PNC Bank VirtualWallet account $100 bonus, DD required

pareto said: I opened a PNC account in early August. As of then, not only did they not do a hard inquiry, but you could also use your credit card to fund the account up to $2000. The charge was processed as a purchase. Oh! And that credit card purchase counted as a DD to trigger the bonus.

How can we know that purchase is counted as a DD?

green! thanks for the heads up, 100 bonus + 40 Cash Back from schwab card 2000$ initial deposit

tenken said: green! thanks for the heads up, 100 bonus + 40 Cash Back from schwab card 2000$ initial deposit

I tried 3k but it was too much so went for the 2k tran and it went all though. I don't have the schwab card and get my 1.25% with the Chase Freedom so $25 is ok. Maybe this will pop in my most used category to get me 3% - wishfull thinking. Thanks OP.

mgupta001 said: I just now inquired about the credit card funding to the account and the rep was telling that it will treated as cash advance.
Has something being changed recently?

They may not know, It was not shown on the funding page that it would be considered a cash advance and parento did have it count as a purchase. I might call chase to have any Cash Advance canceled that shows on my account or have that option blocked?

Any tips for triggering the bonus without DD? I just opened the account because... well, I always liked the way Virtual Wallet is implemented. I just saw that THEY charge you for taking money out of a non-PNC ATM, however, and I no longer want the account. I'll happily take the bonus, though, and happily swallow the "25 dollar early termination" charge.

mgupta001 said: Please report once the transaction gets posted to the credit card account? I just want to make sure that it is treated as purchase.

the authorization already shows up online as a regular purchase

PNCBANK NA ONLINE RETA - PITTSBURGH -- 09/09/2009 TEMP $2,000.00

BhartiShah said: "Offer available to new PNC Bank checking account customers only who must open the account using the on-line application." To be considered as new customer by PNC bank, how long do we have to wait after closing a checking account ?

Better yet what are the min balances required for checking and the virtual wallet?

free money is good, but too much hoops?

From their fee schedule:

SPEND is your primary checking account. If you write checks, 3 will be 
processed for free each statement period, after that there’s a $0.50 fee 
for each additional check.

Wow, $.50 for each check written after the first 3 in a statement period? Why would anyone want to use this is their primary checking account? I guess the bonus is the only draw here.

Here's an older thread about a similar $75 bonus at PNC: http://www.fatwallet.com/forums/finance/895806
People there reported that ACH (as well as an initial credit card deposit) triggered the bonus.

The fine print says, "Offer available to new PNC Bank checking account customers only who must open the account using the on-line application." Does anyone know whether they've integrated National City to the extent that having an existing National City account prevents you from getting the bonus?

ThePessimist said: The fine print says, "Offer available to new PNC Bank checking account customers only who must open the account using the on-line application." Does anyone know whether they've integrated National City to the extent that having an existing National City account prevents you from getting the bonus?

From the end of same fine print - "PNC Bank and National City Bank customers with an existing checking account are not eligible for this offer."

FYI 2k posted as purchase on my rewards card. No cash advance + $20 in rewards!

ThePessimist said: BhartiShah said: From the end of same fine print - "PNC Bank and National City Bank customers with an existing checking account are not eligible for this offer."
Thanks. Somehow I missed that, probably because it was separate from all of the other fine print.

This is in the quicksummary above

How long does it take to get the log-in info after filing the application?

b534202 said: How long does it take to get the log-in info after filing the application?The email they send after you open the account says "Within 24-48 hours, your account will be available in Online Banking", and you set it up then at www.pnc.com, clicking "Get Started Now!", entering SSN, account number, debit card PIN (assuming you picked your own when applying; otherwise I think you can call them). However, I opened the account Friday and on Sunday after 48 hours I still couldn't login; I called and they said I really have to wait 2-3 business days. Also note that after the 4th or so attempt to login it'll say you've tried too many times and you have to call them.

Another note about opening the account: I put $2000 on my Chase Freedom and it was declined. I called Chase and got an automated message about fraud detection, asking me if it was a legitimate charge; I said yes and they said to try the charge again and it should work. Also, the PNC application only lets you try a credit card about 3 times; then it says you can only do a bank transfer. On the page that asks for the deposit amount I had clicked Previous because I wanted to double check the info, and when I clicked Continue it said I had tried too many times; so it seems to count number of times you visit that page rather than actual funding attempts. I called PNC and they said if I start the application over from scratch I could try a credit card again. I did that and it worked (I waited several hours first, not sure if it matters).

Edited to add that the charge on my Chase Freedom appears to be treated as a purchase, not cash advance.

govenar said: b534202 said: How long does it take to get the log-in info after filing the application?The email they send after you open the account says "Within 24-48 hours, your account will be available in Online Banking", and you set it up then at www.pnc.com, clicking "Get Started Now!", entering SSN, account number, debit card PIN (assuming you picked your own when applying; otherwise I think you can call them). However, I opened the account Friday and on Sunday after 48 hours I still couldn't login; I called and they said I really have to wait 2-3 business days. Also note that after the 4th or so attempt to login it'll say you've tried too many times and you have to call them.

Another note about opening the account: I put $2000 on my Chase Freedom and it was declined. I called Chase and got an automated message about fraud detection, asking me if it was a legitimate charge; I said yes and they said to try the charge again and it should work. Also, the PNC application only lets you try a credit card about 3 times; then it says you can only do a bank transfer. On the page that asks for the deposit amount I had clicked Previous because I wanted to double check the info, and when I clicked Continue it said I had tried too many times; so it seems to count number of times you visit that page rather than actual funding attempts. I called PNC and they said if I start the application over from scratch I could try a credit card again. I did that and it worked (I waited several hours first, not sure if it matters).

Edited to add that the charge on my Chase Freedom appears to be treated as a purchase, not cash advance.

I opened it on the 9th and got the 24-48 hour mail, but still no access, that's why I asked. Its already charged to my citi cc too. I guess I'll have to call them if it doesn't activate in a day or 2.

I was wishing this would be an easy totally-online process ...

dter said: Any tips for triggering the bonus without DD? I just opened the account because... well, I always liked the way Virtual Wallet is implemented. I just saw that THEY charge you for taking money out of a non-PNC ATM, however, and I no longer want the account. I'll happily take the bonus, though, and happily swallow the "25 dollar early termination" charge.

If the combined balance is over $2000, the surcharge to use non-PNC ATMs (including foreign transactions) will be reimbursed.

johnnybs said: $25 assessed if you close your Virtual Wallet SPEND account within 180 days of the date the account was opened.

Not sure what the fees/time limit are for the RESERVE account.

PNC automatically closes your account if it's at zero for 90 days. I wonder if that would generate the fee? Anyway, not hard to leave a dollar in the account and have the computer remind me to withdraw it in a little over 3 months.