PNC Virtual Wallet Online Banking Review

PNC Virtual Wallet Online Banking Review

posted in: Bank Reviews, Checking, Savings | 0

PNC Bank features over 2,600 branch locations throughout the country. If you aren’t in one of the 19 states where PNC operates, you can still enjoy their fully online banking. The Virtual Wallet is a unique financial approach that makes saving simple and convenient. Instead of just opening a single checking account, the Virtual Wallet is actually three separate accounts that are connected. In addition to separate yet linked accounts, there’s also a multitude of features and tools that can help you achieve your financial goals.


You can apply online to open a Virtual Wallet. The process only takes a few minutes. If approved for the Virtual Wallet, you’ll actually open:

  • a checking account known as the spend account.
  • a short-term savings account called the reserve.
  • a long-term savings referred to as the reserve account.

Each of these three accounts has a completely separate account number, but they are all linked under your Virtual Wallet. When you login to your mobile or online banking, you’ll see each account listed separately and then your combined account balance. The Virtual Wallet makes it easy for you to transfer money between the accounts. You can even schedule automatic transfers each month from your spend account to your reserve or growth account. If you’re interested in a PNC credit card, you can also link that account to your Virtual Wallet accounts.

Overdraft Protection

If you overspend from your spend account, PNC automatically uses funds from your reserve as a backup source of funding. If there isn’t any money in the reserve, the growth is the secondary overdraft protection source. Without overdraft protection, you’ll be charged $36.00 for each covered charge, up to 4 charges per day. An additional savings account or funding source can be added as an overdraft protection source.


Although the checking account doesn’t earn interest, money in your reserve and growth accounts earn a competitive interest rate to help you achieve your financial goals. Interest rates are subject to change daily, but you can check out the most current rates here.


The minimum balance needed to open a Virtual Wallet is $25.00. There is a monthly account maintenance fee of $7.00 per month. However, the fee is waived if you have a combined monthly average of $500.00 among your Virtual Wallet accounts or receive $500.00 or more in direct deposits each month. The fee is also waived if you use only PNC ATMs and avoid out-of-network ATMs and teller-assisted withdrawals or deposits. If you close the account within 180 days of opening, a $25.00 fee is assessed.

Special Features

The Calendar shows you exactly how much you spend each day. It includes the total amount going in and coming out on each day in a colorful easy-to-view calendar. If you prefer, you can switch to the standard list view to see all your transactions organized by date.

The Money Bar divides your money into three separate sections. Scheduled is any bills or payments due to come out of your account, free is the money available to spend and reserve is the money you’ve set aside to save. You can use the slider on the money bar to easily adjust the free funds or the reserve funds as needed.

The Spending Zone is a budgeting tool that classifies your purchases into distinct categories, such as restaurants, education, gas, etc. Designate just how much you can spend in each separate category and the Spending Zone will send an email alert when you get close to exceeding your budget for the month. It’s easy to spend, but the Spending Zone is designed to help you see just where your money is going.

There are multiple unique features and tools that set the Virtual Wallet apart from other online checking accounts. If you’re looking for an account that can actually help you save money, check out the PNC Virtual Wallet.