Dedicated to Deposits: Deals, Data, and Discussion

PNC Virtual Wallet with Performance Spend, $100 Bonus But Beware of Fees


PNC Bank continues to offer a $100 bonus for opening its Virtual Wallet with Performance Spend and for performing certain activities. PNC has made it a little easier to qualify for the $100 bonus compared to last year. However, customers will have to be careful to avoid fees. The Performance Spend is an "upgraded" version of Virtual Wallet, and it has potential monthly fees.

Here's the link to PNC's promotion page. The offer is scheduled to end on 6/30/2012. You can open the account online or choose to have them email you a coupon to take to a branch. Here's a summary of the requirements to qualify for the bonus:

  • Open a new Virtual Wallet with Performance Spend or Performance Checking account
  • Establish a qualifying Direct Deposit totaling at least $750
  • Make at least 10 debit card purchases within 60 days of account opening

The small print at the bottom of the page states the following:

Offer only available to residents of AL, DC, DE, FL, IL, IN, KY, MD, MI, MO, NC, NJ, OH, PA, SC, 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 by an employer or an outside agency into a Performance or Performance Select Checking Account, or the Spend Account of a Virtual Wallet® with Performance Spend. The total amount of all qualifying Direct Deposits credited to your checking account must be at least $750. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits.

Also in the small print it describes that existing customers won't qualify:

Offer only available to new PNC Bank checking account customers who open the eligible account using the online application or provide this coupon in the branch. 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.

Monthly Fees & Virtual Wallet with Performance Spend

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 a monthly fee. There's a $10 service charge each month unless you have either:

  • Minimum balance of $1,500 in your Spend and Reserve accounts, OR
  • $2,000 monthly direct deposit, OR
  • Minimum balance of $10,000 in all accounts

You can see the full details of the fees in this Virtual Wallet feature table. Please see my PNC Virtual Wallet review for more details.

The Performance Checking can also qualify for the bonus, but this also has a $10 monthly fee with fee waivers that are similar to above.

It doesn't qualify for the bonus, but PNC still offers a free checking account with no monthly fees and no minimum balance requirement. Free checking has become rare at the large banks.

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 of 4 stars (out of 5) and a Texas Ratio of 17.51% (average) based on December 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 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.

  Tags: PNC Bank, checking account, Delaware, Florida, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, Virginia, Wisconsin

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Comment #1 by Anonymous posted on
Not worth messing around with PNC.

Ken, why don't you call the bank rating Florida Ratio instead of Texas. You no longer live there.

Comment #3 by Anonymous posted on
For what it's worth, GA is also included in the list of states in the small print at the bottom of the page.