What PNC requires to keep your account open
PNC checking accounts do not have a single minimum balance requirement that applies to all account types. The requirement depends on which checking account you choose. Some PNC checking products have no minimum balance at all, while others require you to maintain a set amount to avoid a monthly fee.
The most common PNC checking accounts are Virtual Wallet Checking, Performance Checking, and Student Checking. Virtual Wallet Checking has no minimum balance requirement. Performance Checking requires a $500 minimum daily balance to waive the monthly maintenance fee. Student Checking also has no minimum balance requirement and is designed for customers under 24 years old.
If you do not meet the minimum balance requirement on an account that has one, PNC will charge you a monthly maintenance fee—typically $7 to $15 depending on the account type. You can avoid this fee by maintaining the required balance or by setting up a direct deposit, which may waive the fee even if your balance falls below the minimum.
Key Takeaways
- Virtual Wallet Checking and Student Checking have no minimum balance requirement, while Performance Checking requires $500 in daily balance to avoid a monthly fee.
- If you fall below the minimum balance on Performance Checking, PNC charges a monthly maintenance fee of around $7 to $15.
- Direct deposit to your account may waive the monthly fee even if your balance drops below the minimum on accounts that have one.
- The minimum balance is calculated as a daily balance, not an average balance, so dipping below it even once during a statement period can trigger the fee.
How PNC calculates your daily balance
PNC measures your minimum balance requirement using your daily balance, not an average balance across the month. This means you must maintain the required amount every single day of your statement period. If your balance drops below the minimum even once, you do not meet the requirement for that month and will be charged the maintenance fee.
For example, if you have Performance Checking and maintain $500 for 29 days but drop to $450 on day 30, you will be charged the monthly fee. This daily calculation is stricter than some banks that use an average balance method, so it matters when you make large withdrawals or transfers.
Ways to avoid the monthly maintenance fee
If your account has a minimum balance requirement, you have several options to waive the fee without keeping that balance. The most common is setting up a direct deposit of your paycheck or other regular income. PNC will waive the monthly fee on Performance Checking if you receive at least one direct deposit per month, regardless of your account balance.
Another option is to link your account to a PNC savings account or credit product. Some account packages waive fees if you maintain a combined balance across multiple accounts, though the threshold varies. You can also ask PNC about their relationship pricing, which may reduce or eliminate fees if you have multiple products with the bank.
If you consistently cannot meet the minimum balance, switching to Virtual Wallet Checking or Student Checking (if you are under 24) removes the requirement entirely. Both accounts have no minimum balance and no monthly fee, making them a better fit if you carry a low balance most of the time.
What happens if you go below the minimum
When your balance falls below the required minimum on an account that has one, PNC does not immediately close your account or deny transactions. Instead, the bank charges you the monthly maintenance fee during your next statement cycle. The fee is deducted from your account, which may push your balance even lower.
If your account balance becomes negative after the fee is charged, you may also incur overdraft fees if you attempt to make a transaction. This can create a cycle where one missed fee leads to multiple charges. To stop this, deposit funds to bring your balance positive, or contact PNC to discuss fee waivers if you are facing hardship.
Comparing PNC checking accounts by minimum balance
| Account Type | Minimum Balance Requirement | Monthly Fee (if minimum not met) | Fee Waiver Options |
|---|---|---|---|
| Virtual Wallet Checking | None | None | N/A |
| Performance Checking | $500 daily balance | $7–$15 | Direct deposit, linked savings account, relationship pricing |
| Student Checking | None | None | N/A (for customers under 24) |
When to switch to a different PNC account
If you are paying a monthly fee because you cannot maintain the $500 minimum on Performance Checking, switching to Virtual Wallet Checking makes financial sense. You will save $84 to $180 per year by eliminating the fee, and Virtual Wallet Checking includes many of the same features—online banking, debit card, bill pay, and mobile app access.
Virtual Wallet Checking is also a better choice if your income is irregular or seasonal. You do not have to worry about your balance dipping below a threshold, and you avoid the risk of being charged a fee during a slow month. The only reason to keep Performance Checking is if you value specific features it offers that Virtual Wallet Checking does not, or if you can easily meet the $500 minimum and want to take advantage of any perks tied to that account type.
Frequently Asked Questions
Does PNC check your minimum balance every day or just at the end of the month?
PNC checks your balance every day. You must maintain the required minimum balance throughout your entire statement period, not just at the end of the month. If your balance drops below the minimum on even one day, you will be charged the monthly fee.
Can I waive the Performance Checking fee with a savings account transfer?
Some PNC account packages allow you to waive fees by maintaining a combined balance across checking and savings accounts, but the specific threshold and rules depend on your region and account package. Contact PNC directly to ask whether your accounts may have access to for combined balance pricing.
What if I set up direct deposit but my balance still drops below $500?
If you have direct deposit set up on Performance Checking, the monthly fee is waived even if your balance falls below $500. Direct deposit is the most reliable way to avoid the fee without maintaining the minimum balance itself.
Is there a penalty for closing a PNC checking account?
PNC does not charge a penalty for closing a checking account, but you should close it only after your balance is zero or you have transferred your funds elsewhere. Some banks charge a fee if you close an account within a certain timeframe, but PNC's policy does not include this restriction.
Can I have multiple PNC checking accounts to avoid the minimum balance?
Yes, you can open multiple checking accounts with PNC, including both Virtual Wallet Checking and Performance Checking if you want. However, each account is treated separately for minimum balance purposes, so opening a second account does not help you meet the minimum on the first one.