PNC Business Checking Account Review 2023

If you’re a small business owner feeling restricted by the low transaction limits or high fees many brick-and-mortar banks levy on their customers, a PNC Bank business checking account could be the solution. PNC is one of the largest financial institutions in the country, with physical branches in 23 states. It offers a full suite of business checking account services with a combination of both online and in-person services, with highly rated online tools allowing customers to complete transactions virtually anywhere.

In short, PNC business checking accounts can be the perfect starting point for small businesses that have felt restricted by other basic business checking accounts but may not be ready to move up to larger commercial banking accounts. Account holders enjoy higher monthly transaction and cash deposit limits than you see at most other banks. While there are monthly fees associated with most of PNC’s business checking accounts, there are a variety of ways to have those fees waived.

Although PNC is best known as a brick-and-mortar bank—and you need to physically visit a branch location to open an account—their online tools make banking easy for small businesses. Whether you’re a brand-new startup looking for a hassle-free and affordable way to bank, or you’re a growing small business in need of better banking solutions, a PNC business checking account could be the answer. Read on to learn everything you need to know.

What is a PNC Business Checking Account?

A PNC business checking account is designed to help business owners manage their finances in a simple and cost-effective way. PNC business checking is unique from several other similar programs on the market in that there are four distinct business checking accounts to choose from: Business Checking, Business Checking Plus, Treasury Enterprise Plan and Analysis Business Checking. There are also unique solutions for businesses with specialized needs and goals, such as Non-Profit Checking, Interest on Lawyers Trust Account and Business Interest Checking.

PNC Business Checking Account Pros and Cons

As with all banks, there are benefits and drawbacks to opening and maintaining a business checking account with PNC Bank. Overall, PNC is a worthwhile option if you’re searching for a traditional bank with physical locations, plus there are plenty of benefits for new small business customers and businesses looking to bundle multiple services. Get to know some of the pros and cons of a PNC business checking account below.

Pros of a PNC Business Checking Account

Options for any business. PNC offers four core business checking account options, so you can choose the one that’s right for your company based on your specific needs and industry. If you want low monthly fees, included fee-free transactions, cash deposits and more, you have your pick of accounts with specific features and options.

Digital banking services. PNC makes it easy to bank on the go. They offer free mobile and online banking, as well as bill pay. You also get access to the PNC Purchase Payback program, which gives you cash rewards on select purchases you make with your business debit card.

Low minimum opening balances. You don’t need to front a significant amount of money when you open a business account with PNC. Each option, from standard Business Checking to Analysis Business Checking, can be opened with a minimum deposit of just $100.

Sign-up bonuses. One of the great perks of opening a PNC business checking account is the generous incentive for new customers. All four business checking accounts offer a sign-up bonus of either $200 or $500—it’s a great way to put some extra cash in the coffers of your business.

Cons of a PNC Business Checking Account

Fees on all accounts. Unlike many other banks, both online-only and brick-and-mortar options, PNC imposes a fee for every business checking account—there are no free options. While fees for most accounts are waived for the first three months, you’ll start paying monthly fees after that. Maintaining a specified minimum balance waives fees, as well.

Physical proximity required. You need to be near a PNC location to open an account. While you can begin your application online or over the phone, you need to physically visit a branch near you to complete the process.

Who is a PNC Business Checking Account Best For?

PNC business checking is best for small business owners looking for an affordable and convenient way to manage their business finances. It’s best for people who:

• Can afford to pay a monthly fee, or qualify to waive it by maintaining a specified balance.
• Are looking for a generous sign-on bonus. PNC offers either a $200 or $500 instant bonus in certain circumstances.
• Prefer brick-and-mortar banking services to online-only banks.
• Can keep transactions per month below 150 for Business Checking customers, or below 500 transactions for Business Checking Plus.

Who Should Reconsider Using a PNC Business Checking Account?

While PNC offers convenient mobile banking and online banking and bill pay options for each business checking account, it’s still a brick-and-mortar based bank. That means you have to stop by a physical branch to open a business checking account. Since the bank has locations in only 23 states across the Northeast, Midwest and South, as well as Washington, D.C., there may not be a convenient branch location near you, so you may be limited by proximity.

How a PNC Business Checking Account Works

PNC business checking accounts work in much the same way as business checking accounts with other institutions, but what makes PNC different is the options they offer. There are four core account options: Business Checking, Business Checking Plus, Treasury Enterprise Plan and Analysis Business Checking. There are also additional checking solutions for businesses with specialized and unique needs.

In general, business owners with standard banking needs can get by with a Business Checking or Business Checking Plus account. They’re designed with small businesses in mind, and you can even opt for the Business Interest Checking account, which is PNC’s interest-bearing option. Treasury Enterprise plans and Analysis Business Checking accounts are ideal for larger businesses that either want to link several accounts, manage greater transaction volumes or access earning credits.

Another important note to remember is that PNC offers free personal checking accounts when you open a new PNC Business Checking Plus account that includes a free Personal Virtual Wallet with Performance Spend account. You can think of this as a hybrid personal checking and savings account that helps you earn interest, plus plenty of other perks. There’s no fee to open or maintain this account, and you don’t have to worry about maintaining a specific balance to avoid charges.

Key PNC Business Checking Account Features

PNC business checking accounts stand out with plenty of options and incentives. While there are four core checking accounts, and features can vary between each, there are benefits for new small business customers and business clients who want to bundle several services. Key features include the following.

High fee-free transaction limits on most accounts

For all business accounts except for Analysis Business Checking, PNC offers generous fee-free transaction limits. Business Checking, the base-level platform, offers up to 150 fee-free transactions per month, while the Treasury Enterprise Plan offers up to 2,500.

Branches and ATMs nationwide

PNC has 2,300 branch locations nationwide, as well as close to 18,000 in-network ATMs across the country. When you sign up for a business checking account, you instantly get fee-free access to all PNC ATMs.

Out-of-network ATM fee reimbursement

PNC business checking accounts allow for two ATM reimbursements per month should you need to use an out-of-network ATM. While there are several online business checking accounts that waive all out-of-network ATM fees, this is a unique feature for a brick-and-mortar based checking account like PNC.

Visa SavingsEdge program benefits

With PNC business accounts, you can access the Visa SavingsEdge program. This helpful, money-saving option allows you to earn automatic discounts when you use your PNC business debit card at specified vendors.

Mobile and online banking

PNC offers a full suite of mobile banking and online banking and bill pay for all business accounts, but you also get access to helpful add-ons to make your account work better for you. Features like Cash Flow Insight, a suite of cash flow management tools, helps you track spending, compare cash positions, create cash flow forecasts and so much more.

Get cash back

Your PNC business debit card gives you access to the PNC Purchase Payback program, helping you get cash back for select everyday items. Use online banking, visit the rewards center, choose the offers you want then make your purchases to earn cash back—immediately—to your business account.

Conclusion

PNC offers business checking accounts with attractive terms and plenty of perks. With four core account types to choose from, you can select the best account for your specific industry and your financial goals.