Review: PNC Bank Small Business Checking, 2019

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Is PNC easy to use?

  • PNC checking account is best for a small business that has a high number of monthly transactions.  
  • New account customers can get a $300 reward when they qualify for a PNC business checking account at specific locations [Ends September 14, 2018].  
  • $12 monthly fee for a business checking account and 0.50 for every transaction over the account limit.
  • 2,800-plus PNC locations and 6,000-plus ATMs across the nation.
  • PNC offers business checking accounts numerous ways to upgrade their services.
  • There are only branch locations in 19 of the 50 states.
  • To start applying today visit the PNC website to fill out a basic questionnaire about your business.

What are PNC’s checking account options?

There are three main business checking accounts to choose from based on the size of your business and the average account activity your business requires:

  • Business Checking (no charge for up to 150 items monthly and $5,000 in cash deposits at no charge)
  • Business Checking Plus (no charge for up to 500 items monthly and $10,000 in cash deposits at no charge)
  • Business Checking Preferred (no charge for up to 1,500 items monthly and $30,000 in cash deposits at no charge)

The fee structure is easy to understand, and if you aren’t sure about whether or not you will meet the monthly requirements, you can waive the fee for the first 90 days while so you can further customize your account experience to accommodate your business checking needs.

PNC doesn’t have many banking locations, but they do have easy to use mobile banking options and a standard web portal for those who enjoy plug-and-bank online financial services.

Does PNC offer checking account bonuses?

New Business checking accounts can earn a cash bonus reward by opening an account.

  • $100 for Business Checking account if you sign up by September 14th, 2018 and maintain a minimum average per cycle of $1,500 for the first 3 statement cycles and make 10 total PNC Bank Visa Debit Card transactions or mobile check deposits in that same time frame.
  • $200 with Business Checking Plus account if you sign up by September 14th, 2018 and maintain a minimum average per cycle of $1,500 for the first 3 statement cycles and make 10 total PNC Bank Visa Debit Card transactions or mobile check deposits in that same time frame.
  • $300 with Business Checking Preferred account if you sign up by September 14th, 2018 and maintain a minimum average per cycle of $25,000 for the first 3 statement cycles and make 10 total PNC Bank Visa Debit Card transactions or mobile check deposits in that same time frame.

How much are PNC’s business checking fees?

The fees can be waived for the first three months businesses start checking with PNC while they figure out the requirement structure. To continue not paying the monthly fee you must meet the following requirements:

  • Deposit PNC merchant services card payment proceeds into your business checking account
  • Make > $1,000 worth of purchasing using your linked PNC business credit card
  • Have an average monthly balance of $1,500

Here are the following fees to be aware of:

  • Monthly fee: $12
  • Transaction fee: $0.50 per transaction after the first 150 transactions each month
  • Cash deposit fee: > $5000 a fee applies and $3 per deposit bag for night processing
  • ATM fee: 6,000 PNC Bank ATMs nationwide and an out-of-network ATM reimburse plan if you carry a $2,000+ daily balance
  • Domestic incoming wires: $15
  • Domestic outgoing wires: $30
  • International incoming wires: $15
  • International outgoing wires: $45

How big is PNC?

PNC is the 9th largest bank in the US, and its network spans 2,800 banking locations in 19 different states with over 6,000 PNC ATMs. It’s network’s downside is the lack of physical locations, but with so many ATMs and ATM reimbursement programs if you are a business looking to either primarily online-bank or are located near a PNC bank, the network could accommodate your needs.

Does PNC have special account features?

No Setup Fee for Overdraft Protection

  • Get overdraft protection on your business checking account without an initial fee

No Charge for 150-1,500 Items

  • Depending on account size you can you can have free transfers, deposits, and transactions for up to 1,500 items monthly

Cash Flow Insight Base

  • The Cash Flow feature is a suite of online tools for cash management like spending analysis, timelines, trends, cash in, and cash out to help you make more informed business decisions. The cost for this feature is an added $10 monthly.
  • Great for managing account payables and receivables online with the ability to sync accounting software and receive forecast credit card statements.
  • Invoicing and document management reminders and templates for improved management.
  • PNC Merchant Services for next-day funding on payment processing
  • Online bill pay and banking

How do I open a PNC account?

You can apply for the PNC business checking account in three straightforward steps:

  1. Start the application by first answering some questions about your business needs
  2. A PNC business specialist will call your provided number and speak with you about your checking account options based on your questionnaire.
  3. You will visit a PNC bank to finish the process or complete the application online. The first two steps can be skipped if you want to go directly to a location first.

Summary

While $10/month might seem pricey for the Cash Flow Insight Base, where PNC really shines with its financial services. Otherwise, it is a pretty standard account with semi-competitive fees. PNC is a very large and reputable bank that does not have the locations to support its relative size.

Deciding to bank with PNC might depend on your geographical location if you want to get face-to-face support. Their cash bonus offer of up to $300 ends September 14th, 2018, and you must meet the three basic requirements to receive the reward after three full months of maintenance fee-free banking.

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