PNC offers a student checking account called Virtual Wallet Student, designed for customers under 24 years old

Virtual Wallet Student is PNC's checking account for students. It comes with a debit card, online and mobile banking, and no monthly maintenance fee as long as you meet the age requirement. You do not need a minimum balance to avoid fees, and there are no overdraft fees on purchases — though overdrafts on ATM withdrawals and transfers do carry a fee.

The account includes access to PNC's network of over 9,000 ATMs nationwide, plus the Allpoint network for additional ATM access. You can deposit checks through the mobile app using mobile check deposit, and you get real-time alerts when money moves in or out of your account.

Virtual Wallet Student converts to a standard Virtual Wallet account when you turn 24, at which point the monthly fee structure changes. The standard account charges $6.95 per month unless you meet one of several fee-waiver conditions, such as maintaining a $500 minimum balance or setting up direct deposit.

Key Takeaways

  • Virtual Wallet Student has no monthly maintenance fee and no overdraft fees on debit card purchases, making it designed specifically for students under 24.
  • You need a Social Security number, valid ID, and proof of current address to open the account, either online or at a PNC branch.
  • The account automatically converts to a standard Virtual Wallet account when you turn 24, and the $6.95 monthly fee applies unless you meet a fee waiver.
  • PNC's mobile app lets you deposit checks remotely and set up spending alerts, which can help you track money during school.

What you need to open a Virtual Wallet Student account

To open the account, you will need your Social Security number, a valid government-issued ID (driver's license, passport, or state ID), and proof of your current address. Proof of address can be a utility bill, lease agreement, or bank statement dated within the last 60 days. You must be under 24 years old at the time you open the account.

You can open the account online through PNC's website or at any PNC branch in person. The online process takes about 10 minutes and you can start using the account the same day. If you open in person, you will receive your debit card immediately or it will arrive by mail within 7 to 10 business days, depending on the branch.

Fees and what they cover

Virtual Wallet Student charges no monthly maintenance fee. There are no overdraft fees when you use your debit card to make a purchase — if you do not have enough money, the transaction will be declined. However, overdrafts on ATM withdrawals and transfers do carry a $36 fee per occurrence.

Other fees you should know about: out-of-network ATM withdrawals cost $3 per transaction (though PNC reimburses some out-of-network fees through the Allpoint network). Wire transfers cost $15 for outgoing domestic wires. Expedited card replacement is $15, though standard replacement is free.

When you turn 24, the account converts to Virtual Wallet and the $6.95 monthly fee applies. You can avoid this fee by maintaining a $500 minimum daily balance, setting up direct deposit of at least $500 per month, or having a linked savings account with a $500 minimum balance.

How to deposit checks and access your money

You can deposit checks using the PNC mobile app without visiting a branch. Open the app, select "Deposit a Check," take photos of the front and back of the check, enter the amount, and submit. The funds typically appear in your account within one business day. You can also deposit checks at any PNC ATM or branch.

You have access to PNC's 9,000+ ATMs nationwide at no charge. The Allpoint network adds thousands more ATMs where you can withdraw cash for free. You can also withdraw cash at many grocery stores and retailers that offer cash back with a debit card purchase.

Transfers between your own PNC accounts are instant. Transfers to accounts at other banks take one to three business days through ACH (Automated Clearing House). If you need money to move faster, PNC offers wire transfers, which typically arrive the same business day but cost $15.

What happens when you turn 24

Your Virtual Wallet Student account automatically converts to a standard Virtual Wallet account on your 24th birthday. The $6.95 monthly maintenance fee then applies unless you meet one of the fee-waiver conditions. You do not need to do anything — the conversion happens automatically.

The fee waiver options are: maintain a $500 minimum daily balance, set up direct deposit of at least $500 per month, or link a PNC savings account with a $500 minimum balance. Many students who graduate and start working meet the direct deposit requirement, so the fee may not apply to you.

If you want to avoid the fee and cannot meet those conditions, you can close the account and open a different account type, though PNC does not offer another no-fee checking option for customers over 24.

How Virtual Wallet Student compares to other student accounts

Most major banks offer student checking accounts with no monthly fees. Chase offers Chase College Checking with no monthly fee for customers under 24, no minimum balance, and no overdraft fees on debit purchases — similar to PNC's offering. Bank of America's Student Banking also has no monthly fee and no overdraft fees on purchases.

The main difference between these accounts is the ATM network. PNC's 9,000+ ATM network is larger than Chase's, which matters if you attend school far from a Chase branch. Bank of America has a similar nationwide network. All three convert to a standard account with fees when you turn 24, though the fee amounts and waiver conditions vary.

If you already bank with PNC or plan to use PNC for other accounts, Virtual Wallet Student integrates with the same app and online platform, which can make managing money simpler. If you are choosing between banks, compare the ATM locations near your school and home, since that affects how often you pay out-of-network fees.

Frequently Asked Questions

Can I open a Virtual Wallet Student account if I do not have a Social Security number?

No, PNC requires a Social Security number to open any checking account. If you are an international student without a U.S. Social Security number, you may be able to open an account using an ITIN (Individual Taxpayer Identification Number) — contact your local PNC branch to ask, as policies vary by location.

What happens if I overdraft my account before I turn 24?

Overdrafts on debit card purchases are not charged a fee. Overdrafts on ATM withdrawals and transfers cost $36 each. PNC will not automatically cover the overdraft — the transaction will be declined. You can link a savings account to your checking account to set up overdraft protection, which transfers money automatically if you overdraft.

Can I keep the account after I graduate if I turn 24 before graduation?

Yes, the account converts to Virtual Wallet automatically when you turn 24, and you can keep it open as long as you want. The $6.95 monthly fee applies unless you meet one of the fee-waiver conditions. You do not have to close it or switch to a different account type.

Does PNC offer any rewards or cash back on this account?

Virtual Wallet Student does not earn cash back or rewards on debit card purchases. PNC offers cash back rewards through its Virtual Wallet with Performance Rewards account, but that account charges a monthly fee and is designed for customers with higher balances or income.

Can I use this account to receive direct deposit from a part-time job?

Yes, you can receive direct deposit on Virtual Wallet Student. Provide your employer with your account number and routing number (available in the PNC app or on your debit card). Direct deposit typically takes one to two business days to appear in your account after your employer submits the payment.