PNC Bank September 2022 Promotions: Earn up to $500 for opening a new account
PNC Financial Services Group is the sixth largest bank in the United States, with assets of over $500 billion. The bank has a multi-regional footprint that covers most of the United States and includes 2,600 branches, as well as approximately 60,000 PNC and ATM partners.
PNC’s virtual wallet products look like traditional checking accounts, but they also include savings options. The bank also offers a wide range of products aimed at small businesses. PNC’s ongoing promotions allow you to pocket up to $500 by opening a new account.
How can you earn a PNC Bank bonus?
NCP Bank offers new customers the opportunity to earn a welcome bonus for opening a new personal or business checking account and completing qualifying activities. New customers include people who do not currently have a PNC bank account and who have not closed a PNC bank account in the past 90 days.
Personal checking account bonuses require you to open an account and receive qualifying direct deposits within 60 days. PNC’s business account bonuses require you to open a new account and complete qualifying activities, such as maintaining a minimum balance for 60 days and making qualifying transactions using your linked business debit card .
Bonus details are accurate as of September 1, 2022.
PNC Bank Promotions for 2022
PNC Bank Personal Checking Account Bonus Offer: Earn up to $400
PNC’s Virtual Wallet is a personal checking account that comes in three tiers: Basic, Performance Spend, and Performance Select. In addition to checking (referred to as “Spend”), accounts may have a short-term savings component (“Reserve”) or a long-term savings option (“Growth”).
New Account Bonus Money is only available if PNC offers its Virtual Wallet products to customers in your area. If you open your account online or over the phone, PNC will use your zip code to determine your eligibility.
- What is the offer? Open a basic virtual wallet account and . Or open a virtual wallet with a Performance Spend account, and . Or open a virtual wallet with a Performance Select account and .
- What is direct deposit? PNC defines a qualifying direct deposit as a recurring direct deposit of regular monthly income, such as a paycheck, pension, or Social Security benefits, into your checking account. Credit card advance funds transfers, wire transfers, person-to-person payments, transfers made between accounts, or deposits made at a PNC bank branch or ATM are not eligible.
- When do you receive your bonus? Your virtual wallet account will be credited with your bonus within 60-90 days after all offer conditions have been met.
- Is there a time limit on the offer? The virtual wallet account must be opened before October 31, 2022.
- Can you avoid monthly service fees? Yes.
- The monthly fee for the Basic Virtual Wallet Account is waived if you are over 62 or receive $500 in monthly direct deposits or maintain a minimum monthly balance of $500.
- The monthly fee for Virtual Wallet with Performance Spending is waived when you receive $2,000 or more in monthly direct deposits, maintain a minimum monthly account balance of $2,000, or maintain a minimum balance of $10,000 on all your PNC consumer deposit accounts.
- Monthly fee for Virtual Wallet with Performance Select is waived when you receive $5,000 or more in monthly direct deposits, maintain a minimum monthly account balance of $5,000, or maintain a minimum balance of $25,000 across all of your accounts PNC consumer deposit.
PNC Bank Business Checking Account Bonus: Earn up to $500
PNC offers four levels of trade verification, differentiated primarily by the number of free trades offered each month.
- If you only need the basics, the account offers up to 150 transactions per month for a monthly account maintenance fee.
- If your business requires more transactions, the offers 500 transactions for a monthly fee.
- For larger businesses, there’s the , which includes 2,500 transactions per month and up to four additional checking accounts for a monthly maintenance fee.
- There is also the account, which offers the possibility of paying only for the banking services that you use each month.
Welcome bonuses are reserved for companies with annual revenues of less than $5 million. PNC Bank does not mention any geographic restrictions.
- What is the offer? Open a Business Checking or Business Checking Plus account, maintain an average balance of $5,000 for each of the first three statement cycles, and complete at least 20 eligible PNC Bank Visa debit card transactions within the first three statement cycles to win a bonus of $200. Or, open a Business Cash or Business Analysis Plan checking account and maintain a minimum average balance of $30,000 for each of the first three statement cycles to earn a $500 bonus.
- The monthly fee for Business Checking is waived when you maintain an average monthly balance of $500 or more or use a linked PNC business credit card to make at least $500 in qualifying purchases. You can also avoid fees if you open a PNC Merchant Services account and generate at least $500 in eligible monthly processing deposits.
- The monthly fee for Business Checking Plus is waived when you maintain a minimum monthly balance of $5,000 or use a linked PNC business credit card to make at least $5,000 in qualifying purchases. You can also avoid fees by opening a PNC Merchant Services account and generating $5,000 or more in qualifying monthly deposits, or maintaining an average combined balance of $20,000 or more in linked PNC checking and money market accounts.
- The Corporate Cash Plan monthly fee is waived when you maintain a combined average monthly balance of at least $30,000 in the primary checking account and all linked checking accounts.
- The monthly maintenance fee for the Analysis Business Checking account cannot be waived.
What else should you know about PNC Bank bonus offers?
Your bonus may be taxable
PNC notes that the value of your reward may be reported to the IRS on a Form 1099 and may be considered taxable. The bank recommends that you consult your tax advisor regarding the taxation of your bank bonus.
PNC Bank bonuses are for new customers
PNC Bank offers account welcome bonuses only to new customers who do not have an existing account with the bank and who have not recently closed an account. Additionally, PNC limits how often you can receive a new customer bonus.
Personal checking customers must not currently have a checking account with PNC Bank and must not have closed an account within the last 90 days. Additionally, personal customers can only receive one PNC promotional bonus every 24 months.
Similarly, business banking customers must not have a business checking account at PNC Bank and must not have closed a business checking account within the last 90 days. Business checking account customers are eligible to receive a promotional bonus once every 12 months.
These restrictions apply to all account signers, so if a business partner on the account is already a PNC customer or has recently received a welcome bonus, the account may not be eligible to receive a welcome bonus.
PNC is a national bank, but the strength of its presence in branches and ATMs varies depending on where you live. We recommend that you check PNC points of sale near you before opening an account. Depending on where you live, you may be able to get up to $400 for opening a personal checking account or $500 for opening a business checking account.
If PNC’s physical presence isn’t right for you, or you find direct deposit requirements difficult to meet, head over to the Forbes Advisor List best bank bonuses to see what bonuses other banks offer.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.