The PNC Bank Virtual Wallet competes against its competitors in the money market. The main difference between the two is that the former bank branch offers a web-based service while the latter offers a physical branch presence only. Hence, it would be of little wonder if the virtual wallet has been chosen as the most preferred option by many consumers. The following article will seek to analyze the merits of both types of wallet.
The PNC Bank Virtual Wallet scores well on CNBC’s list of the best online savings accounts because prospective customers are able to earn up to $400 in cash bonus whenever they decide to take advantage of their services. In addition, PNC customers have the choice from these choices: Personal checking account with an interest-bearing balance. Or they can go for the Virtual Wallet with a fixed saving rate and no minimum balance requirement. Another option that is offered is the ability to make purchases over the phone with funds deposited into their accounts.
One notable feature of the virtual wallet is that it allows its users to spend both online and offline. This gives them the flexibility of deciding whether or not to use their account for earning interest and other benefits. However, this feature is subject to the Reserve Bank of New York’s (RBC) rules. Hence, it is advised that you read the terms and conditions of reserve banking first before you decide to use your account for transactional purposes.
A big reason why some consumers tend to favor the Google checkout model is that it is free from charge. The reason for this is that PNC does not charge any fees when a customer uses its services. What PNC Bank tells its customers is that they can use their service without being bound by any deposit form. It further adds that the banks’ website can act as an instructional resource too. Google Wallet on the other hand, requires consumers to sign up for a credit card and pay a one-time fee of $100.
Virtual Wallet requires users to opt for the no deposit feature. Consumers say that this has reduced the chances of getting stuck with a high transaction fee later on. However, there are still some situations where the bank levies a transaction fee even after the customer clears his or her first transaction. While no deposit virtual wallet may apply to all transactions, there are some situations where it applies only to some.
There are a few differences between the no deposit and no credit card virtual wallet. For one, PayPal has stricter rules and may apply higher transaction fees to its members. It has also partnered with Citibank, which has the power to ban members who conduct money transactions outside the USA. If a user is not a US resident then he will have to pay a fee to send money to a non-USA bank account. The Google checkout virtual wallet does not charge any fee for sending or receiving payments either.
Like other atms, the virtual wallet allows users to select the amount of fee they want to pay for their transactions. The difference however lies in the manner in which performance spend is determined. Performance spend is the amount of fee that a customer has to pay whenever he or she makes a purchase using the virtual wallet. The virtual wallet will deduct the performance fee from the amount of money deposited into the virtual account. In case of a deposit, no performance spend is deducted.
A virtual wallet offers two options for users who wish to pay transaction fees using electronic transfer: the no transaction fee and the transaction fee plus the overdraft fees. Users who wish to pay both the overdraft fees and the transaction fees are advised to select the no transaction fee option. This will ensure that the customer will not be overburdened with the transaction fees. If you intend to use an ATM for international purchase, you can also use a virtual wallet instead of withdrawing cash from an ATM.
