Opened up 2 personal virtual wallet accounts and 1 joint. The Performance Select highest tier option says with $5,000 in direct deposits the fee is waived, and up to 8 checking accounts can be "linked" to it and have monthly service charges waived. Here are there exact terms:
No Monthly Service Charge if you meet any one of the following:
● $5,000 combined average monthly balance in your Spend and up to 7 PNC Bank consumer checking accounts1 you have chosen to link (including Reserve)
● $25,000 combined average monthly balance across PNC Bank consumer deposit and/or PNC Wealth Management accounts1 you have chosen to link
● $5,000 in qualifying2 monthly direct deposits to your Spend account during the statement period
● Account holder is a PNC Employee3
Monthly service charge waived on up to 8 additional consumer checking, savings or money market accounts you have chosen to link (includes Reserve and Growth accounts)1
The "1" fine print says the following:
PNC deposit accounts eligible to be linked may include consumer checking, savings, money market, certificates of deposit and retirement certificates of deposit. Any PNC Wealth Management (PNCWM) asset where PNCWM is the broker-dealer of record is eligible to be included in the combined average balance requirement; assets managed under a fiduciary relationship with PNC Private Bank® are not included. Some accounts may not be eligible to be included in the combined average monthly balance requirement based on titling structure, product type or other constraints. Linked accounts must be open at the end of the Spend account’s statement period in order for their balances to be considered for the monthly service charge waiver. A maximum of ten (10) linked PNC accounts, including your Spend, Reserve and Growth accounts, may be included in the combined average monthly balance relationship. See the PNC Virtual Wallet Fine Print: “What You Need to Know”, “Interest Payment and Balance Computation” section for details. The average monthly balance is calculated by adding the principal in each of your related accounts for each day of the current statement period and dividing that figure by the number of days in the current statement period.
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So my impression is sweet, we can make the $5000 direct deposits in the joint account and also make both our personal accounts the Performance Select, just link them to the joint, and the fees will be covered while also getting the benefits of the high tier account. Turns out PNC support says Virtual Wallet accounts can't be linked to each other. Only older PNC accounts that you have to be grandfathered into.
Anyone with PNC experience able to help? The issue comes from wanting to just get our direct deposits in the joint account, but being able to have 2 personal accounts to pull funds from the joint and not have to worry about monthly fees. Chose all the same bank for instant transfer time and also thought PNC's setup would allow us to not pay fees.