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
- Monthly fee can be waived if you keep a $500 combined average monthly balance in your Spend and/or Reserve accounts OR $500 in qualifying monthly direct deposits to your Spend account during the statement period OR are 62+ old.
- Spend Account balance APY rates: 0.00%.
- Reserve Account balance APY rates: 0.01%.
- Growth Account balance APY rates: 0.01%.
- Growth Account balance APY relationship rates: 0.03% for balances up to $2,499.99; 0.05% for higher (terms and conditions apply).
- Free access to around 9,000 PNC Bank's ATMs.
- 2 non-PNC ATM fee reimbursements.
- Up to $5 reimbursed at the end of the statement period for other financial institutions' ATM surcharge fees.
- Built-in overdraft protection, without setup or transfer fees.
- Unlimited check writing.
- Free Online and Mobile Banking, including online statements, and Online Bill Pay.
- PNC Bank Visa® Debit Card.
- PNC Purchase Payback® Cashback Program.
- Higher relationships rates on savings accounts (on a Growth account within Virtual Wallet), T&C apply.
- Free Balance tools, including Money Bar® and Danger DaysSM, to see how much money you have available for spending or whether you're at risk of going overdraft.
- Money transfers with Zelle®.
- Free mobile transfers via the Virtual Wallet app.
Checking account fees
-
Monthly Fee$7 (can be waived)
-
APY0.01% / 0.05%
-
Minimum Deposit to Open$25
-
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$36
-
Non-Sufficient Funds Fee$36
-
Foreign Transaction Fee3%
PNC Bank Virtual Wallet® Checking Account FAQ
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.
You can open a PNC Bank Virtual Wallet® Checking Account without meeting the minimum deposit requirement if you open the account online.
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.
No, these require no minimum opening deposits.
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.
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.
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.
No, the program is available to PNC customers free of charge.
All personal and business PNC Bank Visa® debit cards and PNC Cash Rewards® Visa® cards are eligible to earn rewards through PNC Purchase Payback®.
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.
7 Best Checking Accounts for 2023
Featured Checking Accounts
| 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% |
| Bank | Monthly Service Charge | Minimum Deposit to Open | APY |
|---|---|---|---|
| Comerica Bank Rich Rewards® Checking Account | $18 (can be waived / reduced) | $50 | 0.01% |
| Comerica Bank Premier Checking Account | $22 | $50 | 0.01% |
| Comerica Bank Comerica Platinum Circle Checking® | $0 | $50 | 0.10% / 0.25% |
