PNC Virtual Wallet is an online tool that allows you to manage the money in your PNC Bank savings, checking, and other types of accounts. There are also iPhone and Android apps that sync with the online tools. While PNC Virtual Wallet doesn't have as many features as SmartyPig or other online banks, it does have more features to assist with budgeting, financial planning, and saving money. A list of the features is as follows:
Money BarThe Money Bar in Virtual Wallet is a bar graph that displays how much money you have available for general spending at a glance. The Scheduled option displays how much money you've set aside for future bills. The amount of money you have available to spend is defined as "free." The reserve account shows how much money you have in savings. Tip: On the Money Bar, you can adjust the amounts in Reserve and Free by adjusting a slider, and your money will automatically move from one category to the next for you.
Online Bill Pay and a CalendarThe Calendar displays bills, income, and spending in a color-coded daily, weekly, or monthly view. The Calendar will show Danger Days in red if the account you use to make payments is likely to be overdrawn in the future. You can transfer funds from your Reserve account or change the date you pay a bill if you see Danger Days. You can use Online Bill Pay to make one-time or recurring payments, and you'll receive bill due date reminders, so you don't have to visit Virtual Wallet every day to keep up with your bills.
Investing InstrumentsSetting up a budget and receiving budget reports are both possible with the Spending Zone tool. Assign amounts to budget categories to create a budget. View budgeted category totals as well as a list of recent transactions. You can see your spending over the last year with a graphical report. 5
- Virtual Wallet can assist you in saving money in a variety of ways:
- Short-term savings are held in the Reserve Account.
- The Wish List directs all of your Reserve savings toward specific goals, such as a big vacation or new tires.
- The Growth Account is used to save for the future. It is repaid with interest.
- Based on the rules you set, the Savings Engine transfers money from spending to savings automatically.