PNC Business Checking: Solid Welcome Bonus, But High Incidental Fees

PNC Bank offers two core business checking accounts — Business Checking and Business Checking Plus — along with a handful of specialized checking solutions based on your industry and unique financial goals, such as Non-Profit Checking, Analysis Business Checking and an Interest On Lawyers Trust Account.

While PNC does not offer a free business checking account, the bar to waive its monthly fees is pretty low. On the PNC Business Checking account, for example, the $10 monthly fee is waived if you hit one of the following markers:

• Maintain an average monthly balance of $500.

• Make a minimum of $500 in purchases on a linked PNC business debit card during your billing cycle.

• Generate at least $500 in monthly processing deposits via a linked PNC merchant services account.

The bank's straightforward accounts, coupled with a robust branch and ATM network, make PNC a solid option for business owners who prefer to bank with a brick-and-mortar financial institution. It's worth noting, however, that many online business checking accounts offer fewer fees and more perks.

Although PNC allows you to start an application online, you’ll need to visit a branch in person to actually open a business checking account. PNC has branch locations in 26 states across the Northeast, Midwest and South, plus Washington, D.C.

While this review talks about Business Checking and Business Checking Plus, the star rating above refers only to the former option.

PNC business checking is best for small-business owners who:

• Prioritize in-person banking at a brick-and-mortar.

• Qualify to waive the monthly service fee.

• Want to earn a sign-up bonus.

• Rarely send wire transfers.

If PNC's sign-up bonus appeals to you, consider U.S. Bank Silver Business Checking, too. That account comes with a massive welcome bonus: Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.

Plus, it has no monthly fees and a slightly more generous overdraft policy: U.S. Bank charges no overdraft fees if you're overdrawn by $50 or less at the end of the day, compared to a window of just $5 at PNC.

Pros and cons

Pros

• Monthly fees waived for the first three months after account opening.

• Welcome bonus for new customers.

• Large branch network.

• Earn cash back at select merchants with PNC Purchase Payback.

Cons

• No free business checking account options.

• $100 minimum opening deposit requirement.

• Fee for using out-of-network ATMs.

• High incidental fees, including for overdrafts and wire transfers.

• Fee for syncing checking account with accounting software, including QuickBooks and Xero.

PNC business checking at a glance

*PNC waives the monthly fee for the Business Checking account, Business Checking Plus account and Treasury Enterprise Plan for the first three months after your account is opened.

» MORE: PNC business loans review

How to open a PNC business checking account

While you can start your application online or over the phone, you ultimately need to visit a branch in person to open a PNC business checking account. PNC has branch locations in 28 states across the Northeast, Midwest and South, plus Washington, D.C.

To apply, you need to provide basic information about yourself and any additional business owners who own 25% or more of the business. You’ll also need to provide your Social Security number, employer identification number (or business tax ID) and basic details about your business.

If you start your application online, you’ll need to include a valid government-issued photo ID. But you will need to bring two valid forms of ID — either two forms of government-issued photo ID or one government-issued photo ID and one secondary form of ID, such as a rental agreement or utility bill — to finish your application at a PNC location. You also need to provide legal business documentation, which will vary based on your entity type.

» MORE: What you need to open a business bank account

Once your application has been reviewed and approved by PNC, you’ll be able to fund your account — PNC business checking accounts require a $100 minimum opening deposit — and start managing your finances.

PNC sign-up bonus

PNC offers a welcome bonus of $400 or $500, depending on the account, but you need to request an offer coupon from the PNC website and bring it with you to the branch.

To earn the $400 bonus for the Business Checking or Business Checking Plus account, you’ll need to do the following:Open a new qualifying Business Checking or Business Checking Plus account by 12/31/2024. Maintain a minimum average ledger balance of $2,000 for each of the first three statement cycles; and make at least 20 total qualifying PNC Bank Visa® Debit Card transactions within the first three statement cycles.

To earn the $500 bonus for the Treasury Enterprise Plan or Analysis Business Checking account, you’ll need to:

• Maintain a minimum average balance of $30,000 for each of the first three statement cycles.

PNC will credit your business checking account directly within 90 days if these conditions are met.

Where PNC business checking stands out

Account options: With PNC Bank business checking, you aren’t limited to a single account option. You instead can choose the account that best suits your banking needs — in terms of monthly fee, included fee-free transactions, cash deposits and other features — and change or upgrade as your business evolves.

Sign-up bonus: New PNC customers can earn a relatively big sign-up bonus — either $200 or $500, depending on which account you choose.

ATMs and branch access: PNC Bank offers access to 2,500 branch locations and nearly 9,300 in-network ATMs across the U.S. Each of the business checking accounts includes fee-free access to any PNC Bank ATM and, with the exception of the Business Checking account, PNC does not charge fees for out-of-network ATM use (although the owner of the ATM may charge separate fees). The Business Checking account does include two reimbursements per month of fees charged by PNC for using out-of-network ATMs.

» MORE: Best banks for small business

Business debit card rewards: With your PNC business debit card, you’ll have access to the PNC Purchase Payback program, which allows you to earn cash back for everyday spending. Through online banking, you can visit the rewards center, activate the offers you want, and then make purchases at eligible retailers to earn cash back directly to your business checking account.

In addition, you also have the option to enroll in the free Visa SavingsEdge program. With this program, you can earn automatic discounts by using your PNC business debit card to make purchases at participating merchants.

Online add-ons: In addition to free mobile banking, online banking and bill pay with all accounts, PNC also offers add-ons that can be used to further customize your account. Most notable is Cash Flow Insight, a suite of cash flow management tools that connects to your online banking.

The basic version of Cash Flow Insight allows you to create a cash flow forecast and visualize the impact of actual and projected transactions. You can also track spending for all activities across your business checking account and compare your cash position month to month and year over year. This feature is $10 per month but is free if you have a Business Checking Plus account.

You also have the option to upgrade your software and add payables, receivables, payments, invoicing, approvables and more.

Where PNC business checking falls short

Monthly fees: PNC business checking accounts require a monthly fee. While most accounts waive the fee for the first three months, and there are several ways to waive the fees after that, business owners still need to budget for these fees. There are plenty of free business checking accounts out there if you don't want to deal with monthly fees.

Additional fees: PNC business checking accounts can carry a lot of additional fees, including some that are particularly high compared with competitors.

• $36 for overdrafts.

• $90 for outgoing domestic wire transfers; $125 for outgoing international wires. Up to $20 for incoming wires.

• $3 per transaction at non-PNC ATMs. (The Business Checking Plus account does not charge out-of-network ATM fees).

• $15 per month for direct integration with QuickBooks.

You'll also be charged if you exceed the number of fee-free transactions and cash deposits included in your account.

While these types of fees are common among brick-and-mortar-based business accounts, plenty of online business accounts have few, if any, incidental fees.