PNC Bank Virtual Wallet: Benefits, Fees, Security

If you need a comprehensive solution for budgeting and saving, PNC Virtual Wallet is an excellent choice. This payment tool is quite popular in the US, and while it has its shortcomings, the overall deal is far from bad. For example, PNC wallets support numerous third-party services and have modern savings programs and even bonuses, although this last bit is somewhat conditional. In this article, we’ll discuss the pros and cons of getting a PNC Virtual Wallet.

Here’s an evaluation of this financial instrument, formed from various review aggregators, including ratings on mobile platform stores.

What Is A Virtual Wallet from PNC?

PNC Virtual Wallet is an innovative online banking platform designed by PNC Bank to help customers take control of their finances. With features like expense calendars, goal-setting, and budget tracking, it simplifies money management while offering seamless access to checking and savings accounts.

PNC Bank Virtual Wallet Features

While the app, card, and associated services are accessible across the US, their functionality, ease of use, and service features can vary significantly depending on your location.

There are three accounts you can add to the program.

• Spend. You can freely use the funds stored here;
• Reserve. This is your “just in case” insurance, where you can keep a certain amount of funds for unforeseen expenses;
• Growth. A debit account designed for long-term saving.

All in all, the deal looks quite appealing and straightforward.

However, you will only get full access to the wallet if you reside in one of the following states:

The specific features and bonuses will primarily depend on your ZIP code, and conditions may vary even within a single state. On the bright side, Visa payment cards provided by the bank work throughout the United States and even internationally. However, you may still encounter fees.

Privacy and Security

But how secure is this digital wallet, we hear you ask? Overall, it’s a typical online banking app that doesn’t have any advanced security systems. Of course, it has all the basic safety features like two-factor authentication, Visa’s 3-D Secure, KYC, connection encryption, and API services for financial transfers. However, that’s where the list ends.

In addition, the app and services adhere to PNC’s traditional privacy policy, and its digital budgeting tools store data locally (so if you replace your smartphone, you’ll need to manually import your statistics). The app doesn’t store savings account data and user information.

As for data transmission, the bank will share your data with a number of partners to improve service quality. However, you can opt out of this.

PNC Virtual Wallet Fees

One of the more controversial features of this virtual wallet is its fee structure. The service charges a monthly fee for account maintenance and servicing. Moreover, there’s also a fee for withdrawing funds outside the ATM network, which can sometimes reach significant amounts. Let’s review the wallet’s fee structure step by step.

Monthly maintenance ranges from $7 to $25, depending on your account type and functionality. These expenses can be avoided if:

• The account owner is over 62 years old;
• They reload the card monthly with at least $500;
• The average combined monthly balance in Spend and/or Reserve accounts is at least $500;
• The account owner is a PNC employee.

Fees:

• No fee for withdrawing funds from PNC ATMs;
• $3 fee for withdrawing funds from a non-PNC ATM in the USA, Canada, Puerto Rico, and the Virgin Islands; in other countries: $5.00 per transaction;
• $3 fee for paper statements;
• Fees for cash withdrawals using PNC virtual wallet debit card at financial institutions that accept Visa ($5.00 per transaction);
• $36 fee for overdrafts;
• Fees for international purchases and cash withdrawals (3% of the transaction amount).

There are around 60,000 PNC ATMs and terminals in the US, so it’s not like you’ll have to pay fees all the time. Still, they are mainly concentrated on the East Coast, so it may be challenging to reduce your expenses if you reside somewhere else.

Pros and Cons of PNC Virtual Wallet

If you’re still unsure whether to use this online banking service, let’s examine its pros and cons in more detail. PNC Virtual Wallet is a convenient combination of online accounts for spending and saving, with no minimum deposit required. New customers can receive a cash bonus of up to $400 for eligible direct deposits.

Pros:

• Free access to nearly 60,000 ATMs;
• Overdraft protection: you can set a personal PNC Virtual Wallet spending limit;
• Reimbursement of fees ranging from $5–$10 for out-of-network ATM usage.

Cons:

• The service is not available in all states;
• To qualify for the bonus, eligible deposits ranging from $500 to $5,000 are required;
• You'll be required to make a direct deposit within 60 days of opening an account.

PNC Virtual Wallet vs. Standard Checking

PNC Virtual Wallet combines checking and savings accounts. The Virtual Wallet consists of three accounts:

• Spend: The primary checking account.
• Reserve: An additional account for short-term financial planning.
• Growth: A savings account for achieving long-term financial goals.

Combining these with PNC Bank Virtual Wallet tools makes managing finances convenient, providing you with a clear understanding of your expenses and goals.

Final Thought

If you have modest savings and are looking for an all-in-one financial management solution, the Virtual Wallet from PNC is a good choice. The “three-in-one” account format is convenient, and its digital tools will help you control spending and savings.

However, the available account options depend on your region and only a few offer favorable interest rates. Suppose you have significant savings and do not require the additional features that the wallet offers. In that case, it may be better to consider a traditional checking account paired with a high-yield savings account.