Dedicated to Deposits: Deals, Data, and Discussion

Update on PNC’s $150 Checking Account Bonus


PNC Bank continues to offer a $150 checking account bonus. Since my last report on a PNC checking promotion, new fees have been announced. So it will require more caution for those who decide to give this promotion a try. Another change is that the promotion is available in fewer states (see below for the list of states).

Here's the link to PNC's promotion page. The offer is scheduled to end on 9/30/2013. 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:

  • New Performance, Performance Select Checking account, Virtual Wallet with Performance Spend or Virtual Wallet with Performance Select must be opened online via the "Apply Now" links on this web page or at a branch using the appropriate coupon by 09/30/13.
  • Establish a qualifying Direct Deposit totaling at least $2,000 within 60 days of account opening
  • 1 payment must 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, IN, KY, MD, MI, MO, NJ, OH, PA and VA.

This list of states is smaller than in past promotions.

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 or Virtual Wallet® with Performance Select. The total amount of all qualifying Direct Deposits credited to your checking account must be at least $2,000. 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:

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, or has been paid a promotional premium in the past 12 months.

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 $200.

Record of Past Bonus Payouts?

Have you had success with past PNC promotions? Or did the bank refuse to pay? Or did they pay only after you called and complained? Please take my poll on PNC Bank promotions history.

Monthly Fees & Virtual Wallet

It's important to note that the bonus requires opening a checking account that has potential monthly service fees. The Virtual Wallet checking account used to be a free checking account. There are now three versions of the Virtual Wallet checking account. The Performance Spend and Performance Select versions that are required for this bonus have monthly service fees. To avoid the fees you need to maintain a minimum balance or maintain direct deposit with a minimum amount. For the full details, please refer to PNC’s Virtual Wallet accounts comparison. In this comparison page it notes that “changes are coming in Dec 2013”. This will add a monthly fee to the plain Virtual Wallet. I have more details in my article on PNC’s decision to end its free checking accounts.

I have more details on the Virtual Wallet account in my PNC Virtual Wallet review.

PNC Bank Overview

PNC is one of the 10 largest banks in the U.S. It had grown to over 52,000 employees and over 2,700 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 15.39% (average) based on March 2013 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 Bonuses

You can view my latest bank bonus blog posts in this bank bonus page. I and readers often post on bonuses in the bank deals forum.

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

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Comment #1 by pp65 posted on
I opened such an account in June and asked about the bonus, and they said my account does not have a promotion code attached. What a *****! I BBB-ed them, and after one month, BBB closed the complaint because PNC failed to response.

I will never bank with PNC again

Comment #2 by Anonymous posted on
To pp65 - #1,

BBB is to weak for a bank like PNC, you should call the FEDS.

Comment #3 by Anonymous posted on
Ouch, never fun to get PNC'ed!

Comment #4 by Anonymous posted on
Its online application section allows you to fund it via a credit card.
Whether it will be treated as purchase or cash advance?
I need to make $5000 purchase with my new Chase Ink Plus card to get the 50000 welcome points.