PNC Virtual Wallet Debit Card—Features, Fees, & Security
The PNC Virtual Wallet is an online banking platform created by PNC Bank. It enables customers to manage their finances through a combination of money-management tools, such as expense calendars, goal-setting features, and budget trackers and provides easy access to their checking and savings accounts.
To help you decide if the PNC Virtual Wallet is the right banking option for you, this article answers questions like:
- How does the PNC Virtual Wallet work?
- What are its main features?
- Do you get a debit card with the PNC Virtual Wallet?
- Are there any additional fees?
- Is the PNC Virtual Wallet secure?
The information provided in this article is valid as of September 2023. The platform’s features, terms, and fees might change over time. Consult PNC Bank’s official website or contact its representatives directly for the latest updates.
How Does the PNC Virtual Wallet Work?
The PNC Virtual Wallet allows you to manage all your PNC Bank accounts from one place. The accounts that PNC offers include:
- Spend—a main checking account for daily spending
- Reserve—a secondary checking account for short-term expenses
- Growth—a savings account
The money in the Spend account won’t accrue interest, at least with the basic version of the Virtual Wallet. However, the funds in the Reserve and Growth accounts will.
Since Growth is intended to be a long-term savings account, the money deposited there will earn you a higher interest rate than in Reserve—though the exact rates and fees vary depending on your location and specific account type.
You can access all three accounts from the PNC Virtual Wallet interface and use its money management tools to organize your spending and savings with a clear overview of your expenses and long-term goals.
PNC Bank operates in 28 states and the District of Columbia, providing different options to customers in various locations. In some states, users will only have access to the basic Virtual Wallet profile called Virtual Wallet Checking Pro. Other locations allow users to choose between the following three options:
- A basic Virtual Wallet profile
- Virtual Wallet with Performance Select
- Virtual Wallet with Performance Spend
To learn which Virtual Wallet profiles are available, you should contact your local PNC branch.
What Are the Main Features of the PNC Virtual Wallet?
The two standout features of the PNC Virtual Wallet are:
- Money management tools
- Overdraft protection
Money Management Tools
Some of the PNC Virtual Wallet’s main money management features include:
- Spending Zone
- Wish List
- Money Bar
The Spending Zone section lets you categorize your spending and create individual budgets for each category. After that, the PNC Virtual Wallet automatically generates a graphical budget report, clearly outlining your spending across categories.
The Wish List feature provides a similar benefit for the Reserve account—you can allocate the current amount in that account to specific goals, such as home renovations, car repairs, or a planned vacation.
With the Virtual Wallet Calendar, you can view any scheduled income, bills, and other expenses in a monthly, weekly, or daily view with specific color-coding. If there’s a foreseeable overdraft on specific dates based on scheduled transactions, the platform automatically labels those dates as red-colored Danger Days. You can also set up recurring payments from the Calendar feature.
Once you input your planned income and expenses, the PNC Virtual Wallet will show you a bar graph called the Money Bar—a clear overview of the remaining funds at your disposal for general spending.
One of the most significant draws of the PNC Virtual Wallet is how seamlessly money can be transferred between various PNC accounts. For instance, if the Money Bar shows more available funds than you need momentarily, you can transfer some over to your Reserve account by adjusting a slider on the bar.
As a PNC Virtual Wallet user, you have two levels of overdraft protection. If you are at risk of overdraft on your Spend account, the platform will automatically transfer an appropriate amount of money from the Reserve account.
If there’s not enough funds in the Reserve account, the Virtual Wallet will pull from your Growth account next.
It’s important to note that PNC imposes no fees for overdraft protection transfers.
Do You Get a Debit Card With a PNC Virtual Wallet?
As an existing PNC client, you can link your debit card to a Virtual Wallet. If you’re a new user, you can automatically receive a debit card when you open a PNC account since you can’t obtain a Virtual Wallet without one. You can also link a PNC credit card to the Virtual Wallet. By doing this, the platform will automatically record all credit card payments as a monthly expense.
PNC Virtual Wallet Fees
The table below contains a breakdown of the main PNC Virtual Wallet fees: