Accountįor example, PNC Bank doesn’t offer the Virtual Wallet Checking Pro account to New York residents, which means you could be missing out on 4% APY on balances of $1 or more. Here’s a snapshot of the range of interest rates we’ve found for each Virtual Wallet account across its Spend, Reserve and Growth categories. Depending on where you live, you may not be eligible for a specific type of Virtual Wallet tier, or your interest rates may be nearly nonexistent. The biggest drawback is its product availability. Where PNC Bank Virtual Wallet falls short Plus, PNC frequently offers cash bonuses of $100, $200 or $400 for new customers that complete specific tasks for the account option you select. Choose whether you want to pay or return checks and ACH transfers when your balance is in the red. Deposit money to your account within 24 hours to cover any overdrafts to avoid the overdraft fee. Notifications for when your account is near or below zero. And PNC’s new Low Cash Mode has several features that give you more control in handling overdrafts: Its budgeting tools monitor your spending and send you alerts to help you stack on track. For example, its Money Bar shows you what funds are needed for upcoming bills and what’s free to spend. PNC Bank also has useful digital spending tools for managing money. While this isn’t as much as some online banks, like Ally Bank, that partner with ATM networks like AllPoint to provide customers access to over 55,000 ATMs, most Virtual Wallet accounts come with ATM reimbursements of up to $20 a month to cover fees for using out-of-network ATMs. You’ll get access to over 9,000 in-network PNC-brand ATMs across the country. While you can choose to open any Virtual Wallet as a checking account only, you’d be missing out on higher interest rates for your unused cash by not utilizing its Reserve and Growth cash buckets. The PNC Virtual Wallet breaks the mold of traditional banking by letting you enjoy the best of both worlds with short- and long-term savings along with a checking account.
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