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PNC regular checking vs virtual wallet

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Frequent Contributor

PNC regular checking vs virtual wallet

I was trying to sign up for a regular checking account but the banker kept pushing me to get the virtual wallet checking instead so much that I just walked out.

 

is there some great benefit I am missing to the virtual wallet?

Message 1 of 11
10 REPLIES 10
Regular Contributor

Re: PNC regular checking vs virtual wallet

I'm a college student so I have virtual wallet.

As far as I know you open 3 accounts: Spend, Reserve, and Growth (https://www.pnc.com/en/personal-banking/virtual-wallet-overview.html#)

Spend is your daily checking account, Growth is your regular savings account, and Reserve (not sure if savings or checking) is an account that should be in between that earns more than Spend but less than Growth. I think it's their way to help people budget and save money.

I only use Spend and have never used Reserve or Growth since I got my account 3 years ago

 

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Message 2 of 11
Established Contributor

Re: PNC regular checking vs virtual wallet

I actually held off from opening a PNC account because of the nonsense of the 3 account virtual wallet. Then about 6 months later I opened a Simple Bank account and found out after I opened it that they use a similar system, but with two accounts. It's annoying. Its just a marketing gimmick. 

BECU | Apple | Discover | Key
Message 3 of 11
Regular Contributor

Re: PNC regular checking vs virtual wallet

I completely agree that it's unnecessary

That's why I only use the checking account and never use the other two

 

Free is free tho 

Amex Gold (NPSL); Amex Green (NPSL); Charles Schwab Investor (27.6k); PNC CR (17.5k); HSBC Premier WEMC (11k); Amex BBP (9k); Macy's Store (8.5k); AEO Visa (8k); GAP Visa (8k); HSBC Advance (7.5k); B&H Payboo (6k); Amazon Store (6k); PNC Premier Traveler (5k); Discover It (4.2k); Nordstrom Store (4k); Apple Card (2.5k); Discover It (1.5k); Delta Platinum (1.4k); Amex Everyday (1k); BofA CR (1k); Citi TYP (1k); TJX MC (0.8k); Deserve Edu (0.5k)
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Message 4 of 11
New Contributor

Re: PNC regular checking vs virtual wallet

It all depends on what you are looking for, and what works for you.  I actually was looking for at least 2 acounts, but the three works well for me.  The Spend and the Reserve are checking accounts, and the Growth is higher yield savings account.

 

I have my pay deposited into my spend, then when I pay bills, I transfer money from spend to reserve as all bills are paid out of reserve.  I also put money in the reserve to cover any credit card balance I have, so the money is already set aside when the billing month closes.  I use the growth for long term savings.  I have always had a seperate account for bills, so this arrangement works well for me.

Message 5 of 11
Frequent Contributor

Re: PNC regular checking vs virtual wallet

Can you use mobile deposit through the virtual wallet app or do you have to do that through the regular pnc app?

The website isn’t clear on that.
Message 6 of 11
Regular Contributor

Re: PNC regular checking vs virtual wallet

 


@jhusmc wrote:
Can you use mobile deposit through the virtual wallet app or do you have to do that through the regular pnc app?

The website isn’t clear on that.


 I've never used the virtual wallet app. Only the regular PNC app

Amex Gold (NPSL); Amex Green (NPSL); Charles Schwab Investor (27.6k); PNC CR (17.5k); HSBC Premier WEMC (11k); Amex BBP (9k); Macy's Store (8.5k); AEO Visa (8k); GAP Visa (8k); HSBC Advance (7.5k); B&H Payboo (6k); Amazon Store (6k); PNC Premier Traveler (5k); Discover It (4.2k); Nordstrom Store (4k); Apple Card (2.5k); Discover It (1.5k); Delta Platinum (1.4k); Amex Everyday (1k); BofA CR (1k); Citi TYP (1k); TJX MC (0.8k); Deserve Edu (0.5k)
Started collecting cards: Oct/2018
Inquiries: EX (25); TU (24); EQ (16)
Got all the cards I need, so all reports are frozen until Nov/2020 for Altitude Reserve or Amex Plat 100k offer Smiley Tongue
Message 7 of 11
Valued Contributor

Re: PNC regular checking vs virtual wallet

I have the Virtual Wallet and only use the spend and growth account. I like the calendar feature but you can do the same thing with Outlook.

 

Guyatthebeach

Message 8 of 11
New Contributor

Re: PNC regular checking vs virtual wallet

I think this is a "to each their own" situation. I personally love virtual wallet; having the growth and reserve savings accounts really does help me manage my savings. Virtual Wallet is more presentation than anything else, so there's no great benefit and no real harm.


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Message 9 of 11
Member

Re: PNC regular checking vs virtual wallet

I have 2 regular checkings at PNC and also a Virtual Checking, and use all "3" account for different things. 

This is a downsized version of what I used to have...  I used to have 5 regular checkings at PNC, plus accounts at 2 other banks (another major bank plus my credit union). 

Anyway - I have direct deposits from mine and hubby's employers going into the 2 "regular" checkings - one I treat as a "checks only" account, so the money goes in and I move it right back out except for outstanding physical checks, as those can sometimes go days and days (or weeks and weeks!) without being cashed.  The other "regular" checking is our "Main" account, and we only swipe from this one.  I pay bills from the Virtual Checking "Spend" account, and move money into it as bills are paid, and I keep a small buffer in the "Reserve" account, just in case.  I also use "Reserve" for any short-term sinking funds.  I use "Growth" for my long-term sinking funds, and keep my "emergency fund" in it as well.   Keeps things clean, and I don't have to worry about "balancing", keeping a register, nor overdrawing.  There's just too dang much activity going on to keep track of, and I already have a full-time job.

Message 10 of 11
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