The PNC Student Account is a somewhat unique product. It is formally known as the Virtual Wallet Student for student banking with PNC. It allows students to learn personal banking, and it helps them learn how to save. From a student perspective, this account can be beneficial by helping you learn how to manage multiple accounts in your name. On top of this, you can gain a sense of independence since no parent account is needed. Overall, the PNC Virtual Wallet Student Account is a great way for any student to get up to speed on personal banking.
It was mentioned earlier that the PNC Virtual Wallet for student was unique. This is true for one main reason. When signing up for a PNC student account, you are actually signing up for three different accounts. You get a student checking account, a reserve account, and a growth account. The checking account is for spending. The reserve account is for short term savings, and it earns interest. The growth account is for long term saving, and its interest accrues at a different rate than the reserve account. The strength of the PNC student account is its ability to earn interest on your funds at multiple different rates. You can learn how to manage your funds and take advantage of the different benefits of each account.
There are plenty of standard benefits of having an account with PNC as a student. You have access to thousands of PNC ATMS and branch locations throughout the United States. You can access your financial information through a computer. You can access your bankings online via desktop or a mobile device. PNC makes it easy to transfer money between accounts, and you can perform a check deposit on your mobile device whenever. On top of this, there are extensive online resources on credit, personal finance, and more. PNC fosters an environment that is filled with educational opportunities, so it is easy to gain an understanding of personal banking.
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Like any bank product, there are several fees and expenses to worry about. In order to start a Virtual Wallet Account with PNC, you must deposit $25 into one of the three accounts. While many student bank accounts have monthly service fees, the PNC student account does not have a recurring fee so long as you are enrolled in school for up to six years.
All PNC ATM withdrawals are exempt from withdrawal fees. This is not the case for non-PNC ATMs. Any withdrawals from a non-PNC ATM costs $3 in addition to the ATM-owner fee. A withdrawal from outside of the country is charged $5. Luckily, PNC waives the fee on the first two non-PNC ATM withdrawals. If you happen to have overdraft protection, then you get charged $36 for every purchase that overdraws your account. Without this protection in place, your card will simply get denied which is much less costly than relying on overdraft protection.
The PNC student account, or three accounts, is an interesting offer. Many people may not understand why it offers a spending, reserve, and growth account, but it does offer some good terms and conditions. Overall, it is a low risk product that you, or any student, can take advantage of it on the path towards financial literacy. This account is comparable to accounts offered by Chase and US Bank.
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