PNC Virtual Wallet Review

PNC Virtual Wallet

This article explains all you need to know about PNC Virtual Wallet.

Managing many bank accounts might be difficult. 

Open a checking account for your income and expenses, and a savings account for your future savings. 

It would be much simpler to keep all your money in one place. 

The PNC Virtual Wallet allows you to achieve this by merging a savings and checking account. 

Opening a Virtual Wallet account actually opens three accounts. 

Here’s how they work: 


This account works like a bank account. 

Paychecks and other revenue can be deposited. 

The money can then be spent via a debit card, checks, or bill pay services. 


This account is for short-term savings. 

You may wish to save for a car down payment, vacation, or other large purchase. 

Your Reserve account allows you to keep your goal money separate from your spending money. That can help you track your development. 

It also protects you against overdrafts. If you overdraw your Spend account, money will be transferred from your Reserve account. 

That saves you overdraft costs. 


This account works like a savings account, storing money for long periods. 

Your Growth account balance will earn interest, with a bonus for the first $2,500 deposited. 

To get that higher rate, you must meet one of the following: 

Pay using your Virtual Wallet debit or PNC credit card five times and get $500 in direct deposits 

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Money Management Tools 

The Virtual Wallet aspires to be your one-stop shop for all financial needs, including money management. 

Logging into your Virtual Wallet account reveals these cool features: 


This bar shows you how your money is spent. 

It has three parts: 

1.It shows the money allotted for bills and other obligations. 

2. Displays your available funds 

3. Displays your Reserve account balance. 

This can give you a better idea of your spending power than merely looking at your account balance.


You can also see a calendar of upcoming bills. 

Very helpful: If your account is at risk of being overdrawn due to a low balance, those days will be highlighted in red. 

This Danger Day tool helps you prepare for low account balances. So you can change your expenditure or withdraw funds from your Reserve or Growth accounts. 

Of course, you must tell your Virtual Wallet account of your bill-due dates. 

The account also includes a built-in spending and budgeting function that lets you plan and track your spending. 

ATM Use 

PNC has a significant ATM network but focuses on the east coast. 

The most ATMs are in Maryland, Washington DC, New Jersey, Pennsylvania, Florida, Michigan, Indiana, and Ohio. 

Using a PNC network ATM is free, however using another bank’s ATM is not. 

Using another bank’s ATM in the US or Canada costs PNC $3 each transaction. Using an ATM abroad costs $5. 

This cost is in addition to any ATM owner fees. 

If you live in an area well-served by PNC’s ATM network, you should be fine. 

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Outside of PNC’s service zones, you may be charged significant fees to access your funds. 

High Interest Rates if You Meet Criteria 

The Spend and Reserve accounts in the Virtual Wallet do not pay interest, but the Growth account does. 

You can earn interest on your Growth account balance, plus a bonus on your first $2,500 deposit. 

Use your PNC debit or credit card five times or get $500 in direct deposits in a month to earn the higher rate. 

The bad news is that even if you match the conditions, the rate you’ll receive is substantially lower than other savings accounts, especially internet savings accounts. 


The PNC Virtual Wallet account requires a $7 monthly charge. You can avoid the cost if you match the following criteria: 

* $500 in direct installments to your Spend account * Account holder is 62 or older * Account holder produces documentation of attendance in an educational institution 


The monthly maintenance cost is the most typical checking account fee. 

There are many checking accounts that levy this fee but allow you to avoid it. 

Even if you can avoid the monthly price, you should be aware of the following fees: 

Checking accounts are the most popular in the US. 

Savings accounts are second. 

Having both in one Virtual Wallet account makes comparing it to other accounts difficult. 

Still, weigh all your choices. 

The ease of having both in one account may not outweigh other banks’ offerings. 

When choosing a new bank, don’t limit yourself to national or regional companies. 

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Research local banks and credit unions. 

Online banks usually have low costs and high interest rates. 

In reality, these businesses are better able to address the needs of their clients. 

When comparing bank accounts, keep in mind the following points. 

* Minimum deposit * Fee waiver * Interest rates * ATM access 

PNC Virtual Wallet: Conclusion 

The PNC Virtual Wallet is a hybrid checking/savings account. 

This account meets all of your daily financial demands. It can help you save money and track your spending. 

However, the account has faults, such as high ATM fees and low Growth account interest rates. 

The PNC Virtual Wallet is a good account to bank with. 

In that case, an online bank may be a better option. 

You’ll save ATM fees and earn more interest on your money.

Thanks for taking the time to read this blog post on PNC Virtual Wallet.

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