PNC Virtual Wallet is an online tool for managing the money you hold in savings, checking, and some other types of accounts at PNC Bank. There are also apps for iPhone and Android that sync with the online tools.
Money Bar
The Money Bar in Virtual Wallet is a graph that gives you a snapshot of how much money is available for general spending. The scheduled setup shows the amount you have earmarked for upcoming bill payments. The free amount is the money available for spending. The reserve shows the money you are keeping in savings.
Calendar and Online Bill Pay
The calendar displays bills, income, and spending in a color-coded daily, weekly, or monthly view. The calendar also highlights danger days in red if the account you are using to make payments may be overdrawn in the future. If you see danger days, you can transfer money from your reserve or change the bill payment date.
Spending Tools
The Spending Zone tool is designed to help you set up a budget and receive budget reports. To set up a budget, assign amounts to budget categories. View the totals of budget categories and a list of recent transactions. You can even see your spending over the past year through a graphical report.
Saving Tools
Virtual Wallet provides several ways to help you save money: A reserve account for short-term savings. Assign a wish list the total amount you have earmarked in savings accounts for specific goals, such as a big vacation or replacing your car tires. A growth account is used for long-term savings. It earns interest. The saving engine automatically transfers money from spending to saving based on the rules you set.
Money Transfers
Money transfers are free with Virtual Wallet and can be done in three ways: You can easily transfer money between PNC Bank accounts, use Zelle to send or receive money using an email address or mobile phone number, or set up your non-PNC accounts to send and receive transfers.
Mobile Banking Tools
There is a Virtual Wallet app for Android and iOS, and you can also access the mobile website through your phone. You can also use your phone to take pictures of checks to deposit them into your account. If you don’t have a smartphone, you can still send text messages to get account information such as balances, due dates, or recent transactions. Text and mobile data fees may apply.
Virtual Wallet Student
Virtual Wallet Student is an account for college students and their parents. This type of account makes it easy for parents to transfer money to the student’s account. PNC-affiliated universities – schools that have a relationship with the PNC brand – offer customized accounts and cards, financial education, campus proximity branches, and other benefits.
Enrollment in Virtual Wallet and Fees
To open a Virtual Wallet account, the minimum deposit required is $25, but you can waive this if you open the account online. Additionally, there is a monthly service fee of $7 that you can waive by maintaining a $500 balance in spending or reserve accounts, or by making total deposits of $500 within a specified time frame. The fee is also waived for individuals aged 62 and older.
Other fees include $3 for using non-PNC ATMs; $36 for overdraft; $2 for paper statements; and $10 for cashier’s checks. Additional fees may apply; the Virtual Wallet fee schedule will show you every fee or cost associated with the account.
Source: https://www.thebalancemoney.com/pnc-virtual-wallet-online-banking-review-1293497
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