees

Type Fee
Monthly Maintenance Fee $7
Non-PNC ATM $3
Overdraft Fee $36
Returned Item $36
Stop Payment $33
Deposited Item Returned $12
Domestic Wire Transfer (incoming) $15
International Wire Transfer (incoming) $15
Cashiers Check $10

The PNC Virtual Wallet is a highly unique bank account that combines a checking account and savings account into one.

That means the account is a one-stop-shop for your daily financial needs. It can make it much easier to track your money and save for goals.

However, the account does have flaws, such as hefty ATM fees and poor interest rates on the Growth account. If you want to bank with PNC, the Virtual Wallet is a good choice of account.

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