PNC provides a wide range of daily banking products including accounts for checks and deposits, credit cards, loans, and more.
With PNC Virtual Wallet, you are free to manage your money online through accounts designed to search, save, and invest.
The Pnc Virtual Wallet provides the functionality of a checking account, all bundled into one savings account. Its interest-bearing comes with access to ATMs and lets you monitor your spending via an application.
But interest rates aren’t easy to pin down and you might eat monthly payments into your savings.
Features of the PNC Virtual Wallet
Spend, Reserve and Grow
You are actually opening 3 accounts when you open a PNC Virtual Wallet-Spend for checking, Reserve as an interest-bearing checking option, and Develop as your long-term saving vehicle.
You’ll get a checkbook and card linked to your Spend account, and can switch easily between accounts when you want to, using the PNC app.
The Reserve and Grow accounts can be linked to your Spend account, to cover transactions that may cause you to dip into your overdraft.
You can choose between the following account styles when you open a PNC Virtual Wallet:
- PNC Virtual Wallet
- Performance Spend with PNC Virtual Wallet
- PNC Virtual Wallet with Performance Select
- PNC Virtual Wallet – Student
If you want to avoid this expense, each account form comes with different monthly fees and varying requirements.
For example, PNC will waive the fee on a regular account if you hold a $500 minimum balance, but for the Performance Select, you may need $5,000 in your account for the same benefit.
We’ll look at these fees and limits a little later in more detail.
At the time of writing, there are various opening offers available for the different wallet types – you can earn cashback and get rewarded for opening your account, to the tune of up to $300.
PNC is a member of the Federal Deposit Insurance Corporation (FDIC) which means your money is stored safely, and insured in the unlikely event PNC runs into difficulties.
One of the Virtual Wallet’s selling points is that you have many different ways of budgeting and investing between your 3 distinct accounts.
As a bar graph, you can display your accessible funds, plan upcoming bills and deposits in a calendar to forecast your cash flow, and quickly transfer money to savings.
As you would imagine, if you select a PNC virtual wallet, you can mainly manage your money online. The easiest way to do that is to get the PNC app.
This lets you track and review your balances, switch between accounts, and more.
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PNC Virtual Wallet Fees
To open and run your PNC Virtual Wallet, let us take a look at the fees you’ll pay. As we mentioned above, fees may vary by state, so you’ll want to double-check the fine print for your location before you sign up.
It is worth noting that PNC has reasonably high fees for cross-border transactions if you plan to travel, love to shop online with foreign retailers, or send and receive payments overseas.
You’ll pay up to $45 to send an international wire for example, and using your card to shop at your favorite international eCommerce retailer could mean you pay 3% more than you expect.
As with any account, it pays to look closely at the costs before you sign up. Here are the key changes to consider.
PNC Virtual Wallet Card and ATM Usage
When you open a PNC Virtual Wallet account, you will automatically get an ATM card.
You get free access to PNC’s 9,000+ ATMs in the US, and can also use your card in other ATMs at home and abroad, although you may be charged a fee.
A Virtual Wallet could be just what you need if you are looking for a creative way to manage your money.
However, if you’re planning on traveling, or regularly send or receive cross-border payments, you’ll want to take a close look at the fees for international transactions with PNC.
Think about the kind of purchases you will frequently make before you determine which account will fit for you. In addition, do some research into the goods that traditional banks and specialist online providers have available?
Don’t forget to check out the multi-currency account from TransferWise to see if you could save.