PNC Bank is offering a $100 bonus for opening its Virtual Wallet online with qualifying direct deposit. Here's the link to the promotion page. Some of the important small print includes:
- Direct deposit must occur within 60 days of account opening
- Minimum amount of any single Direct Deposit must be at least $400
- Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as Direct Deposits
- A qualifying Direct Deposit is defined as a Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into the Spend account for the Virtual Wallet
- Offer available to new PNC Bank checking account customers only
- Must open the account using the on-line application
Refer to my review of PNC's Virtual Wallet for all of the account details. Virtual Wallet consists of 3 accounts: the Spend Account (checking), the Reserve Account (for short-term savings and overdraft protection) and the Growth Account (the high yield savings account). The Growth account pays 1.75% APY for balances up to $25K (0.50% for above). Update 12/14/09: The Growth account rate has fallen to 1.35% APY.
Update 1/30/2010: Offer is now only available to residents of DC, DE, IN, KY, MD, NJ, OH, PA, VA.
I confirmed with the CSR this morning that this promotion is available nationwide. The only exception I was told are those in Pittsburgh, PA (apparently PNC doesn't need to compete there). According to the CSR, there is no hard credit inquiry. They just use ChexSystem in the application process.
PNC Branches are located in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Maryland, and Pennsylvania.
Credit for this find goes to FW member Boiler who posted info on the bonus in this FW thread.
Other Bank and Credit Union Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.