PNC Bank Virtual Wallet® Checking Account

Checking. Savings. Interest-Bearing.

Convenient. Flexible. Digital.

securely on the bank's website

The Virtual Wallet® Checking Account by PNC Bank combines checking (Spend), interest-bearing (Reserve), and savings (Growth) checking accounts into one checking account offer with basic features, such as online banking, free PNC Bank ATM access, and a debit card, which you can use to earn cashback rewards on your purchases.

This offer comes with less benefits than the Performance Spend and the Performance Select, so you'll only have 2 out-of-network ATM reimbursements, and up to $5 reimbursed for ATM use at other financial institutions' ATMs. Note that you'll get no free checks, safe deposit discounts or other free perks.

Nonetheless, this is a decent offer for those looking for a simple solution to better manage their money, as there are many digital tools available for users to track their spending, savings, and more. However, if you can meet the monthly-fee-waived requirements for either Performance Spend or Select, you should consider any of those two checking account offers, and enjoy more benefits they have to offer.

Checking account details

Checking account fees

  • Monthly Fee
    $7 (can be waived)
  • APY
    0.01% / 0.05%
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
    $3.00 (in the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands); $5 in other countries
  • Out-of-Network ATM Withdrawal Fee
    $3.00 (in the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands); $5 in other countries
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

PNC Bank Virtual Wallet® Checking Account FAQ

1. What is a qualifying direct deposit necessary to waive the monthly fee?

A qualifying direct deposit of at least $500 per month is required by PNC Bank so that they could waive the $7 monthly fee. What counts as a qualifying direct deposit is a recurring electronic deposit made by your employer or another business/organization.

Account-to-account transfers, branch deposits, ATM deposits, online, mobile or snail-mail transfers aren't considered to be direct deposits. This means you cannot transfer money yourself by any of these means to meet the fee waiver requirement.

Of course, this isn't the only way to have the monthly fee waived: you can also keep $500 in your Spend and Reserve accounts, as well. Also, there's no monthly fee for those 62 and older.

2. Can I open a PNC Bank Virtual Wallet® Checking Account with no money?

You can open a PNC Bank Virtual Wallet® Checking Account without meeting the minimum deposit requirement if you open the account online.

3. What are Spend, Reserve, and Growth?

Spend, Reserve, and Growth are checking, interest-bearing, and savings accounts combined into one product offered by PNC Bank. Each of these has its own features and benefits:

1. Spend: you can use Spend for daily budgeting, money management, bill pays, and more. It comes with a debit card, unlimited check writing, and free access to 9,000+ ATMs.

2. Reserve: you can use it to set money aside for anything you want - school tuition, travel, emergency, etc. Once you've saved enough for whatever you might have planned, you can transfer the money to your Spend. The Reserve savings account is also your primary overdraft protection. In case you go overdrawn with your Spend account, PNC Bank will use the funds available in your Reserve account to cover the amount.

3. Growth: you can use Growth to save money, and watch it grow over time, as this account lets you earn interest on your balance. It also offers you tools and resources that help you save more. The Growth account is also your secondary overdraft protection, in case there's not enough money in your Reserve account when and if you overdraw the Spend.

4. Is there a minimum amount I need to deposit in Reserve and Growth accounts?

No, these require no minimum opening deposits.

5. How do I earn higher yield rates/relationship rates on my Growth account?

You can earn higher rates if you make 5 or more purchases in a month using your Virtual Wallet Debit Card or PNC credit card OR set up a direct deposit of $500+. Higher rates will apply for the following month, but only if you've linked your accounts/cards, so make sure you do that first.

6. What is PNC ExpressFunds?

PNC ExpressFunds is a payable service offered when you want to deposit a check at an ATM. PNC ExpressFunds make your funds available faster, so, in case you need to access your money urgently, you might want to consider this option. However, even if you decline in when depositing a check, you will still be able to make your deposit.

7. What is PNC Purchase Payback®?

PNC Purchase Payback® is a customized rewards program that lets you earn cash or points on your purchases, based on your shopping habits, and preferences. 

8. Is there a fee to participate in PNC Purchase Payback®?

No, the program is available to PNC customers free of charge.

9. Which cards can I use to shop and earn rewards with PNC Purchase Payback®?

All personal and business PNC Bank Visa® debit cards and PNC Cash Rewards® Visa® cards are eligible to earn rewards through PNC Purchase Payback®.

10. How can I avoid paper statement fees?

Unless you're 62 or older, you'll be charged $2 each month for paper statement fees. You can avoid the fee if you enroll in Online Banking, and choose not to receive paper statements, but electronic ones instead.

Check Out Other Products From PNC Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
PNC Bank Virtual Wallet® with Performance Select Checking Account $25 (can be waived) $25 0.01% / 0.35%
PNC Bank Virtual Wallet® with Performance Spend Checking Account $15 (can be waived) $25 0.01% / 0.10%
PNC Bank Virtual Wallet® Checking Account $7 (can be waived) $25 0.01% / 0.05%
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