Posted by Chuck on November 12, 2015
Bank Account Bonuses

Published on November 12th, 2015 | by Chuck

68

Updated Terms for PNC $400 Bank Bonus

One of the more popular bank bonus offers currently available is the  $400 PNC bank bonus. If you have $5,000 to float and you can manage $5k in direct deposit and a bill payment, you were able to walk away with four crisp $100 bills.

Updated Terms

They have now changed the terms and the $400 offer only applies to existing PNC customers and only those who live in select areas. This is what it looks like now:

PNC new terms 11:11:15 b

 

Via Google cache, we are able to get a look at the old offer:

Screen Shot 2015-11-12 at 12.44.28 AM

There are three key differences in the terms.

  1. The offer is now only to someone with an existing PNC relationship, “Add a checking account to your existing banking relationship with PNC!”. And here is from the fine print: “At least one signer on the new checking account must have a pre-existing consumer banking relationship other than a checking account with PNC. Such a relationship exists when the customer is a signer on any open and active PNC Savings or Money Market account, certificate of deposit, investment account OR any consumer loan, line of credit, credit card or mortgage.”
  2. Again from the fine print: “Offer only available to residents of AL, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, WI, and WV.” Previously, this was available nationwide.
  3. From the fine print (bolding mine): “To qualify for the reward, the new checking account must be opened at a branch using the appropriate coupon between 06/01/15 and 12/31/15″. Oddly, the top of the page makes it sound as if the bonus can be had by opening an account online, but the fine print seems to say that it’s only available in-branch. The old offer clearly said that it can be opened online: “This bonus offer is valid for new accounts opened through this web page only.”

Workaround

Those who live in the above-mentioned states can still get this offer is they have a PNC relationship. An easy workaround would be to first open a savings account with PNC and then go a week later and do the $400 checking bonus. You would still have to do the checking bonus in-branch, apparently.

Final Thoughts

This PNC bonus was high on my to-do list, but since it was slated to expire on 12/31/15 I didn’t get to it yet. Judging from the 282 comments on the original post, many others were able to take advantage of this offer. Hopefully, I’ll still be able to do this one in-branch as I’m in the qualifying area.

First Discover, now PNC…oh, my! The lesson for the future is to treat bank bonuses like any other time-sensitive deal and do it right away. In both cases of the Discover and the PNC bonuses, those who did it before the terms changed should be good.

HT: Rafael and Chris



68
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
trackback

[…] Update 11/12/15: They have now updated this offer and it’s much more restricted than before. […]

Andre
Andre

Also in my to-do list since I was waiting to open a new CC and use the checking account to complete the opening spend in one swoop.

Time-sensitive action is definitely the lesson here….

MilesCollector
MilesCollector

Doc, Do you know if I can apply for this again? Earlier this year I got the $300 cash back by opening the performance virtual wallet checking account online. Then I closed the account after getting the cashback. So, if I open a new savings account, and then go a week later to open a checking account in branch, then do I still qualify for this $400 offer?

Eric
Eric

Don’t the terms state that you can’t receive the bonus multiple times within 12 months? At least the old offer did.

Eric
Eric

There’s a small chance this ends up being a benefit in disguise. If I first open the savings in branch maybe I will be able to open the checking online since I would select that I’m a current customer and the identity problem may go away.

Eric
Eric

Disregard this as I just glanced through the terms and see that it’s required that the checking account be opened in branch. I would never take the risk that they could deny the bonus based on that. Now I just have to hope they don’t end the offer early.

ksheng
ksheng

I am currently having a PNC checking account. Does it account that I have a pre-existing consumer bank relationship with PNC? Can I open another checking to earn the bonus?

Eric
Eric

Based on this term I found in the fine print the answer to your question is no.

“New checking account will not be eligible for the offer if any signer has signing authority on an existing PNC Bank consumer checking account, or has closed a checking account within the past 90 days, or has been paid a promotional premium in the past 12 months.”

CtownBin
CtownBin

An interesting question that has arisen for me because of this change to the terms is- what if someone opened the account a few days ago before the terms changed, but hadn’t yet mailed in the signature card- which in their words, is the final step in “opening” the account and without which the account can’t be used at all? Will the account be considered to have been opened at the time of the online stage and so will earn the bonus, or only when they receive the signature card and so will not earn the bonus?

Ian
Ian

Any idea what the “appropriate coupon” is in the fine print?

Mark
Mark

I have checking a/c with PNC, Can I open one for my spouse and become joint a/c holder or authorized user etc and will my spouse be able to receive bonus after the 5k DD?

or this the person who is opening the checking account should have the existing relationship in order to receive bonus?

Sean
Sean

I opened an account a couple of months ago, using Citi Premiere for 2k (showed up as a purchase, not a cash advance).
Dealing with PNC is a nightmare. Signature card wouldn’t download, had to call in to get one sent to me, got major attitude from the rep at the help phone number listed on the Signature Card page. It took her a week to mail one– checked the postmark. Sent it in the same day, but never got my new account packet. Never got a PIN. Never got anything but a couple of emails. Spent 30 minutes on the phone trying to clear that up, no luck. Second try a few days later, spent 45 minutes being transferred to 4 different reps, and only the 4th was helpful. Finally I was so fed up that I closed the account and asked for my balance to be sent. Was told I’d be charged 25.00 as an early closing fee! This when I didn’t even have access to the account!
PNC is incompetent and unpleasant. Not worth it, and I’m not someone to give up 400.00 easily! Skip this one unless you want a battle!

Jim
Jim

Anybody have suggestions on easy ways to do a 5k direct deposit?

george chen
george chen

When did PNC change the terms? I opened a checking account on Nov. 4th. Is it still eligible for the bonus under old terms?

Kame
Kame

It’s unknown. I opened mine Nov 1 and met the requirements before the changes appeared. My bonus hasn’t posted. I would meet the requirements before the 60 days if I was you and cross your fingers.
It would be appreciated if anyone who has received their bonus recently could share their experience.

Pam
Pam

I opened my account on 9/15… Payroll for direct deposit… Bill pay completed on 11/6… Bonus posted 11/25… Happy Thanksgiving to all!

Frustrated
Frustrated

What is the deal? On the link for DD for PNC, Ally has been on there for a while. Yet for the past few months (I just noticed on comment sections) that people claiming to NOT have gotten the bonus using ALLY. I’m now out of the window of 60 days, so I can’t do another bank. (I did 5 grand DD within weeks of opening the acct) Charles, why did you NOT update the LINK. Is it because nobody CONFIRMED they did NOT get the bonus because they were so impatient and did another option instead? Just confused. I chatted with a rep and they told me bonuses post 60 days after completing requirements. Technically I met my DD and bill pay requirement on Oct 8th. So the rep claimed I will probably get it by Dec 7th. However, I obviously don’t fully trust that, because people that posted that they did PayPal or another bank DD got their bonus probably less than 30 days later. AHHHHHHHHHH SO frustrated. ANYONE OUT THERE that DID AN ALLY DD and INDEED GOT THE $400 bonus??!?!?

HG
HG

can you fund this with a credit card?

Eric
Eric

Has anyone opened a savings account and then a checking account for this offer? If so, how long did you wait between account openings?

Back to Top ↑