By revenued
PNC Bank might not be one of the most popular national banks, but it’s the 8th largest bank in the country in terms of its total assets. PNC operates in a total of 19 states, mostly in the east coast and Midwest. It also operates in the District of Columbia.
There are three primary business checking accounts to choose from at PNC. All PNC business accounts include online banking, online bill pay, mobile banking, free Visa business debit cards and free use of PNC ATMs. All accounts except for the simplest option, PNC Business Checking, also include free use of non-PNC ATMs.
| Account Type | Monthly Maintenance Fee | Fee Waiver Requirements | Monthly Transaction Limits | Minimum Opening Deposit |
|---|---|---|---|---|
| Business Checking | $10 | -Maintain a balance of $500; or -Make $500 worth of purchases on a business credit card; or -Utilize PNC Merchant Services for at least $500 in deposits. | 150 | $100 |
| Business Checking Plus | $20 | -Maintain a balance of $5,000; or -Make $5,000 worth of purchases on a business credit card; or -Utilize PNC Merchant Services for at least $5,000 in deposits; or -Maintain a combined balance of $20,000 in qualifying linked accounts. | 500 | $100 |
| Analysis Business Checking | $20 | -The ability to earn money from your deposits can help cover or reduce the cost of the monthly fee. | Pay per use | $100 |
There’s also a fourth option, the Treasury Enterprise Plan. However, this plan is intended to be used by larger businesses with higher cash deposit amounts and larger transaction needs. Like the other accounts, you only need a $100 minimum opening deposit, but the monthly fee is $50 unless you maintain a balance of $30,000 in combined accounts.
The best part about all of PNC’s business checking accounts is that customers can get a $200 bonus for opening up a new account. And if you can put that money into one of their savings options, you’ll be able to make an even larger bonus with that money.
Unlike the majority of other business banking options, PNC Bank doesn’t have traditional business savings accounts. Instead they offer three different ways in which customers can save money, under their Savings & Liquidity Management program.
Money Market Account: This account offers customers the potential to earn interest on their account balances. This is a great option if you know you won’t have any large business expenses coming up, why not earn higher interest if your money is going to be sitting in the account anyway?
Sweep Accounts: If you have a substantial balance in your account and your expenses are consistently lower than your balance, you may want to open a sweep account. You get to set your own account balance amount, but anything above and beyond that amount gets automatically transferred into an interest earning account. Easy money, if you ask me.
Business Certificates of Deposit: These are commonly referred to as CDs. This is another great option if you don’t foresee any large expenditures in your future and you can afford to put money away in an interest earning account. The caveat with CDs is that you are not allowed to make any early withdrawals without a substantial penalty, so you’ll want to be certain you don’t need any of the funds you put into this account.
PNC’s mobile app offers what most anyone would expect from a mobile banking app, including account management, funds transfers, bill pay and mobile deposit. But they also have a partnership with Zelle, which allows you to quickly and easily send people money with just an email address or a mobile phone number.
PNC’s mobile app has fairly high ratings for both Android and Apple users.
| Online Store | Device | Rating | Number of Ratings |
|---|---|---|---|
| Google Play | Android | 4.2 Stars | 85,616 |
| iTunes | iOS/Apple | 4.8 Stars | 400,700 |
Individual reviews, however, are a bit of a mixed bag. The biggest issue that several app users have is consistently not being able to log in. Users say there are either network issues, constant requests to change their password or the fingerprint log in function doesn’t work.
If PNC Bank works on improving its customer’s app access they seem to have a lot to offer. I’m especially impressed with the variety of ways customers can save money. If that’s your ultimate goal, though, you should probably conduct some further research with reputable financial specialists.
Sources:
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