Get Up To $400 For Setting Up A PNC Wallet

Update 2: This offer has changed slightly and as such we have a new post about it.

Update: There is a better in branch offer of $400 if you sign up for the Virtual Wallet account with performance select account. More information here.

The Offer

Offer Link

There are currently three different offers you can take advantage of with PNC:

• Establish a qualifying direct deposit of $500 or more and complete one bill pay, receive $100 when you open a Virtual Wallet account from PNC
• Establish a qualifying direct deposit of $2,000 or more and complete one bill pay, receive $200 when you open a Virtual Wallet account with performance spend from PNC
• Establish a qualifying direct deposit of $5,000 or more and complete one bill pay, receive $300 when you open a Virtual Wallet account with performance select from PNC

You can also receive an additional bonus by

• Funding your growth account with at least $20,000 within 60 days of account opening and maintain that balance or higher for 90 consecutive days

The Fine Print

• Valid from March 30th till May 31st, 2014  Extended till June 30th Extended till August 29th, 2014 January 31st, 2015
• Both requirements (direct deposit and Bill Pay) must be completed within 60 days of account opening
• You’ll receive your bonus within 60 days of fulfilling the requirements, it post on your account as “Cash Trans Promo Reward”
• A qualifying direct deposit is a “paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or an outside agency into a Virtual Wallet®“
• Only available to new PNC customers (considered a new customer if you don’t currently hold an account with PNC and haven’t held one in the last 90 days, you also must not have received a bonus within the last twelve months)
• Offer only available to those in DE, IL, IN, MD, NJ, PA, VA, WI and District of Columbia
• Funds added to the growth account must be new funds to PNC
• You are required to pay taxes on all bank account bonuses

Avoiding Fees

• You must pay a $25 early account termination fee if you cancel your account within 6 months of opening (source)

Virtual Wallet $7 Monthly Fee

You can get the the monthly fee waived on this account if you meet any of the following:

• Average monthly balance of $500 or more
• Qualifying direct deposit of $500 or more
• Use only ATMs, online or mobile banking only to make withdrawals or deposits
• Use virtual wallet student

Virtual Wallet With Performance Spend $15 Monthly Fee

You can get this fee waived if you meet any of the following:

• Average monthly balance of $2,000 or more
• Qualifying direct deposit of $2,000 or more
• $15,000 in linked eligible accounts

Virtual Wallet With Performance Select $25 Monthly Fee

You can get this fee waived if you meet any of the following:

• Average monthly balance of $5,000 or more
• Qualifying direct deposits of $5,000 or more
• $25,000 in linked eligible accounts

Click here to view the different accounts side by side.

Our Verdict

Make sure you use the e-mail me a coupon option. This way the coupon is linked to the e-mail you use in sign up and they aren’t able to claim you didn’t use the coupon to sign up.

• Opening the account is NOT a hard pull
• You can fund your initial deposit with a credit card up to $2,000, click to find out which cards count as a cash advance and which don’t
• Find out what other methods count as a qualifying direct deposit

We’re not in the qualifying region for this promotion, which is probably a good thing with how many bank account bonuses we’ve been doing recently. How good this offer is really going to depend on how much spare cash you have lying around. If you’re able to hit the $300 bonus or even the $200 bonus, then it’s definitely worth completing but the $100 bonus might not be worth the trouble.

The $100 bonus for adding 20,000 in funds isn’t going to be worth doing, you’ll be better off parking the money in an interest bearing checking account that gets 1%+ back.

If I was in the qualifying area, I’d be jumping on the $300 deal. I’d transfer money from my paypal account to my new PNC account, you just need a total direct deposit of $5,000 within 60 days which should be achievable for most people. You can also earn some extra money by funding the account with a credit card ($20-$40 extra depending on which card you use). The Bill Pay requirement will be easy to meet, just pay off the credit card you used to fund the account.

Are you going to take advantage of this offer? Let us know in the comments. 

Application link | Screenshot of this offer