Update 1/4/24: Extended again until 02/29/2024
Update 11/1/23: extended until 01/02/2024
Update 9/12/23: extended through Oct 31
Update 7/4/23: Extended through 8/31
Update 4/1/23: Extended until 06/30/2023.
Update 1/3/23: Extended until 3/31/23
Terms state good through 01/02/2022. I assume it should be 01/02/2023.
Update 8/29/22: Deal is back and valid until 10/31/2022.
Offer at a glance
- Maximum bonus amount: $200 or $400
- Availability: Nationwide
- Direct deposit required: $2,000-$5,000 depending on bonus
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Codes as a cash advance
- Monthly fees: $15-$25, avoidable
- Early account termination fee:
$25 if closed within six monthsnone - Household Limit: None
- U.S. Citizenship Required: Yes, for online applications. Resident alien and non-resident aliens now allowed online.
- Expiration date:
10/31/20216/30/22
Contents
The Offer
- PNC is offering checking bonuses of up to $400. Both bonuses require the following direct deposits within 60 days of account opening:
- Open a Virtual Wallet Performance Spend and receive $200 with direct deposits totaling $2,000
- Open a Virtual Wallet Performance Select and receive $400 with direct deposits totaling $5,000
- To qualify for the reward, the new Virtual Wallet product must be opened online via the application links on this page and completed with a mobile device between 5/03/2022 to 6/30/2022
The Fine Print
- Offer is contingent on product availability and may vary based on where you open your account and the Zip code of your primary address. For online or phone origination, the Zip code of your primary address will be used to determine product availability. For origination through a PNC location, product availability will be based on the physical PNC location. You may earn a $400 reward if you open a new Virtual Wallet with Performance Select or a $250 reward if you open a new Virtual Wallet with Performance Spend. Changing your product type any time after account opening and prior to the payout of your earned reward, could result in different offer requirements and reward amount.
- To qualify for the reward, the new Virtual Wallet product must be opened online via the application links on this page between 9/21/2021 to 10/31/2021, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your Virtual Wallet product must remain open in order for you to receive the reward, which will be credited to the eligible account within 60–90 days after all conditions have been met and will be identified as “Cash Trans Promo Reward” on your monthly statement.
- A qualifying Direct Deposit for this offer, is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or an outside agency into the Spend account of a Virtual Wallet with Performance Select or Virtual Wallet with Performance Spend. The total amount of all qualifying Direct Deposits credited to your Spend account must be at least $5,000 for Virtual Wallet Performance Select or $2,000 for Virtual Wallet Performance Spend. Credit card cash advance transfers, wire transfers, person to person transfers, transfers from one account to another or deposits made at a physical PNC location or ATM do not qualify as qualifying Direct Deposits.
- New account will not be eligible for offer if any signer has signing authority on an existing PNC Bank consumer checking account or has closed an account within the past 90 days, or has been paid a promotional premium in the past 24 months. If multiple accounts are opened with the same signers, only one account will be eligible for the premium. Trust, Estate and other specialty titled accounts are excluded from this offer. For this offer, signing authority will be defined by the customer name(s) and Social Security number(s) registered on the account. Offer may be extended, modified or discontinued at any time and may vary by market. The value of the reward may be reported on Internal Revenue Service (IRS) Form 1099, and may be considered taxable income to you. Please consult your tax adviser regarding your specific situation.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Virtual Wallet Checking Pro with Spend ($200 Bonus)
$15 avoidable by 2K DD or 2K average monthly balance
Virtual Wallet With Performance Select $25 Monthly Fee ($400 Bonus)
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 account
Early Account Termination Fee
There is an early account termination fee of $25. This is charged if you close your account within 180 days. There is some evidence to suggest that they don’t actually charge this fee, but YMMV.
Our Verdict
Seems similar to the previous PNC deal, but this time the $400 link should be showing for more people. Not sure if this deal is available nationwide or not, but the $400 bonus is as good as it gets from PNC so we will add this to our list of the best bank account bonuses.
Hat tip to reader Jackie
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
PNC required my DL but they have worst phone photo software. It was not successful so they simply rejected my application after a few tries. That’s fine since it’s not really worth the effort for only $200 which was my only offer.
The $400 offer was shown when I initially entered my zip code. Then, when I started the application with my personal data including the same zip code, it stated the product was not available and only showed the $200 offer when I clicked on available offers. There is no PNC branch in my state.
Sounds like a website bug, but the application process is likely the accurate one.
I received a PNC mailer addressed to me and upon trying to apply for the $400 bonus checking I received a repsonse that this product is not available in my area. Should I go into the bank and try to open with someone in person? or will that not matter?
Per the PNC offer, you adopt the zip code of the branch when you apply in branch.
Josh
“For origination through a PNC location, product availability will be based on the physical PNC location.”
I doubt the branch would have magical power if it’s the same zip code as you, but only one way to find out.
To activate the direct deposit for PNC $400 bank bonus does it have to be from an employer or can I transfer the money from my bank account to PNC to activate it?
Do a comment search for direct deposit to see what has worked.
It seems that you saw my comment directing you to this page since you made a comment here shortly after I replied to your comment in the old PNC post. It’s nice of you to fail to acknowledge the advice that I gave you while heeding it.
2/27: Virtual Wallet with Performance Select opened
3/8: $2500+ Legit employer DD
3/22: $2500+ Legit employer DD
3/29: $400 bonus posted as ID CHECK REWARD 6 CREDITS
I will downgrade the account and keep it open for a few more months before closing.
Interesting that the actual checking account has much better terms if you are not in their geo area including no monthly fees. Also the bonus only has the $200 level (2k).
I keep getting errors when trying to setup the PNC account as an external account on my Schwab brokerage. Anyone else have this issue?
You need to wait a couple days for Early Warning Service to be able to “see” the PNC account.
scott
I messaged them to close my accounts but received a bunch of documents in the mail claiming my accounts were converted as I requested. I can’t login online anymore, so don’t know what happened to my accounts exactly.
If you don’t want to call, you can message them via Facebook (probably other platforms, too). I closed an acct via messenger a few yrs back.
I saw that too. I’ll try it
Usually those docs occur when you used the slider in online banking to downgrade the account. Maybe the rep you had did the downgrade first?
They only allowed me to open the basic account based on my zip code, and I only got 200. Maybe they received so many downgrade requests that they just downgraded mine anyway, but is that even possible to downgrade a basic account?
Anyone heard of SOFI working for this one? Debating using SOFI or chase for the 5k
There are no clear DP’s for SoFi. There is at least one for Chase.
https://www.doctorofcredit.com/pnc-up-to-250-400-checking-bonus/#comment-1820855
Use the 🔍Comment search… bar for the name of your choice of banks.
If you use Chase, use the slower ACH/external transfer option, not real-time.
Does anyone know the fee cycle of this one, with the 5k monthly withdrawal, what the best timeline is to signup, withdrawal funds, and close acount while not getting sucked into another monthly fee?
Fee would be assessed at the close of a statement. So, be cognizant when converting. Likely waived the first two or three months.
Another fee? Do you see anyone that get the fee? And, even if you did, most banks give you a “one-time” courtesy waiver if you ask.