Banking » Reviews » PNC Virtual Wallet Review: Is It Worth It?
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PNC Virtual Wallet Review: Is It Worth It?

The PNC Virtual Wallet offers a suite of tools and resources to manage your money online, track spending, save money, and pay bills.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

PNC Virtual Wallet

Fees

$7 – $25 per month can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/

Our Rating

4.4
4.4/5

Promotion

Up to $400 Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $50/$200/$400 bonus

APY Checking

2.25% – 2.55%

PNC Virtual Wallet

Fees

$7 – $25 per month can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/

Our Rating

4.4
4.4/5

Promotion

Up to $400 Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $50/$200/$400 bonus

APY Checking

2.25% – 2.55%

Although PNC is a well established bank dating back to the 1850s, it is not stuck in the past and offers some innovative products. A great example of this is the PNC Virtual Wallet. This account is a hybrid checking and savings account that is ideal for those who don’t want the hassle of managing multiple accounts.

Essentially, when you open a Virtual Wallet, you’re opening three accounts to manage your spending, reserve funds and money growth. This allows you to use the one account for all your day to day finances.

PNC Virtual Wallet: Account Features

PNC offers three tiers of virtual wallet accounts to cater to your specific requirements.

  • Virtual Wallet
  • Virtual Wallet with Performance Spend
  • Virtual Wallet with Performance Select

The variety of features and interests offered makes the Virtual Wallet an appealing option for a checking account.

Each of the accounts has a different monthly service fee, and different conditions to waive the PNC monthly service fee:

  • Virtual Wallet: 7$ monthly fee that can be waived if you maintain $500+ direct deposit per month, $500+ monthly balance in savings or age 62+.
  • Virtual Wallet with Performance Spend: 7$ monthly fee that can be waived if you maintain a $2,000 direct deposit per month, or a $2,000monthly balance in savings or $10,000 in all PNC consumer deposit accounts
  • Virtual Wallet with Performance Select: 7$ monthly fee that can be waived if you maintain a $5,000 direct deposit per month or a $5,000 monthly balance in savings or $25,000 in all PNC consumer deposit accounts/

This is the standard checking account aspect of the Virtual Wallet. You can deposit your income including paycheck into the account and use the associated debit card, checks and bill payment services to cover your expenses.

This is the section of the account for short term savings. Reserve allows you to keep the cash that you’ve earmarked for a specific goal separate from any spending cash.

This can also act as your overdraft protection. You can move money from “Reserve” if your “Spend” would go into overdraft.

This is like a regular savings account for the long term storage of your funds. This is interest bearing of 2.25% – 2.55% APY, very high compared to other interest checking accounts, but you’ll earn an elevated rate for the first $2,500.

However, to qualify for the elevated rate, you need to receive $500 or more in direct deposits or make five purchases using your associated debit or credit card.

PNC has a fairly large ATM network with almost 10,000 machines. However, these are largely focused on the eastern states. There are no fees for using a PNC network ATM, but non network fees do incur a $3 transaction fee.

The Virtual Wallet with Performance Spend / Performance Select gets additional benefits:

  • Performance Spend users get reimbursement for the first 2 PNC fees at domestic or international non-PNC ATMs and up to $5 for other bank's ATM surcharge fees
  • Performance Select users won't be charged for other banks' domestic or international ATMs, as well as up to $10 fee reimbursement per statement period for other banks' ATM surcharge fees

Is PNC Virtual Wallet Worth It?

There is no simple answer to this question, as it will depend on your needs and preferences. However, as with other financial products or services, there are both pros and cons, which you can assess to decide for yourself.

Pros
Cons
One Stop Shop
Monthly Fee
Calendar Feature
Requirements For Higher Rates
Potential To Earn Elevated Rates
Additional Charges
Welcome Bonus

The Virtual Wallet has been designed to provide a one stop shop for your financial needs.

This includes some very helpful tools such as the money bar, which shows your available to spend funds, the money allocated for bills and the cash you have in reserve.

There is also a calendar which shows when your bill payments are scheduled, so you can plan ahead. This highlights the “danger day” when you are at risk of being overdrawn. This gives you time to move money around to cover your costs.

PNC offers elevated rates if you receive $500 or more in direct deposits or use your debit card five times in one month.

PNC currently offers a welcome bonus for new customers opening a Virtual Wallet account. This provides a bonus of up to $400 if you meet the promotional requirements.

All accounts require a monthly fee. However, there are many options to waive them.

To access the highest rates, you’ll need to qualify for a relationship rate and have at least a minimum balance in your account.

The standard rates are lower than the number of options available from online banks.

There is a substantial list of other charges which may apply to your account. These include overdraft fees, returned item fees, and stop payment fees.

You’ll even be charged a fee for incoming wire transfers, which is often waived by many banks.

Which Type of Customer is Best Suited to the PNC Virtual Wallet?

This account is well suited to those who want to take control of their finances but don’t like the hassle of managing multiple accounts. The account tools provide easy access to the data you need to monitor your expenses and avoid costly fees.

However, if you live in an area with few PNC ATMs, you may struggle to access your funds without incurring fees. If you use a non network ATM, PNC will impose a transaction fee and you may incur a fee from the ATM owner.

Is PNC a Good Bank to Work With?

PNC has pros and cons.  This is a well-established reputation as offering a solid product line. While this may lack the variety of other banks, several options exist in each account category.

Although the rates for the Virtual Wallet are not the highest on the market, there are some excellent rates available with other products including its High Yield Savings account. There are also several credit card options. This means that it is feasible to move all of your finances to PNC with account options to cover most requirements.

Unfortunately, as with most traditional banks, PNC Bank does not have the greatest reputation. On TrustPilot, the current PNC Bank rating is a poor 1.3 out of 5. There are a number of complaints and negative comments about fees and charges, and the customer service offered.

PNC Bank logo on iPhone display (1)
(Photo by Burdun Iliya/Shutterstock)

How to Open a PNC Virtual Wallet Account

You can open a new PNC Virtual Wallet account online through the official PNC website. You can complete the process in a few basic steps and the entire process should take only a few moments.

  1. Visit the PNC Virtual Wallet page: You will find the product page under the Personal Products and Services tab. On the Virtual Wallet page, you can explore the account details and when you’re ready to proceed, click the blue “Apply Now” button.
  2. Confirm your zip code: PNC needs to tailor the account options to specific geographic locations, so you’ll be prompted to enter your zip code.
  3. Complete your application: This is fairly standard and you will need to complete all of the mandatory fields. These include your full name, address, phone number, email address, Social Security Number and date of birth.
  4. Submit the application: After you complete the application, you will need to click submit and PNC will then assess your application. You should receive an approval decision within one or two business days.

FAQs

Yes, you can earn interest on the funds in your Virtual Wallet, but the rate depends on where the funds are allocated and your balance.

PNC does currently have a promotion for new Virtual Wallet clients. There is the potential to earn a bonus of up to $400 if you meet the promotional requirements.

The simplest way to close your PNC Virtual Wallet account is to call the customer support helpline. A PNC representative can take your closure request and guide you through the PNC bank account closure process.

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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.