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: regional banking franchise primarily operating on the east coast. In total, PNC has over 2,600 branches, 9,000 ATMs and provide both online and mobile services. PNC is the fifth largest bank in terms of number of branches and the sixth largest by deposits. PNC financial is based and headquartered in Pittsburgh. 

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The Good

  • Easy application
  • Features and services
  • Identity theft coverage

Easy Application

PNC Virtual Wallet is a platform that provides innovative online money management tools complete with traditional account features. Starting a PNC Virtual Wallet account is a simple process and keeps all personal information secure. The application process is entirely online and can be completed in ten minutes. If approved, new PNC Virtual Wallet account owners will receive up to $300 just for joining.

Features and Services

Prior to opening an account, PNC Virtual Wallet provides prospective customers with the ability to compare accounts and see a general overview of interest rates, fees, and other applicable information. This allows users to see exactly what a PNC Virtual Wallet will provide or add in terms of financial management.

While most online accounts charge monthly service fees, PNC Virtual Wallet provides a number of ways to avoid having to pay this. These solutions also benefit the overall performance of the online account. Other beneficial account features include:

  • PNC ATM Network: free use of all PNC Bank ATMs
  • Compatible ATM Network: reimbursement of PNC fees for use of non-PNC ATMs
  • Charges from other banks: reimbursement of ATM surcharge fees charged by other banks

One of the benefits of banking online is the ability to manage money without having to meet in a branch office, but instead, handling all financial business online. When a customer opens a Virtual Wallet account with PNC, the following money management tools are included regardless of account type:

  • Online banking and bill pay: free to PNC customers and bill pay applies to any domestic payee
  • Innovative online tools: track spending and savings progress goals
  • PNC Purchase Payback: earn cash the more you use PNC Virtual Wallet
  • Rewards: earn bonus rewards when using one of the PNC credit cards
  • Savings Account: higher yield relationship rates on savings accounts

Identity Theft Coverage

In the event of a identity theft, PNC Virtual Wallet provides coverage of up to $10,000 for out of pocket expenses incurred to regain an identity and help in repairing the damaged credit. There are certain restrictions, but overall, PNC tries to create a safe environment for their clients to manage their financial information online.

The Bad

  • Additional fees
  • Limited account options
  • Monthly service charge

Additional Fees

While the online banking service is free to customers with an eligible account, there may be applicable fees for some optional services. PNC account holders should be aware of which services are included with the account of choice and which ones will require a service charge.

Limited Account Options

There are only three different online accounts for PNC users to choose from. The account features range from providing basic to premium services and prospective clients will need to do some research to find out which account will benefit their specific financial situation. The three types of virtual wallet accounts include:

  • Virtual Wallet: includes access to innovative online tools and all basic account features. If account requirements are not met, a monthly service charge of $7 may apply.
  • Virtual Wallet with Performance Spend: includes access to the innovative online tools plus rewards for a broader banking relationship. If account requirements are not met, a $15 monthly service charge may apply.
  • Virtual Wallet with Performance Select: the most premier account available comes with all features and services of lesser accounts with additional benefits. If account requirements are not met, a monthly service charge of $25 will apply.

Monthly Service Charge

It is also important to note that to avoid the monthly service charge, proof of active enrollment in an educational institution is required in order to receive the waiver. The waiver is only eligible for 6 years and will then expire.

The Bottom Line

PNC Virtual Wallet accounts are ideal for those who appreciate money management tools hosted online with premium account features, broader banking relationships, or even for those who want to perform basic online management on their online account. Those that use PNC Virtual Wallet as their online bank can expect the following from the service:

  1. Three account types to choose from
  2. Access to money management tools
  3. Earn rewards and benefits for credit card use
  4. Some service fees may apply

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