PNC Virtual Wallet Online Banking Review: Overview, Facts, Features, Plans, Pros and Cons

PNC Virtual Wallet Online Banking Review: Overview, Facts, Features, Plans, Pros and Cons

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 Bar

The 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 Calendar

The 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 Instruments

Setting 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

Savings Instruments

  • 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.
Tip: When you're in the mood, use the "Punch the Pig" savings feature to add more money to your virtual piggy bank. Tap the virtual pig to put money into savings right away.

Transfers of funds

With Virtual Wallet, you can send and receive money for free in three different ways: between PNC bank accounts, via Zelle using an email address or mobile phone number, or by setting up non-PNC accounts to receive and send payments.

Tools for Mobile Banking

You can use your phone to access the mobile website or download the Virtual Wallet app for Android and iOS. You can also deposit checks into your account by taking photos of them with your phone. Even if you don't have a smartphone, you can get account information such as balances, due dates, and recent transactions by sending text messages. Rates for text messaging and data usage may apply.

Student's Virtual Wallet

College students and their parents or legal guardians can set up a Virtual Wallet Student account. With this kind of account, parents can easily transfer money to their children's accounts. PNC Alliance colleges, which have a relationship with the PNC brand, can provide customized accounts and cards, financial education, branch locations near campus, and other perks.

Fees and Signup for a Virtual Wallet

A $25 minimum deposit is required to open a Virtual Wallet account, but if you open the account online, you can skip this step. There is also a $7 monthly service charge that you can avoid by maintaining a balance of $500 in your Spend or Reserve accounts or making $500 in qualifying deposits within a certain time frame. For those aged 62 and up, the fee is also waived. Other charges include $3 for ATM withdrawals made at locations other than PNC, $36 for overdrafts, $2 for paper statements, and $10 for cashier's checks. Other charges may be incurred; the Virtual Wallet fee table will detail all charges and costs associated with your account.

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