UPDATE 1/3/2015: Extended through February 28, 2017.
PNC Bank is again offering a variety of bonuses in connection with its Virtual Wallet product line. New checking accounts, opened between now through February 28, 2017, can earn $50, $200, or $300, depending on which Virtual Wallet account is opened.
As stated on PNC Bank's Application Checklist page, initial funding can be made by debit or credit card, or from a non-PNC bank account.
While complete details are available on PNC Bank’s Virtual Wallet promotional page, a summary of requirements and restrictions follow:
- Open a Virtual Wallet account online or by visiting a branch with the appropriate coupon between now and February 28, 2017.
- Establish a qualifying direct deposit to the new account within 60 days of opening. (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.)
- Make at least ten purchases with a PNC Bank® Visa Debit Card within 60 days of opening.
- 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.
- Offer only available to residents of AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, WI, and WV.
- There is a $25 early termination fee if the account is closed within six months of opening.
- To earn $50, open a new "Virtual Wallet" with a total amount of all qualifying direct deposits of at least $500. Virtual Wallet has no monthly service charge with qualifying direct deposit, and bonus rewards when PNC Visa® Credit Card is linked to account.
- To earn $200, open a new "Virtual Wallet with Performance Spend" with a total amount of all qualifying direct deposits of at least $2k. Virtual Wallet with Performance Spend has no monthly service charge with qualifying direct deposit, bonus rewards when PNC Visa® Credit Card is linked to account, and higher returns on balances in Growth Account.
- To earn $300, open a new "Virtual Wallet with Performance Select" with a total amount of all qualifying direct deposits of at least $5k. Virtual Wallet with Performance Select has no monthly service charge with qualifying direct deposit, bonus rewards when PNC Visa® Credit Card is linked to account, higher returns on balances in Growth Account, and free transactions at PNC and non-PNC ATMs.
Monthly Fees Associated With Virtual Wallet
Monthly service charges (Virtual Wallet, $7; Virtual Wallet Performance Spend, $15; Virtual Wallet Performance Select, $25) will be waived on the Virtual Wallet accounts if average balance requirements or direct deposit requirements are met. Complete fee and benefit details are listed on PNC’s Virtual Wallet Overview page.
Confirmation of Past Bonus Payouts
Have you received a bonus from any previous PNC promotions? Has the Bank refused to pay? Or was the bonus paid only after you called and complained? Please participate in my poll on PNC Bank promotions. I will update the results throughout the coming week.
As of January 3, 2017,
37% reported they received the PNC checking account bonus, with no call required.
9% reported they received the bonus after a follow-up call.
9% reported that PNC did not pay the bonus and it was the bank’s fault.
45% reported that no bonus was paid because of an error on their part.
As stated above, this promotion is available online or at any of the full-service branches (with coupon).
PNC Bank has over 2,600 full-service locations in the following states: Alabama (69), Delaware (41), Florida (194), Georgia (74), Illinois (194), Indiana (131), Kentucky (99), Maryland (209), Michigan (207), Missouri (40), North Carolina (146), New Jersey (303), New York (4), Ohio (350), Pennsylvania (419), South Carolina (10), Virginia (98), Wisconsin (33), West Virginia (4), and the District of Columbia (26).
PNC Bank (FDIC Certificate # 6384) and has an overall health grade at DepositAccounts.com of "A" with a Texas ratio of 7.05% (excellent), based on September 30, 2016 data. In the past year, PNC Bank has increased its total non-brokered deposits by $14.03 billion, an excellent annual growth rate of 5.63%. Established in 1944, PNC Bank is currently the sixth largest bank in the nation, with $357.9 billion in assets and more than 18.8 million customer accounts. Please refer to our financial overview of PNC Bank for more details.
Other Bank Promotions and Bonuses
Not eligible for the PNC Bank Virtual Wallet bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Deals Forum.