Update 2/17/2012: PNC has extended the promotion to 3/31/2012. Here's the new promotion page link. Also note, the full $100 bonus no longer requires the use of online bill pay.
PNC Bank has another $100 bonus for opening a new qualifying checking account and for performing certain activities. This is being advertised on their home page. Here's the direct link to their promo page. The offer is scheduled to end on 10/22/2011. Here's a summary of the requirements for the first $75:
- Open a new Virtual Wallet Performance or other select PNC Personal Checking account
- Established a qualifying direct deposit within 60 days of account opening
- Make 10 purchases with your Check Card that post within 60 days of account opening.
To receive an additional $25 requires the conditions for the $75 be met and a minimum of 5 payments be completed via PNC Online Bill Pay within 60 days of account opening.
The small print at the bottom of the page states the following:
Offer only available to residents of DC, DE, FL, IL, IN, KY, MD, MI, MO, NJ, OH, PA, VA and WI.
The small print also includes what they consider as a qualifying direct deposit:
A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Performance or Performance Select Checking Account, or the Spend Account of a Virtual Wallet Performance. The total amount of all qualifying direct deposits credited to your checking account must be at least $750. The Direct Deposit 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.
Also in the small print it describes that existing customers won't qualify:
New account will not be eligible for offer if any signer has signing authority on an existing PNC Bank consumer checking account or has closed an account within the past 90 days.
For those who live near a PNC branch, you may want to check to see if your local branch is offering a better offer. In the past there have been reports of local PNC bonuses of $150 and $200.
PNC Bank's Virtual Wallet Performance
It's important to note that the bonus requires opening the Virtual Wallet with Performance Spend. The plain Virtual Wallet doesn't qualify. As you might expect, the Performance Spend version has monthly service charges unless you meet minimum balance requirements or direct deposit requirements. The other eligible checking accounts also have monthly service charges. Please refer to my new PNC Virtual Wallet review for more details about the new Virtual Wallet accounts
PNC Bank Overview
PNC is one of the 10 largest banks in the U.S. It had grown to over 49,000 employees and over 2,600 locations. Most of PNC branches are in the Northeast. It also has hundreds of branches in Illinois, Indiana, Ohio, Kentucky and Florida.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) and a Texas Ratio of 18.17% (average) based on June 2011 data. Please refer to our financial overview of PNC Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6384).
Other Bank and Credit Union Bonuses
We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.