PNC Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
PNC Bank is an excellent traditional bank that provides three business checking options: Business Checking, Business Checking Plus, and Treasury Enterprise Plan. It comes with waivable monthly fees, access to merchant services, Cash Flow Insight® tools, and online and mobile banking. For basic business needs, you can open a Business Checking account. If you have higher cash deposit needs and transaction volumes, you can apply for Business Checking Plus or Treasury Enterprise Plan.
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
What's Missing
- Banking is limited to 28 states and D.C.
- No free checking account
- Hefty wire fees
Features
- Free Visa debit card with cash back rewards
- Deposit checks, pay bills, and view balances through the mobile app
- Online and mobile banking
- No set-up fee for overdraft protection
- Integrates with QuickBooks, Xero, Intacct, and NetSuite
- Features PNC Merchant Services®, including ecommerce and in-person solutions
- Cash Flow Insight® tools help manage cash flow
How PNC Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
N/A | $5,000 free, then 30 cents per $100, per statement cycle | $3 per transaction at any non-PNC Bank ATM | $100 | |
$10, waivable | $5,000 free, then 30 cents per $100, per statement cycle | None at 12,000-plus ATMs nationwide; $2.50 per out-of-network transaction | $25 | |
$15; waivable | $5,000 free, then $2.50 per $1,000, per statement cycle | $3/transaction at any non-Chase ATM, plus ATM operator fees | None | |
When PNC Bank Is a Good Fit
- Your business has a low transaction volume: If your transactions don’t reach 150 and your cash deposits are below $5,000 each month, you can open PNC Bank’s Business Checking account and avoid paying additional bank fees.
- You want to benefit from a full suite of banking services: You can apply for Small Business Administration (SBA) loans, get business credit cards, and take advantage of PNC Bank’s merchant services.
- 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.
- You prefer having access to a physical branch: PNC Bank has more than 2,500 bank locations 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 Wyoming.
- You’re looking for a business auto loan provider with low-cost financing: If you’re located in one of the states served by PNC Bank, you can borrow up to $250,000 for up to 72 months. This is why it’s part of our list of the best business auto loan providers.
When PNC Bank Is Not a Good Fit
- Your business is based outside PNC Bank’s locations: Its brick-and-mortar branches are found in only 28 states. You can consider alternatives like Chase Bank, Wells Fargo, and Bank of America, each with a strong branch presence in more states.
- You prefer a free checking account and only require a digital bank to satisfy your business needs: While PNC Bank has online banking, you can opt for fully digital banks that offer fee-free checking accounts, such as Grasshopper Bank and Bluevine.
- Your business sends wire transfers frequently: PNC Bank’s outgoing wire fees are substantially higher than other banks. You can choose Capital One, NBKC Bank, or Wells Fargo for free or lower wire fees.
PNC Bank Business Checking Overview
 Business Checking | Business Checking Plus | Treasury Enterprise Plan | |
|---|---|---|---|
Required Opening Deposit | $100 | ||
Required Minimum Balance | $500 average monthly collected balance to waive monthly fee | $5,000 average monthly collected balance to waive monthly fee | $30,000 average combined monthly collected balance in all checking accounts within Treasury Enterprise Plan, including beneficiary accounts, to waive monthly fee |
Monthly Transaction Limit Before Fees* | 150 | 500 | 2,500 across multiple eligible accounts |
Cost Per Excess Transaction | 50 cents | ||
Monthly Fees | $12; waivable if conditions are met | $22; waivable if conditions are met | $50; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15; one free for Business Checking Plus and Treasury Enterprise Plan per month Outgoing: $95 | ||
International Wire Transfer Fees | Incoming: $20 Outgoing: $135 | ||
ATM Fees | $3 per transaction at any non-PNC Bank ATM | $3 per transaction at any non-PNC Bank ATM; two reimbursements for non-PNC Bank ATM | None at any non-PNC Bank ATM |
Cash Deposit Fees | Up to $5,000 per month free, then 30 cents per $100, per statement cycle | Up to $10,000 per month free, then 30 cents per $100, per statement cycle | Up to $50,000 per month free across multiple eligible accounts, then 30 cents per $100, per statement cycle |
APY | N/A | ||
Additional Account Benefits | N/A | Personal Virtual Wallet® with Performance Spend checking account with no monthly service charge for business owners (PNC product and feature availability vary by location) | Monthly fee can be waived for up to four beneficiary checking accounts; choice of Premium Business Money Market or MMDA Sweep accounts with no monthly fee |
Welcome Bonus for New Business Account | $200 | $500 | |
Open an Account | |||
Business Checking | Business Checking Plus | Treasury Enterprise Plan | ||
|---|---|---|---|---|
Debit Card | Free Visa business debit card | |||
Physical Checks | Price varies depending on style | |||
Mobile Banking, Online Banking, Bill Pay | ✓ | |||
Software Integrations | Accounting: QuickBooks, Xero, Intacct, NetSuite Payroll: QuickBooks Online Payroll, ADP Payroll, Paychex Invoice: Cash Flow Insight® | |||
Business Payment Integrations | PNC Merchant Services® Clover Go, Clover Flex, Clover Mini, Clover Station | PINACLE® Express, PNC Merchant Services® Clover Go, Clover Flex, Clover Mini, and Clover Station | ||
Customer Service | Hotline: (877) 287-2654 Monday to Friday, 7 a.m. to 10 p.m. Eastern time Saturday to Sunday, 8 a.m. to 5 p.m. ET | |||
Other Products | Business credit cards, business lending, and merchant services | |||
Open an Account | ||||
Business Checking |
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|---|---|
Business Checking Plus |
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Treasury Enterprise Plan*** |
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*Based on the aggregated volume of deposits, deposited items, paid items, and automated clearing house (ACH) credits and debits received.
**Monthly fee will be waived on up to four beneficiary checking accounts. Beyond that, an additional beneficiary account is charged a $10 monthly fee.
***An earnings credit is applied to the average monthly collected balances in excess of $125,000 to reduce or offset certain transaction fees.
PNC Bank Business Checking Requirements
You can visit the PNC Bank website to open a business checking account; you’ll need to provide your business’s tax identification number (TIN) and a valid email address.
If you open an account at a PNC 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. They’ll need to provide their legal name, Social Security number, date of birth, address, citizenship, and percent of ownership.
Click on your entity type to view the bank’s additional business checking requirements.
Sole Proprietorship
- 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
Partnership
- 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
LLC/LLP
- Social Security numbers of members, managers, or partners who will sign on account
- Operating agreement
- Limited partnership agreement (LLP only)
- Certification of formation/organization, such as a limited liability company (LLC) or certificate of limited partnership, such as a limited liability partnership (LLP)
- Fictitious name registration, also known as Trade Name Registration
- Certificate of assumed name
- Registration of alternate name or assumed name registration
Corporation
- 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
Unincorporated Association/Organization
- 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
Nonprofit Organization
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’s Business Checking account offers a Visa debit card, waivable monthly fees, mobile and online banking, Bill Pay, and access to PNC Merchant Services®.
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 customers to view balances, download digital images of paid checks, pay bills, create payroll, or transfer funds online. You can download PNC Bank’s mobile banking app from the App Store and Google Play.
Reviews for the PNC Bank mobile app are favorable on both the Apple App Store and Google Play Store. The app gained a 4.5-star rating out of 5 on Google Play with more than 200,000 ratings. On the Apple App Store, it has 4.8 stars out of 5, with more than 1.3 million ratings.
Positive user feedback highlights the app’s reliability and convenient features. However, users mentioned issues with failed biometric logins.
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.
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, remote safe, liquidity management, 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 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.
Business Credit Cards
PNC Bank offers five different credit card options. You can choose cash rewards, points, travel rewards, or lower rates when you open PNC business credit cards. The PNC Cash Rewards® Visa Signature Business Credit Card offers 1.5% cash back on all purchases and a $250 signup bonus if you spend $3,000 within the first three months.
Business Lending
PNC Bank offers SBA loans, term loans, small business lines of credit, vehicle finance loans, and commercial real estate (CRE) loans. Some products and features vary depending on your location.
PNC Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Two reimbursements for non-PNC Bank ATM transactions per statement period under Business Checking Plus; no charge for Treasury Enterprise Plan | $100 opening deposit |
| Plenty of business payment solutions under PNC Merchant Services® | Monthly fees |
| Offers lending and credit cards | Domestic and international outgoing wire fees are costly |
PNC Bank is a good choice if you’re looking for a bank that provides flexible options given its variety of business checking accounts. As a Business Checking Plus account holder, you can save more from the two reimbursements given back when using a non-PNC Bank ATM. For Treasury Enterprise Plan account holders, no ATM charges are collected. The bank also offers business loans, credit cards, and a myriad of business payment solutions through its PNC Merchant Services® to support your business operations.
However, it requires a $100 minimum deposit to open a new account and charges monthly fees. Though the fees can be waived, you need to maintain certain account balances. Another downside is the bank’s domestic and international outgoing wire fees, which are higher compared to other banks.
PNC Bank User Reviews
| PROS | CONS |
|---|---|
| Nationwide branch and ATM locations | Incoming and outgoing transactions take too long to reflect on the account balance |
| Helpful and courteous customer service | Charged overdraft fees for the late posting of deposits |
| Reliable online and mobile banking | Low daily and monthly limits for fund transfers, costly wires, and check deposit holding time takes a week |
| Tap pay feature on prepaid cards | |
| Credit cards are accepted everywhere | |
PNC Bank has a 3.7 out of 5 rating on ConsumerAffairs. Users said that they like PNC for its branch and ATM accessibility, top-notch customer service, and convenient digital banking. In addition, its credit cards are also universally accepted, making them convenient for cardholders.
However, some complained that pending transactions led to charges. Others mentioned that fund transfer limits are considered low, such that they needed to fund their account by wire transfers or check deposits; however, wire fees are costly and the check holding period takes five to seven days.
Alternatives To PNC Bank Business Checking
If you want an interest-drawing basic account, access to nationwide branches, and free or lower fees for wire transfers, check out these alternatives:
- Bluevine* is best for business owners looking for a free interest-earning checking account with its high 2.0% APY for qualified deposits up to $100K. PNC Bank’s checking accounts have a required maintaining balance to waive the monthly fee and don’t generate interest.
- Chase is best for businesses seeking an institution with a strong branch presence with its well-distributed branches in 48 states. PNC Bank’s branch footprint covers 29 states only.
- Capital One is best for businesses with frequent wire transfer transactions since it offers free incoming domestic wires and five free outgoing domestic wires each month. PNC Bank charges $15–$20 for incoming domestic wire transfers.
*Bluevine is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
Check out more providers in our list of the best small business checking accounts.
Bottom Line
PNC Bank presents business owners with multiple checking account options and outstanding merchant services. The basic Business Checking is geared toward businesses with lower transaction volumes, but the free transaction limits are still higher than other banks offer. The next tier, Business Checking Plus, gives out even higher free transaction limits. For those with multiple checking accounts who need more financial tools, the Treasury Enterprise Plan is highly suitable. PNC also offers account-opening bonuses, making it a great choice for small businesses.
