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PNC’s $200 Checking Account Bonus in Several States


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

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 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).

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

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gli (anonymous)   |     |   Comment #1
May 2013 I took PNC up on their $150 checking account opening bonus offer (it was the same requirements, $2,000 DD and 1 bill pay within 60 days). They credited my account with the bonus, but I did have to call them to have them check on the bonus status - the bonus then appeared on my account after 'marketing' took a look at it. All in all - it was a okay experience (FYI, you must keep this account open for 180 days to avoid a fee and if I recall correctly, there is a bonus clawback if you close the account within 90 days) - $200 on $2,000 deposited is a 10% return though - for 6 months time - not shabby.

Oh - and if I recall correctly, chexsystems/soft pull only in my case.
Anonymous   |     |   Comment #2
Ken, have you read all the written comments about the PNC bonus in this blog and in your poll?  Very negative experiences...  and all had to contact PNC because their bonus was not credited automatically.   I would be curious to know how many of these customers had payroll direct deposit  vs. only making ACH deposit to attempt to qualify for the bonus.
john (anonymous)   |     |   Comment #3
not a good bank to do business,missleading also cc cards better stick with chase by the way chase honors past and present military with no req in sum better bank bonus less req etc
Roman (anonymous)   |     |   Comment #4
Is the offer expired:
"The requested URL /checking/100_reward/search.html was not found on this server."