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$100 Checking Account/Direct Deposit Bonus at PNC Bank - Update


PNC Bank has another checking account promotion in which you can earn $100 when you open a new PNC checking account with qualifying direct deposit. There's also a $100 bonus for opening a business checking account and signing up for online banking. The offers end on July 19, 2008.

According to the small print the payout of $100 will be credited to the account within 7 days of the first Direct Deposit, which must occur before 9/30/08. The direct deposit must be at least $500, and it looks like ACH transfers will not qualify. Here's what is stated in the small print:
A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into checking account. The minimum amount of any single Direct Deposit must be at least $500. Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as Direct Deposits.

Last month PNC had a very similar offer. A commenter in that post mentioned that a PayPal transfer of $500 counted last year.

I've been told by PNC reps for past promotions that people from any state can apply. [ Update 7/8/08: A reader has reported being told that a branch visit is required.] I've also been told that there's no hard credit pull. They just do a ChexSystem verification.

Free Checking qualifies for this promo. This requires a minimum $25 initial deposit. It has no monthly fees or minimum balance requirements. Bill Pay is free. A commenter in the last post mentioned that there's a closure fee if closed within 6 months.

Branches are located in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Maryland, and Pennsylvania. The bank is FDIC insured (FDIC Certificate # 6384).

Credit for this find goes to FW member drpepper7 who posted it on this FW thread.

Related Pages: PNC Bank, checking account

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Anonymous   |     |   Comment #1
with such restrictions on DD why wouldn't one go for Metropolitan that pays $200?
Dore (anonymous)   |     |   Comment #3
I was just told my a PNC rep that it is restricted to their coverage area. For ex, I live in CA, so cannot open an account.

I spoke with a business acct specialist and she said branch visit is necessary.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Thanks for checking on this. I've updated the post with this restriction.
Anonymous   |     |   Comment #5
I live in Buffalo, NY and applied for a free checking account on-line on 7/8, and spoke with a CSR 7/11, who said that no branch vist was required.
Anonymous   |     |   Comment #6
do you only need to deposit once to get the bonus?