What Can You Do To Avoid A Service Charge For The Virtual Wallet Plan At Pnc Bank?

PNC Bank Virtual Wallet

Your search for a new checking account has led you lot to PNC Bank, i of the many options available.

Its Virtual Wallet business relationship is one that you lot may be interested in -- simply it isn't like the rest.

In this review, we break down the key highlights of this unique account that delivers your traditional checking account needs in improver to a impact of smarter money direction.

Find out:

How it tin can help you manage money better
All the fees involved
The factors that yous should consider when picking any checking account

A Upkeep-Focused Checking Account

PNC Virtual Wallet Pros & Cons

Pros	Cons
Money direction features Debit card rewards program Mobile banking apps available	Monthly fee (can be waived) Involvement rates are very depression

Let'southward face information technology

Dealing with multiple bank accounts can be complicated and tedious.

You have to open up a checking account to handle your income and expenses and a carve up savings account for the money y'all want to prepare aside for the time to come.

Things would be much easier if you could go on all your money in the same place.

The PNC Virtual Wallet lets you exercise this by combining a savings account and checking account into one Virtual Wallet.

In fact, when y'all open a Virtual Wallet account, you're actually opening three dissimilar accounts.

Here'south how they pause downwards:

"Spend"

This account functions like a standard checking account.

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

Yous tin can and so apply your debit card, checks, or beak pay services to spend coin out of the business relationship.

"Reserve"

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

You might desire to salvage for a down payment on a auto, a nice holiday, or some other expensive purchase.

Your Reserve account lets you lot keep the coin you've earmarked for that goal separate from your spending cash. That can make it easier to runway your progress towards your goal.

It too functions every bit your overdraft protection business relationship. If you lot would overdraft your Spend business relationship, coin will exist moved from your Reserve account, costless of charge.

That lets you avoid painful overdraft fees.

"Growth"

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

You'll earn involvement on the balance in your Growth business relationship, with an elevated interest charge per unit for the first $ii,500 yous eolith.

To earn that elevated charge per unit, you must ane of the following requirements:

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

Manage Your Money with Helpful Tools

On to some help tools:

The Virtual Wallet aims to exist a 1-stop shop for all your financial needs, including the need to keep track of your money.

When you lot log in to your Virtual Wallet business relationship, you'll discover these keen features:

Coin Bar

This bar gives you a quick view of how your money is allocated.

Information technology is split into three sections:

Indicates the money that has been allocated for bills and other payments
Shows the money you have available to spend
Shows the cash y'all take in your Reserve business relationship.

This tin can give you a clearer view of how much money you lot take available to spend than you'd get from only looking at your account balance.

Calendar

Yous tin can also view a agenda to see when you take pecker payments scheduled.

What's very helpful:

If your account will be in danger of being overdrawn due to a low balance, the days where that is a danger will be marked in red.

This Danger Day feature helps you plan ahead for times when your account's balance will be low. Y'all'll have enough of fourth dimension to adjust your spending or movement cash from your Reserve or Growth accounts.

Of form, for your Virtual Wallet account to know when your bills are due, you'll have to requite the business relationship that information.

And, the kicker:

The account comes with a built-in spending and budgets tool that helps you plan and track your spending to make certain you're staying on track.

ATM Admission

PNC operates a large ATM network but focuses largely on the eastern Usa.

Maryland, Washington D.C., New Bailiwick of jersey, Pennsylvania, Florida, Michigan, Indiana, and Ohio accept the largest concentration of ATMs.

In that location'due south no fee to employ an ATM on PNC'due south network, but you will accept to pay a fee if you lot use another depository financial institution's ATM.

PNC charges $3 per transaction if you utilise another bank's ATM anywhere in the U.S. or Canada. If yous use an ATM overseas, the charge is $5.

Annotation: This charge is in add-on to any fees charged by the ATM's owner.

If yous live in an area that is well-served by PNC'southward ATM network, you lot won't face much trouble.

If you ever travel exterior of the areas served by PNC, y'all may accept to deal with hefty fees to access your cash.

Elevated Involvement Rates if You Meet Requirements

The Virtual Wallet's Spend and Reserve accounts don't offer whatsoever interest, but the Growth business relationship lives truthful to its name.

You tin can earn interest on the money in your Growth business relationship, and additional interest on the first $ii,500 you lot eolith.

Once more:

To earn the elevated rate, you must use your debit or PNC credit card five times or receive $500 in direct deposits in one month.

The bad news is that the charge per unit you'll earn, even if you meet those requirements, is much lower than the rate you'll get from other savings accounts, especially online savings account.

Monthly Fee

There is a $vii monthly fee to go on the PNC Virtual Wallet account open. You can waive the fee by coming together whatever of the following requirements:

$500 combined boilerplate balance in your Spend and Reserve accounts
$500 in directly 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 well-nigh common fee you'll confront from a checking business relationship is the monthly maintenance fee.

Many checking accounts charge this fee, but allow you avert it past 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 Business relationship Fees

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

How Does Information technology Compare?

Checking accounts are the most common type of bank account in the United States.

Savings accounts are the second most common.

Having both in ane Virtual Wallet business relationship makes it somewhat difficult to compare the Virtual Wallet to other accounts.

Still, you should consider all of your options.

The convenience of having both in one account may not be worth passing up on features offered by other banks.

When you lot're looking for a new banking concern, don't just consider large national or regional bondage.

Wait into smaller local banks and credit unions.

Online banks tend to excel at offering low fees and high involvement rates.

The fact is...

These types of institutions tend to be able to offer meliorate deals that encounter the needs of customers.

Overall, yous should consider the post-obit factors when comparing bank accounts.

Minimum deposit requirements
Fee waiver requirements
Involvement rates
ATM access

The Last Verdict

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

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

However, the account does take flaws, such equally hefty ATM fees and poor interest rates on the Growth account.

If you want to banking concern with PNC, the Virtual Wallet is a expert choice of account.

If you don't mind having carve up checking and savings accounts, an online depository financial institution may be a amend choice.

Y'all'll accept a better take chances of avoiding ATM fees and earn more interest on your savings.