Are you interested in a detailed review of the PNC Virtual Wallet with Performance Select? At Responsible Economy, we have conducted a comprehensive analysis of its features, including fees, interest rates, welcome bonuses, requirements, and everything you need to know. Furthermore, we provide an in-depth comparison of the leading checking accounts currently accessible in the United States for 2023. Welcome!
Video
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Features
In this section, we present all the features of the Virtual Wallet with Performance Select.
Fees
This checking account is free as long as you meet one of the following requirements:
- $5,000 combined average monthly balance in your Spend and up to 7 PNC Bank consumer checking accounts you have chosen to link (including Reserve).
- $25,000 combined average monthly balance across PNC Bank consumer deposit and/or PNCI investment accounts you have chosen to link.
- $5,000 in qualifying monthly direct deposits to your Spend account during the statement period
- Account holder is a PNC Employee.
PNC Virtual Wallet with Performance Select has a monthly fee of $25 ($300 per year) if you do not meet any of the mentioned requirements.
Minimum deposit
The minimum initial deposit to open the account is $25.
Cash withdrawals at ATMs
Virtual Wallet with Performance Select offers free access to domestic or international ATMs of other banks and up to $10 reimbursement for surcharge fees imposed by other banks per statement cycle.
Zelle
PNC allows you to conveniently send and receive money using Zelle.
Overdraft services
Virtual Wallet with Performance Select offers an Overdraft service where you can have a negative balance in your account, but you will be charged a $36 fee for each item. The maximum limit that can be charged per day is 1. Below you will find all the information.
Early direct deposit
Even if you have direct deposits, you won’t be able to receive your paycheck early.
Bonus
When you make a direct deposit of $5000, you will receive a welcome bonus of $400. PNC is one of the banks with the highest welcome bonus in the United States.
Summary table
We have created a summary table with all the features:
| Feature | Virtual Wallet with Performance Select |
|---|---|
| Fees | Account is free with specific requirements: |
| – $5,000 combined average monthly balance | |
| – $25,000 combined average monthly balance | |
| – $5,000 in qualifying monthly direct deposits | |
| – Account holder is a PNC Employee | |
| $25 monthly fee if requirements are not met | |
| Minimum deposit | $25 |
| Cash withdrawals at ATMs | Free access to other banks’ domestic or international ATMs, up to $10 fee reimbursement per statement cycle for other banks’ ATM surcharge fees. |
| Zelle | Yes |
| Overdraft services | Overdraft available with a $36 fee per item, maximum 1 per day |
| Early direct deposit | Not specified |
| Bonus | When you make a direct deposit of $5000, you will receive a welcome bonus of $400. PNC is one of the banks with the highest welcome bonus in the United States. |
Requirements
To open a Virtual Wallet with Performance Select, you must meet the following requirements:
- Reside in the United States and provide proof of your address.
- Have a Social Security number.
- Possess a US phone number.
Fees
As mentioned before, the monthly fee is $25 unless you meet one of the following conditions:
- $5,000 combined average monthly balance in your Spend and up to 7 PNC Bank consumer checking accounts you have chosen to link (including Reserve).
- $25,000 combined average monthly balance across PNC Bank consumer deposit and/or PNCI investment accounts you have chosen to link.
- $5,000 in qualifying monthly direct deposits to your Spend account during the statement period
- Account holder is a PNC Employee.
We also provide a list of other potential fees:
- Wire transfers: $0
Pros
We have made a list with all the advantages that the Virtual Wallet with Performance Select has:
- Wide availability of offices and branches throughout the United States.
- $400 welcome bonus
- Wire transfers free
Cons
Here we show you all the disadvantages:
- Very low interest rates on the checking account.
- Monthly fees if requirements are not met.
Frequent questions
Now we are going to answer all the questions you may have about Virtual Wallet with Performance Select:
Comparison of the best checking accounts in 2023
We have made a chart with the best checking accounts that you can open in the United States:
- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates
- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings
- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Video with the best banks
Here you have a video with best checking accounts in 2023:
More information about PNC
Here you have interest information about PNC:
| Banco | PNC |
|---|---|
| Sitio web | www.pnc.com |
| www.facebook.com/pncbank | |
| twitter.com/PNCBank | |
| www.instagram.com/pncbank | |
| www.linkedin.com/company/pncbank |
Conclusion and opinions
Based on the analysis conducted, our opinion is that the Virtual Wallet with Performance Select is not a competitive account because it is difficult to avoid monthly fees and the interest rate it offers is very low. On the other hand, PNC is one of the major banks in the United States, it offers a $400 welcome bonus, and bank transfers are free.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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