PNC Bank's Virtual Wallet with Performance Select checking account is more than just a checking account. It includes one checking (Spend), one interest-bearing (Reserve), and one savings (Growth) checking account, in addition to a variety of digital tools for better money management. With cashback rewards, no out-of-network ATM fees, and the possibility to have the monthly fee waived, this checking account is a unique offer for anyone looking for an all-in-one package with flexible, innovative financial solutions and services.
Checking account details
- Monthly fee can be waived if you keep a $5,000 or more average monthly balance in your Spend + Reserve and up to 6 additional PNC Bank consumer checking accounts you have chosen to link OR if you keep $5,000 or more in total qualifying monthly direct deposits to the Spend OR if you keep a $25,000 combined average monthly balance in PNC consumer deposits and investments.
- Spend Account balance APY rates: 0.01%.
- Reserve Account balance APY rates: 0.01%.
- Growth Account balance APY rates: 0.10% to 0.35% (terms and conditions apply).
- Free access to around 9,000 PNC Bank's ATMs.
- Up to $20 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.
- Up to 6 additional checking or savings accounts for no monthly fees.
- Higher relationships rates on savings accounts (need to have a linked Performance Select Checking or Virtual Wallet with Performance Select), T&C apply.
- No charge for PNC Exclusive or $12 discount on select check designs.
- Free cashier's checks.
- Free Stop Payments.
- Safe deposit discount of $100 annually.
- Free domestic wire transfers.
- 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
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Monthly Fee$25 (can be waived)
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APY0.01% / 0.35%
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Minimum Deposit to Open$25
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Out-of-Network ATM Transaction Fee$0
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Out-of-Network ATM Withdrawal Fee$0
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Overdraft Fee$36
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Non-Sufficient Funds Fee$36
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Foreign Transaction Fee3%
PNC Bank Virtual Wallet® with Performance Select Checking Account FAQ
A qualifying direct deposit of at least $5,000 per month is required by PNC Bank so that they could waive the $25 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.
But, this isn't the only way to have the monthly fee waived: you can also deposit $5,000 to your Spend and Reserve accounts, as well. Or, if you have several PNC deposit/investment accounts, such as consumer checking, savings, money market, certificates of deposit, and retirement certificates of deposit/PNC Investments, you can have the monthly fee waived on the Performance Select if you keep at least $25,000 across all of your PNC accounts.
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.
If you decide to close your Virtual Wallet Performance Select Spend account within 180 days of account opening, you will be charged a $25 early-closure fee. You will lose your Virtual Wallet. Your Reserve and Growth accounts will become stand-alone Interest Checking and Premiere Money Market accounts, respectively, and will be subject to other fees, terms, and conditions.
Is there a minimum amount I need to deposit in Reserve and Growth accounts?
There are two ways to get higher interest rates on your Virtual Wallet Performance Select Growth account. You can either
- make at least 5 qualifying debit or credit card transactions (cash advances and ATM transactions don't qualify), OR
- have at least $5,000 in qualifying direct deposits in your Spend account.
Note that any qualifying transaction or deposit has to be made during the previous month.
Also, remember to link any account of yours to your Virtual Wallet Performance Select if you want to receive relationship rates, and benefits that apply to all your PNC accounts - PNC Bank won't do it automatically!
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 rewards on your purchases, based on your shopping habits, and preferences. Via either Online Banking or PNC Mobile app, you'll be able to access, choose, and activate offers that best suit your needs, and earn either cash or points when you pay for eligible purchases using your PNC Visa debit card. Redeemable rewards will be then credited to your account, and visible in the PNC Rewards Center.
PNC Pay® is a fast and convenient way to pay for your purchases available in the newest Android version of the PNC Mobile app. PNC Pay® stores your card number digitally, so you can use your Android device for any in-store payments at merchants equipped with NFC contactless payment terminals. You'll even be able to pay with rewards earned through PNC Purchase Payback®!
To send money with Zelle®, you need to have a PNC Virtual Wallet or a PNC Personal Checking account, a PNC Online Banking User ID (received when you enroll in Online Banking), and a PNC Mobile app/ PNC Virtual Wallet App installed on your device.
To send money to someone, you will only need a person's email address or mobile phone number. The receiver doesn't have to have an account with PNC Bank, but with any U.S. bank that partners with Zelle®.
Yes, PNC Bank is a member of the FDIC, so your accounts are insured to up to $250,000.
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% |
