PNC Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
PNC Bank is an excellent traditional bank with three business checking options. All accounts have waivable monthly fees, Cash Flow Insight® tools, and online and mobile banking access:
- Business Checking is ideal for basic business needs and offers up to 150 fee-free monthly transactions and $5,000 free cash deposits.
- Business Checking Plus suits businesses with greater transaction volume with its 500 free monthly transaction limit and $10,000 free cash deposits.
- Treasury Enterprise Plan fits larger businesses with more transaction volume seeking treasury management services to manage their cash flow better.
PNC Bank requires in-person account opening for its business checking product. It has more than 2,500 branches in Washington, D.C., and 28 states: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wisconsin.
What We Like
- Waivable monthly fees; no monthly fee for the first three months from account opening
- Up to 150 free transactions for Business Checking; 500 for Business Checking Plus
- $200 welcome bonus for Business Checking and Business Checking Plus; $500 for Treasury Enterprise Plan and Analysis Business Checking
What's Missing
- No free checking account
- Hefty wire fees
- Account opening must be at a branch
- $100 opening deposit requirement
Features
- Free Visa debit card with cash back rewards
- Online and mobile banking
- No set-up fee for overdraft protection
- Integrates with QuickBooks, Xero, Intacct, and NetSuite
- Cash Flow Insight® tools help manage cash flow
- PNC Purchase Payback® rewards
- PNC alerts
- PNC Merchant Services®
How PNC Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 Business Checking | $12; waivable | 150, then 50 cents per transaction | $5,000 free, then 30 cents per $100, per statement cycle | $3 per transaction at any non-PNC Bank ATM | $100 |
 Initiate Business Checking | $10; waivable | 100, then 50 cents per transaction | $5,000 free, then 30 cents per $100, per statement cycle | None at 12,000-plus ATMs nationwide; $2.50 per nonnetwork transaction | $25 |
 Silver Business | N/A | 125, then 50 cents per item | $2,500 free or 25 free cash transactions per statement cycle | None at U.S. Bank and MoneyPass ATMs | $100 |
When PNC Bank Is a Good Fit
- Your business has a low transaction volume: Opening a Business Checking account provides you with up to 150 fee-free transactions each month. It includes a combination of deposited items, paid items, and automated clearing house (ACH) credits and debits received. You can also deposit up to $5,000 without a cash deposit fee.
- Your business has a high transaction volume: PNC Bank’s Business Checking Plus provides higher transaction limits, including one free incoming domestic wire and two ATM fee refunds per month.
- You’re looking for a bank that offers rewards for opening a business checking account: PNC Bank made it to our list of best bank account promos and offers with its cash bonus of $200 or $500, depending on the business checking product you open. However, this offer is available only to businesses with an annual revenue of less than $5 million.
- You have plenty of business accounts and want additional benefits: The Treasury Enterprise Plan allows you to link multiple business checking accounts and consolidate your account balances. You can also open four beneficiary accounts with no monthly maintenance fees, access treasury management services, and save transaction fees through an earnings credit.
When PNC Bank Is Not a Good Fit
- Your business is based where PNC Bank isn’t located: Its brick-and-mortar branches are found in Washington, D.C. and the 28 states listed above. You can consider Chase, which has a strong branch presence in 48 states. Check out our review of Chase Business Checking to learn more about its products and services.
- You prefer a free checking account and don’t mind a digital bank: While PNC Bank has online banking, you can opt for fully digital banks that offer fee-free checking accounts, such as Bluevine. Our Bluevine Business Checking review provides detailed information on its fee-free features.
- Your business sends wire transfers frequently: PNC Bank’s outgoing wire fees are substantially higher than other banks. Meanwhile, Mercury offers free wire transfers for both incoming and outgoing transactions. Read our review of Mercury Business Checking to discover how it benefits your business.
Check out more providers in our list of the best small business checking accounts.
PNC Bank Business Checking Overview
PNC Bank Business Checking Requirements
Opening a PNC business checking account requires going to a branch. You can start your application by visiting the PNC Bank website or calling a bank representative. You’ll need to provide your business’s tax identification number (TIN) and a valid e-mail address.
At the PNC Bank branch, you must present two IDs. It can be one primary government-issued ID and one secondary ID or two primary government-issued IDs:
- Primary ID: Driver’s license, passport, state-issued or authorized city-issued ID, resident alien ID, military ID, veteran’s healthcare ID, firearm ID, or global entry card
- Secondary ID: United States visa, paystub, home rental agreement, utility bill, major credit/debit card, or vehicle registration
The bank will also ask for documents verifying your business registration and your authority to act on behalf of and control, manage, or direct the business. Information regarding the individual beneficial owners of the business—those who own, directly or indirectly, 25% or more of the equity interests of the business—will also be collected by the bank.
Beneficial owners must provide their
- Legal name
- Social Security number
- Date of birth
- Address
- Citizenship
- Percent of ownership
Click on your entity type to view the bank’s additional business checking requirements.
- Social Security number of the owner who will sign on account
- Fictitious name registration, also known as trade name registration
- Certificate of assumed name
- Registration of alternate name or assumed name registration
- Social Security numbers of partners who will sign on account
- Partnership agreement
- Fictitious name registration, also known as trade name registration
- Certificate of assumed name
- Registration of alternate name or assumed name registration
- Social Security numbers of members, managers, or partners who will sign on account
- Operating agreement
- LLP only
- Certification of formation/organization, such as an LLC or certificate of limited partnership, such as an LLP
- Fictitious name registration, also known as trade name registration
- Certificate of assumed name
- Registration of alternate name or assumed name registration
- Social Security numbers of officers or directors who will sign on account
- By-laws
- Articles of Incorporation and any amendments
- Certification of formation or organization
- Board of directors meeting minutes
- Fictitious name registration, also known as trade name registration
- Certificate of assumed name
- Registration of alternate name or assumed name registration
- Social security numbers of officers or directors who will sign on account
- By-laws
- Certification of formation or organization
- Board of directors meeting minutes
- Authorization letter on company letterhead
- Fictitious name registration, also known as trade name registration
- Certificate of assumed name
- Registration of alternate name, or assumed name registration
Review the entity type above associated with your nonprofit to determine which documents to provide (partnership, LLC, or corporation). A 501(c) tax form or state nonprofit registration may be needed for certain product eligibility.
Check out our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
PNC Bank Business Checking Features
PNC Bank offers various business checking options, including a Visa debit card, mobile and online banking, and PNC alerts.
Multiple Account Options
PNC Bank provides several business checking products, including a basic tier, mid-tier, and business package account.
- Business Checking: Suitable for businesses with a low transaction volume, Business Checking provides 150 fee-free monthly transactions and charges $12 in monthly fees. You can waive it simply by maintaining a $500 average monthly balance, making $500 in eligible purchases using a linked PNC business credit card, or maintaining a linked Merchant Services account and having $500 qualifying monthly processing deposits.
- Business Plus Checking: PNC Bank offers a mid-tier business checking account with a 500 transaction limit and a waivable monthly fee of $22. You get one free incoming domestic wire and two reimbursed ATM fees monthly if you transact from a non-PNC Bank ATM network. Further, this account lets business owners open a Personal Virtual Wallet® with a Performance Spend checking account with no monthly service charge.
- Treasury Enterprise Plan: PNC’s Treasury Enterprise Plan is a business checking package for Analysis Business Checking accounts. You can enjoy 2,500 fee-free transactions across multiple eligible accounts. Its $50 monthly fee is waivable, and you get one free incoming domestic wire each month and ATM fee refunds for non-network ATM transactions. If you open four beneficiary checking accounts, the monthly fees are also waived, plus you can choose to open a Premium Business Money Market or MMDA Sweep account with a waived monthly fee.
Welcome Bonus
PNC Bank offers a cash reward for opening a new PNC business checking account. This offer is available to businesses with an annual revenue of less than $5 million—and only business checking accounts with statements that cycle monthly are eligible.
To qualify for a $200 reward, you must meet the following conditions:
- Open a new PNC Business Checking or PNC Business Checking Plus account between April 1, 2023, and June 30, 2023.
- Maintain a $5,000 average ledger balance in your new account for the first three statement cycles.
- Make at least 20 total qualifying PNC Visa Business debit card transactions within the first three statement cycles.
To qualify for a $500 reward, you must satisfy the following conditions:
- Open a new PNC Treasury Enterprise Plan or PNC Analysis Business Checking account between April 1, 2023, and June 30, 2023.
- Maintain a $30,000 average ledger balance in your new account for the first three statement cycles.
Debit Card with Rewards
PNC Bank issues a free secure Visa® business debit card equipped with contactless card technology. It can be requested through the phone or at your branch—get instant issuance at selected PNC branches. You can also provide your employees with debit cards for easy expense tracking.
To earn debit card cash backs, visit the Rewards Center through Online Banking to activate offers when you shop and dine using your debit card. PNC Purchase Payback® is a rewards program that presents great offers from favorite and suggested retailers. If you opt out of it, you can still earn PNC points.
Online & Mobile Banking
PNC Bank allows its customers to
- View account summary of all bank accounts
- Check balances
- Review recent transactions
- View and print images of paid checks
- Download up to seven years of account statements
- Pay one-time or recurring bills
- Transfer funds between PNC accounts and other financial institutions
- Export data by downloading account activity in accounting software
The PNC Bank mobile app earned good reviews and has a 4.8 out of 5 rating on the App Store1 with over 1.4 million ratings. On Google Play2, it has 4.5 out of 5 stars from around 200,000 ratings. Users said the app is easy to use, highly secure, and convenient. However, some commented that it is glitchy and often under maintenance. Others also experienced login errors and app crashes.
PNC Remote Deposit
Business owners can skip bank trips by depositing checks through a desktop scanner or compatible mobile device. The bank provides a single-feed scanner, but monthly fees may apply. You must enroll in PNC Online Banking to use this service.
PNC Alerts
You can monitor your account activity by setting up alerts to get notifications through email or text if any important events occur within your accounts and services.
Business Services
- PNC Merchant Services®: Small business owners can benefit from ecommerce and in-person solutions. The bank’s ecommerce flat rate pricing per transaction is 2.9% plus 20 cents. For in-person solutions, various Clover devices are available at different price packages. You need a PNC Merchant services account to access these payment processing solutions.
- PINACLE® Express: PNC Bank provides access to more online and mobile features and services. You can add user access and process payments using PINACLE Payments, which offers wire, ACH, real-time payments (RTP), and bill payments in one integrated solution. You can also use several of PNC Bank’s online treasury management services, such as lockbox, liquidity management tools, and fraud protection services.
- Cash Flow Insight®: Business owners can monitor and plan their cash flow, send invoices, and schedule online payments. Cash Flow Insight tools (Spend Analysis, Timeline, Trend, Cash In, Cash Out) help you track business spending and income and provide insights for greater efficiency and control in your business operations.
Other PNC Bank Business Products
Additional Checking Accounts
- Analysis Business Checking: This checking solution suits businesses wanting multiple checking accounts and earnings credit for all balances. Linking multiple accounts helps simplify bookkeeping and cash flow management.
- MMDA Sweep: You can gain increased returns on your idle cash balances by linking your checking account to a PNC Bank money market deposit account.
- Nonprofit Checking: Nonprofit businesses can apply for this specialty account and maintain an average monthly collected balance of $500 to waive the monthly fee. You can also take advantage of the PNC WorkPlace Banking® program and extend financial wellness education to your employees. This is among the reasons PNC made it to our list of the best banks for nonprofits.
- Business Interest Checking: PNC Bank offers Business Interest Checking, which yields a variable interest rate. With this account, your monthly fee can be waived when you maintain an average monthly collected balance of $5,000. Contact the bank for the current interest rate, APY, and nonpromotional balance tier information.
- Interest on Lawyers Trust Accounts (IOLTAs): This checking solution is restricted to attorneys and law firms that maintain escrow accounts for multiple clients. An IOLTA pools the funds into a single, interest-bearing account. No minimum balance nor monthly fee is required.
Premium Business Money Market
You can open a business money market account for $100. It charges a monthly fee of $12, but you can waive it by maintaining a $2,500 average monthly collected balance. This account offers a variable interest rate that can change anytime. Contact PNC Bank for the current interest rate.
Business Credit Cards
PNC Bank offers five different credit cards. You can choose cash rewards, points rewards, travel rewards, or lower rates when you open a credit card with the bank. Read our PNC Cash Rewards® Visa Signature Business Credit Card review to see if the card, which is suitable for business owners looking for unlimited cash back with its 1.5% cash back offer on all purchases, suits your business needs. Alternatively, you may want to check our roundup of the best PNC business credit cards to learn which fits your business needs.
SBA Loans
PNC Bank extends various SBA loan programs with lower down payments, competitive fixed interest rates, and longer repayment terms.
Its available SBA loan programs are
- SBA loans to veteran-owned small businesses
- SBA 7a loans
- SBA 504 loans
- SBA Express
- SBA Export Express
You may be interested in reading our SBA loans guide to learn more about their different types, rates, and requirements.
Lines of Credit
PNC Bank offers an unsecured small business line of credit and a secured small business line of credit.
- PNC Bank’s unsecured small business line of credit can range between $20,000 and $100,000. No collateral is required but some features may differ depending on your location.
- Businesses with no real estate assets can apply for a PNC Bank secured small business line of credit. Typically, it has lower interest rates and higher credit limits than the unsecured line of credit. The available secured line of credit amounts are between $100,001 to $3 million.
Business Vehicle Finance Loans
Businesses operating for at least three years that qualify for PNC Bank’s other requirements for a small business vehicle finance loan can borrow up to $250,000 for up to 72 months at fixed interest rates. PNC is part of our list of the best business auto loan providers since it provides established businesses with higher loan amounts and lower rates than other lenders.
Commercial Real Estate (CRE) Loans
With a PNC small business CRE loan, you can apply for funding between $100,001 to $3 million. Loan terms extend up to 15 years with up to 25 years of amortization. The interest rates are also flexible, and you can choose a fixed or variable rate.
PNC Bank Reviews from Users
There are no PNC Bank Business Checking reviews on third-party sites, but users gave feedback on its customer service. Some stated they were given professional assistance and the staff went the extra mile to resolve their issues. Still, others mentioned they had a bad experience and dealt with rude representatives who didn’t provide the right information.
Other customers also shared that PNC Bank froze their business accounts without notice. There were also complaints about the long check-holding period, which led to funds taking more than a week to become available in the account.
Here are the bank’s scores on third-party sites:
- ConsumerAffairs3: 3.6 out of 5 from around 770 reviews
- WalletHub4: 3 out of 5 from about 800 reviews
Bottom Line
PNC Bank presents multiple business checking account options and great Cash Flow Insight tools to help review and improve your business operations. If you need in-person banking services, PNC Bank is an excellent choice with its extensive network of branches. It also provides qualified new accounts with welcome bonuses and waived monthly fees for the first three months. However, if you want a free business checking account that can be opened online, it’s best to find another financial institution.
User review resources:
