The PNC Bank Business Checking Plus account is worth considering if you run a small business that deals a lot in cash or has a high monthly transaction volume.
It’s more generous than most business checking accounts in terms of its monthly limits and it also includes some useful perks, like its Cash Flow Insight® tools and the opportunity to earn cash back on select debit card purchases, that you don’t often see with business checking accounts.
Read our review below to learn more about these and other perks associated with this account.
Who is PNC Bank Business Checking Plus for?
account serves as the perfect middle ground for small businesses that feel too restricted by basic business checking accounts but aren’t yet ready to graduate to commercial banking accounts.
Its monthly transaction and cash deposit limits are higher than what you find with most other business checking accounts and the variety of ways to waive the monthly fee make this account open to companies with diverse ways of doing business.
Those who live near one of PNC Bank’s branches will get the most out of the Business Checking Plus account, but its online tools make its essential features available to companies across the country.
Features of the PNC Bank Business Checking Plus account
The PNC Bank Business Checking Plus account has many eye-catching features that will appeal to small business owners. Here are some of the most common.
1. 500 free transactions per month
The PNC Bank Business Checking Plus account gives you 500 free transactions per month. That’s double what some of its competitors offer. For small businesses that process a high volume of transactions per month, this account serves as the perfect intermediate step between basic small business checking accounts and commercial business accounts designed for enterprises.
However, as with any brick-and-mortar business checking account, you should do your best to stay below the monthly transaction limit or the PNC Bank Business Checking Plus account could quickly become expensive.
2. High cash deposit limit
The PNC Bank Business Checking Plus account’s monthly cash deposit is also about twice as high as what you see with most other business checking accounts, making it a great fit for small businesses that deal a lot in cash. However, you can only deposit cash at PNC Bank branches and ATMs, so if you don’t live near one of these you may have to explore other options.
3. Online money management tools
In addition to the standard online and mobile banking and bill pay features, the PNC Bank Business Checking Plus account includes Cash Flow Insight® tools to help you track your business finances, create and submit invoices, and forecast future spending.
If you use another accounting software, like QuickBooks or Xero, you can also sync these to your PNC Bank Business Checking Plus account so you don’t have to manually transfer information from your bank account to your accounting software.
4. Earn cash back on debit card purchases
The PNC Purchase Payback program is a rewards program available to PNC Bank Business Checking Plus customers that offers cash back on select debit card purchases.
The bank will send you targeted offers, which you can view in your online account, and if you activate them and then use your business debit card to make a purchase before the offer expires, the bank will automatically deposit the cash back you earn into your business checking account.
5. Free personal checking account included
Business owners who open a PNC Bank Business Checking Plus account automatically receive a Personal Virtual Wallet with Performance Spend account. This is a hybrid checking and savings account that gives you the opportunity to earn interest, among other perks.
While the account normally has a monthly maintenance fee, this is automatically waived for PNC Bank Business Checking Plus customers so you don’t have to worry about maintaining a certain balance or completing any other monthly activities to avoid a charge.
6. Multiple ways to waive the monthly fee
PNC gives their checking account holders numerous option when it comes to waiving their monthly fee.
The methods are:
- Maintain an average monthly balance of $5,000 or more.
- Use a linked PNC Bank business credit card to make a minimum of $5,000 in eligible purchases each month.
- Maintain a linked PNC Merchant Services account and generate a minimum of $5,000 in qualifying monthly processing deposits.
- Maintain a $20,000 average combined balance in a linked PNC business checking account and PNC business money market account.
7. Sign-up bonus
You can earn a $200 sign-up bonus if you open a new PNC Bank Business Checking Plus account by March 31, 2021, maintain an average monthly balance of $5,000 or more for your first three statement cycles, and make at least 20 debit card transactions within the first three statement cycles.
You can sign up either online or at a branch location, but you must request a coupon code on the bank’s website first. This offer isn’t available to anyone who has closed a PNC business bank account within the last 90 days or received another PNC Bank sign-up bonus within the last 12 months.
How to access your money with the PNC Bank Business Checking Plus account
If you decide to open a PNC Bank Business Checking Plus account, you’ll have these options for depositing and withdrawing your funds.
Use any of these methods to deposit funds into your PNC Bank Business Checking Plus account:
- Electronic transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
- Branch deposit
- ATM deposit
If you need to take money out of your PNC Bank Business Checking account, these are your choices:
- Electronic transfer
- Wire transfer
- Check withdrawal
- Branch withdrawal
- ATM withdrawal
- Point-of-sale withdrawal
Advantages to using PNC for your business checking account
There are several reasons to consider opening a business bank account with PNC Bank.
1. Large branch network
PNC is one of the largest banks in the U.S. and has thousands of branches throughout the Northeast, Midwest, and South. If you live or work in these areas, there are pretty good odds you won’t have to travel too far when you need to make a cash deposit or get some in-person support. You can find the PNC branch nearest you using the locator tool on the company’s website or in its mobile app.
2. Good customer service
PNC Bank has fared reasonably well in customer satisfaction surveys, earning an above-average score in most of the regions it was featured in for J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study. It also has a high Better Business Bureau rating.
The bank goes out of its way to offer customers flexibility in terms of how they manage their accounts and open new ones, so you can choose between doing it yourself online or visiting a branch for personalized support.
3. Powerful account management tools
The Cash Flow Insight® tools PNC Bank offers to its business banking customers are something you don’t see with most other banks. While you can always use other software for tracking and managing your business funds, there’s no denying the convenience of having all these features available in one place.
All PNC Bank customers can also view their balances, transfer funds, deposit checks, and pay bills for free online or through one of the bank’s highly rated mobile apps.
Drawbacks of using PNC for your business checking account
Weigh these factors before deciding whether to go with PNC Bank for your business checking account.
1. Not ideal for businesses in certain regions
If you don’t live in one of the regions PNC Bank serves, it may not be a good fit for you; it will be virtually impossible to make cash deposits and you’ll have fewer options for getting support when you need it. Check to see that there’s a branch near you and consider some other banks if not.
2. Excess transactions are costly
It’s common for brick-and-mortar banks to charge a per-transaction fee once you exceed the monthly free transaction limit, but PNC Bank’s fee could make its business checking accounts too costly for those who regularly exceed these limits.
If you’re worried about this, look for an account like the PNC Bank Business Checking Plus account, which has a high monthly transaction limit, or consider an online business checking account that allows unlimited transactions.
Alternative business checking account options from PNC
If the Business Checking Plus account doesn’t suit you, one of these other PNC business bank accounts might.
- PNC Bank Business Checking: This is a more affordable business checking account designed for small businesses with a lower monthly transaction volume. It includes many of the same benefits as the Business Checking Plus account, including Cash Flow Insight® tools and the option to earn cash back through the PNC Purchase Payback program.
- PNC Bank Treasury Enterprise Plan: This account is designed for larger businesses that need even higher cash deposit and transaction limits than the PNC Bank Business Checking Plus account offers. In addition to all the features of the Business Checking Plus account, the Treasury Enterprise Plan gives you options for investing your excess cash.
- PNC Bank Analysis Business Checking: Consider this account if you want multiple linked business checking accounts for different areas of your business. You can also get earnings credits on your balances to help cover the PNC checking fees associated with the accounts.
- Additional checking solutions: PNC Bank also has specialty business checking accounts, including an interest-bearing checking account and a nonprofit checking account. One of these could be right for certain organizations, but most companies should be satisfied with one of the other options mentioned above.
Is the PNC Bank Business Checking Plus account right for you?
The PNC Bank Business Checking Plus account occupies an interesting niche in the industry that will appeal to those who find most other brick-and-mortar business checking accounts restrictive. However, there’s no perfect business checking account for every company. Compare this account with some of our other top business checking accounts before deciding which one is best for your organization.