PNC Bank has started to offer a $200 checking account bonus. This is an upgrade to the bank’s usual $150 bonus. You still have to be careful to avoid monthly service charges. Here’s the link to PNC’s promotion page. The offer is scheduled to end on 2/28/2014. 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 Virtual Wallet with Performance Spend online or at a branch using the appropriate coupon by 2/28/2014.
- 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 AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA and WI.
This list of states is larger than last year’s promotion
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 $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.
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.
67% of those who took the poll have reported that they received the PNC checking account bonus with no call required. Only 11% of those who took the poll have reported that PNC did not pay the bonus and it was the bank’s fault.
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 version that’s required for this bonus has monthly service fees. To avoid a $15 monthly service charge, you need to meet at least one of the following:
- $2,000 average monthly balance in Spend + Reserve
- OR, $2,000 monthly qualifying direct deposit
- OR, $15,000 in any linked eligible accounts
PNC Bank Overview
PNC is one of the 10 largest banks in the U.S. It had grown to over 51,000 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 grade at DepositAccounts.com of a B+ and a Texas Ratio of 13.17% (above average) based on September 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).