With PNC Bank, you can choose traditional-style banking, or you can go modern and virtual. The Pittsburgh-based bank has a typical array of checking and savings products suitable for customers who want a solid, top-10 bank complete with well-regarded customer support and branches in the eastern part of the country.
On the other hand, if you’re a digital native or you’re tech-centric, PNC’s flagship Virtual Wallet may be what you’re after. It’s a combination checking and savings account that comes with money management tools.
PNC is the country’s sixth-largest bank, according to the Federal Reserve. It has a solid reputation for customer satisfaction, based on J.D. Power rankings, and the fee and interest rate structures are typical of larger national and regional banks. It has branches in 19 states plus Washington, D.C.
PNC Bank may be right for you if:
- You live near one of PNC’s 2,600 branches and you prioritize the conveniences of a fairly substantial branch network and solid customer service. You’re not concerned about earning the most competitive interest rates on your money.
- You’re comfortable using direct deposit each month or maintaining a checking account balance of at least $500, meaning you’ll be spared monthly service fees — or you’re 62 or older and are exempt from the fees.
- You’re the tech-forward type who is proactive with personal finance. You’re working toward specific financial goals and think that a suite of Web and mobile money-management tools — such as the ones Virtual Wallet offers — would help you reach them. It works for you to organize your money into the three Virtual Wallet buckets: Spend, Reserve and Growth.
- You rarely or never overdraw your account. PNC Bank’s overdraft fees are steep.
» MORE: Check out all of NerdWallet’s bank and credit union reviews
PNC Bank at a glance
| Pros | Cons |
|---|---|
|
Ranks well for overall customer satisfaction, according to a 2015 J.D. Power study. |
Interest rates on savings are low, though you get a boost for linking a checking account or maintaining at least a $10,000 balance. |
|
8,800 fee-free ATMs; 2,600 branches in 19 states and Washington, D.C. |
Penalties for overdrafts of more than $5 (without overdraft protection) — $36 per overdraft, up to a maximum of four per day. If you’re overdrawn for five days or longer, additional fees apply. |
|
Virtual Wallet comes with a built-in suite of online and mobile tools that are designed to help you organize and control your money. |
Confusing number of different PNC apps: There’s a mobile banking app for traditional accounts, the Virtual Wallet app, two financial advice apps, plus one more app for locating branches. App store users rate the Android versions of PNC Mobile and Virtual Wallet more highly than the iPhone versions. |
PNC Bank: Virtual Wallet or standard checking and savings
Like many large banks, PNC offers a basic checking account and two higher tiers that pay a little bit of interest. You have three levels of savings accounts to choose from; your interest rate depends on your balance and whether you have a linked checking account. You can access all of those with PNC online banking and its mobile app.
Besides these traditional offerings, there’s Virtual Wallet, which packages two checking accounts, called Spend and Reserve; a savings account, called Growth; and a suite of money management tools. Note that app store users rate the Android version of Virtual Wallet more highly (3.6 stars out of 5) than the iPhone version (2 stars out of five) — about average for banking apps in both Android and iOS app stores.
Here’s a look at the standard checking and savings accounts compared with the basic Virtual Wallet.
| Virtual Wallet | Standard Checking | Standard Savings |
|---|---|---|
|
Spend checking account pays no interest. |
No interest. |
Standard rate of 0.01% APY. Higher rates are available with a linked checking account: 0.05% APY for balances up to $2,499.99 and 0.10% APY for $2,500 and above. |
|
Monthly fee of $7. This can be waived with either $500 direct deposits, $500 average combined daily balances, or by using only self-serve banking methods like ATMs and online or mobile. Also free for qualifying students. |
Monthly fee of $7; waived with a $500 direct deposit or average daily balance in combined accounts. No fee for those age 62 and up. |
Monthly fee of $5; waived with $300 average balance or automatic transfer of $25 each month to savings. |
|
$3 out-of-network ATM fee. In some ZIP codes, PNC may reimburse up to two ATM fees monthly; in others, it doesn't offer reimbursement. |
$3 out-of-network ATM fee. In some ZIP codes, PNC may reimburse up to two ATM fees monthly; in others, it doesn't offer reimbursement. |
To qualify for a higher interest rate, you must have a linked checking account and make five debit or credit transactions per month or meet direct deposit minimums for each account type. |
Where PNC Bank shines, and where it misses
PNC Bank has solid offerings for customers who prefer a traditional large-bank experience and who live in an area with a good branch presence. As is typical of many larger brick-and-mortar banks, PNC’s interest rates are modest, although you can qualify for rate boosts in various ways, such as having linked accounts, using direct deposit or making a certain number of card transactions each month. For those who can maintain balances of $2,000 or more, PNC offers two tiers of interest-bearing checking accounts.
» MORE: NerdWallet’s best checking accounts and debit cards
PNC also works hard to appeal to a new generation of nontraditional banking customers. If you rarely visit bank branches and consider mobile apps essential, PNC’s Virtual Wallet gives you a bundled set of accounts and tools to help you organize your money.
The tools include:- A calendar that shows money coming in and bill payments going out.
- A colored Money Bar that illustrates how much you have available to spend.
- A budgeting tool that analyzes your spending by categories like gas or restaurants.
The three buckets — Spend, Reserve and Growth — might be seem intuitive to some people or frustrating for others. It’s best suited for those who are hands-on with their finances and comfortable with technology.
PNC’s broad array of products is somewhat complicated. The best approach is to decide whether you’re more of a traditionalist or a tech geek, then focus on the features that are most helpful for you.
Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com. Twitter: @jlee_jeanne.
from NerdWallet
https://www.nerdwallet.com/blog/banking/pnc-bank-review/
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