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 $12 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 28 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 sizeable 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 fee.

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

To earn the $400 welcome 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.

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

Where PNC business checking stands out

Monthly fee is easy to waive: PNC Business Checking's $12 monthly fee can be waived with an average monthly balance of just $500, much lower than many competitors — Chase, for instance, requires a minimum daily balance of $2,000 to waive its monthly fee.

Sign-up bonus: New PNC customers can earn a relatively big sign-up bonus of $400 when they open a new account.

ATMs and branch access: PNC Bank offers access to around 2,000 branch locations and nearly 60,000 in-network ATMs across the U.S. — including PNC ATMs as well as MoneyPass and Allpoint ATMs, which are commonly found inside CVS, Walgreens and other convenience stores.

» 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.

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.

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

• $36 for overdrafts, with exceptions only if your account is overdrawn by less than $5.

• $95 for outgoing domestic wire transfers; $135 for outgoing international wires. Up to $20 for incoming wires.

• $3 per transaction at non-PNC ATMs, plus whatever fees the ATM owner charges.

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