Free Checking
from PNC Bank
Featured FiDeal
Virtual Wallet Becomes Reality
"We've got to be hip. We've got to be online," the bank C-level executives say. Unfortunately, for most financial companies, that concept is still an account view from 1999. Now, Pittsburgh-based PNC Bank is changing the game with Virtual Wallet, a three-in-one account that visualizes spending, saving, money transfers and, of course, bill pay. The upshot - the account is automatically linked to a high-yield savings account earnings 3% APY (7/24/08).
Get a PNC Virtual Wallet for ...a branch and online account with a useful, well-designed interface, a high APY savings account and easy transfers between your checking and savings accounts.
Virtual Wallet combines three bank accounts: a checking account for paying bills, a “reserve” account that earns 0.1% interest and acts mainly as overdraft protection, and a savings account which earns 3.0% APY on balances up to $25,000. (If you keep more than $25,000 in savings, this account is not for you.) In addition, with a minimum balance of $2,000 in checking, you can also get non-PNC ATM reimbursement.
The checking account features online bill payment, a calendar that helps you plan your cash flow, and instant transfers between checking, reserve and savings. And, unlike other "online" accounts, you can make branch transactions. Writing physical checks, however, is discouraged by a $0.50 per check fee if you write more than 3 checks a month. Save $1 (a stamp and $0.50) by using online bill pay.
The Virtual Wallet site also encourages savings at every turn. You can set up reminders to save whenever you pay bills or create automatic transfers from checking to savings. There is also a Punch the Pig game, which prompts you to transfer money into your savings account.
The only feature to this account that doesn't give FiLife a rise is the low-interest earning "reserve" account. Serving primarily as overdraft for the free checking account, this middle account is needed due to federal limit of 6 transfers out of a savings account per month.
About Free Checking
Pittsburgh, Penn.-based PNC Bank offers free checking for people who want to keep things simple and desire an account with no minimum balance requirement and no monthly service charge. This account also offers reimbursement of non-PNC Bank ATM fees with a $2,000 minimum average monthly balance. The bank operates primarily in Pennsylvania, New Jersey and throughout the Northeastern United States.
Free Checking Reviews
Free checking at PNC is a great fit for me -- I live in DC, so there are plenty of PNC ATMs. Also, when I do bank in person, the people are really friendly and helpful. I've actually recommended this account to several friends who've been unhappy at other banks.
the free checking was great and i was able to sign up really easily. unfortunately i moved and now it is had to find a PNC bank. I may have to switch over to oneof the bigger banks, especially with the high atm fees
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