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PNC’s New Account Bonuses of up to $400 in Several States

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PNC Bank has some new promotions for its Virtual Wallet accounts. If you live in one of the qualifying states, you can earn up to $400 in bonuses. This is a big increase from its past promotions. You still have to be careful to avoid monthly service charges.

Here’s the link to PNC’s $400 promotion page. The offer is scheduled to end on 8/29/2014 5/31/2014. You can open the account online or choose to have them email you a coupon to take to a branch. There are three levels of bonuses. Here's a summary of the requirements:

To get a $100 bonus:

  • Open a Virtual Wallet online or at a branch using the appropriate coupon.
  • Establish a qualifying Direct Deposit totaling at least $500 within 60 days of account opening
  • 1 payment must be completed via PNC Online Bill Pay within 60 days of account opening

To get a $200 bonus:

  • Open a Virtual Wallet with Performance Spend online or at a branch using the appropriate coupon.
  • 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

To get a $300 bonus:

  • Open a Virtual Wallet with Performance Spend online or at a branch using the appropriate coupon.
  • Establish a qualifying Direct Deposit totaling at least $5,000 within 60 days of account opening
  • 1 payment must be completed via PNC Online Bill Pay within 60 days of account opening

You can get an additional $100 when you fund your Growth account for your Virtual Wallet with Performance Spend or Virtual Wallet with Peformance Select with at least $20,000, within 60 days of account opening and maintain that balance or higher for a consecutive 90 days.

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

Offer only available to residents of DE, IL, IN, MD, NJ, PA, VA, WI and District of Columbia.

Smaller Bonus in Other States

If you don’t live in one of the above states, you may still qualify for bonuses of up to $250. Here’s the link to PNC’s $250 promotion page. This also is scheduled to end on 8/29/2014 5/31/2014. To get the first $150 bonus, the following is required:

  • Open a Virtual Wallet with Performance Spend online or at a branch using the appropriate coupon.
  • 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

Just like above, you can get an additional $100 when you fund your Growth account for your Virtual Wallet with Performance Spend or Virtual Wallet with Peformance Select with at least $20,000, within 60 days of account opening and maintain that balance or higher for a consecutive 90 days.

This $250 promotion is available in more states than the $400 one. 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.

Promotion Details

The small print from both promotions 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. [...] 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.

65% of those who took the poll have reported that they received the PNC checking account bonus with no call required. Only 16% 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, and all have potential monthly fees. These fees can be avoided by maintaining a minimum balance or with a qualifying direct deposit. For more details, please refer to PNC’s Virtual Wallet page. 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 50,000 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 an A and a Texas Ratio of 12.33% (above average) based on December 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 DepositAccounts.com readers often post on bonuses in the bank deals forum.


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

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Comments
Comment #1 by gli (anonymous) posted on
gli
A - The states valid for this promotion is odd compared to their other bonuses (FL is excluded etc...)

B - The extra $100 for depositing $20,000 and holding it for a minimum of 90 days is debatable  ($20,000 x .03% elsewhere is $50 per month in interest) - If you have the money to tie up $20,000 that is not earning anything elsewhere - I suppose 1% APY is fine 100/20000)

C. The $300 is a great signup bonus (if you can swing $5,000 in DD over 60 days post account opening/access) Do not forget that each account of PNC's requires a minimum balance to avoid fees (or associated $ amounts of DD's each statement period) - still a good return on your money at $300.

D. PNC has always paid their bonuses to me and my family - it normally takes a phone call to ask them to get their marketing department to double-check and credit - and that same week the credit for the bonus shows up).

4
Comment #2 by larkin posted on
larkin
With Performance Select, the growth account gets 0.80% interest if you use the debit card 5 times in the preceding month. 

3
Comment #3 by Anonymous posted on
Anonymous
$20000*.03%=$6/yr

1
Comment #4 by Anonymous posted on
Anonymous
Where can I get 3% interest on a $20k deposit nowadays??? IF YOU deposit for the minimum time of 90 days (3 months) to get the extra $100 bonus, and afterwards move it back to an online savings bank, THEN you earned 2% APY because you earn $100 in only 3 months, not a full year. ($100/$20,000 x100% x365days year / 91days held at PNC = 2.00% APY.) The interest rate for the bonus of depositing $20k is only 0.50% ($100/20,000 x100%).Option C looks great if you can somehow make direct deposits of at least $5k each month since PNC defines direct deposit as a recurring.

2