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Savings and Money Market accounts (like the Growth account in Virtual Wallet®) have limits when it comes to outgoing transfers. While customers can transfer into savings accounts as often as they wish, a federal regulation limits how many times customers can transfer money out of these accounts in any one statement period.
Customers can make 6 outgoing transfers per month from a savings account.
Types of transfers that are limited to six (6) include:
Types of transfers from savings and money market accounts that are NOT limited to six (6) include:
If the transfer limits are exceeded, you may be assessed a fee, and PNC will convert the savings/money market account into a non-interest bearing checking account. If you have Virtual Wallet this means your Growth account will be removed from Virtual Wallet and converted to a stand-alone non-interest bearing checking account. You'll be charged a fee and you will no longer see the Growth account in your online view.
Virtual Wallet helps you spend, save and grow your finances. It is made up of:
Spend is your primary checking account. It is designed for everyday living and spending. Your Spend account is what you'll use to pay bills by check or through Online Bill Pay, as well as to make your daily, weekly (and weekend) purchases.
Reserve is for your short-term savings and functions as your primary overdraft protection account. This account is classified as a checking account and customers are not limited to the six outgoing transfer limit. If you plan to do more than six transfers per month, this may be a better option than the Growth account.
Growth is for your long-term savings and serves as a secondary overdraft protection account. It is a savings account, and customers are limited to six outgoing transfers per month.
Virtual Wallet customers can track their transfers by logging into their Virtual Wallet from a desktop and selecting the Growth account. This is a good way to keep track of the transfers and where you stand. The tracker is not yet available on mobile devices.
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