gabrielThe PNC Bank Business Checking Plus account addresses a significant need for small business owners who find the low transaction limits of typical brick-and-mortar business checking accounts restrictive.
Its highly-rated online tools enable you to complete most business transactions from anywhere. However, those near a PNC branch will benefit the most from the account. Check out our review to determine if it fits your business correctly.
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PNC Bank offers two primary business checking accounts, Business Checking and Business Checking Plus and several specialized checking solutions tailored to different industries and financial goals, such as Non-Profit Checking, Analysis Business Checking, and Interest On Lawyers Trust Accounts.
While PNC doesn’t provide a free business checking account, waiving the monthly fees is relatively easy. For the PNC Business Checking account, the $10 monthly fee is waived if you meet one of these criteria:
PNC’s straightforward accounts and extensive branch and ATM network make it a strong choice for business owners who prefer a brick-and-mortar bank. However, it’s worth noting that many online business checking accounts offer fewer fees and more perks.
While you can begin the application process online, you must visit a branch in person to open a business checking account. PNC has branches in 26 states across the Northeast, Midwest, and South, as well as in Washington, D.C.
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Pros
Cons
PNC Bank is a legitimate and well-established financial institution that has been serving customers for decades. With branches in 29 states and Washington, D.C., it’s a solid choice for individuals who appreciate digital banking tools but still want the option to visit a physical location. The bank is FDIC-insured, meaning deposits up to $250,000 per depositor are protected by the federal government.
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PNC Business Checking provides several account options tailored to the diverse needs of small businesses. Here’s an overview of each account:
The PNC Business Checking account is a straightforward option, ideal for small business owners with a modest transaction volume. It includes 150 free transactions and up to $5,000 in free cash deposits each month.
A minimum deposit of $100 is required to open this account, and there’s a $12 monthly maintenance fee after the first three statement cycles. However, you can waive this fee by meeting one of these conditions:
The account also provides a debit card, fee-free transactions at any PNC Bank ATM, cash-back offers, and access to PNC’s money management tool, Cash Flow Insight. Additionally, PNC Bank often offers welcome bonuses for new customers who open an account and meet certain criteria.
The PNC Business Checking Plus account is ideal for small businesses with a higher transaction volume. It offers 500 free transactions and up to $10,000 in free cash deposits each month.
To open a Business Checking Plus account, a minimum deposit of $100 is required, and there’s a $22 monthly maintenance fee after the first three statement cycles. You can waive this fee by meeting one of the following conditions:
The Business Checking Plus account also includes all the standard Business Checking account features.
The PNC Treasury Enterprise Plan isn’t just an account—it’s a comprehensive package. It includes an Analysis of Business Checking and a choice between two investment options: the Premium Business Money Market account or the MMDA Sweep account.
This plan provides 2,500 free transactions and up to $50,000 in free cash deposits each month. Like Analysis Business Checking, it helps small business owners consolidate fees, balances, and bookkeeping.
Account holders can add up to four beneficiary checking accounts without additional monthly maintenance fees. A $10 monthly fee applies for each additional account beyond four.
After the first three statement cycles, the plan requires a $100 opening deposit and a $50 monthly maintenance fee. You can waive these fees by maintaining a combined balance of $30,000 in your accounts.
PNC Analysis Business Checking accounts are ideal for business owners who need multiple checking accounts and prefer paying only for the services they use.
This account earns credit on the deposit balance to help offset fees. It requires a $100 deposit to open and has a $25 monthly maintenance fee. Additional fees apply based on the services and features your business uses, including upgrades to online banking features.
The account allows you to link multiple business checking accounts for easier bookkeeping and includes a no-annual-fee Visa Business credit card.
In addition to the primary accounts, PNC offers several niche business checking accounts, including:
PNC has branches in 29 U.S. states and Washington, D.C., with a concentration in the Midwest, Northeast, and Southeast regions.
PNC doesn’t offer a standard business savings account, but you can earn interest on excess cash through other options. These include the Premium Business Money Market account, an MMDA Sweep Account, and certificates of deposit (CDs).
You can start your application over the phone or online, but you’ll need to meet with a banker on a video call to finish setting up your account. You’ll need your business’s Tax Identification Number and a valid email address to start the process online.
To finish setting up your account on a video call, you’ll need to verify a government-issued photo ID, a secondary form of ID, and documentation of your business registration.
PNC Bank offers various business checking account options along with excellent Cash Flow Insight tools to help review and enhance your business operations. With an extensive branch network, it’s a great choice if you need in-person banking services.
PNC provides welcome bonuses for qualified new accounts and waives monthly fees for the first three months. However, if you’re looking for a free business checking account that can be opened online, you might want to consider another financial institution.
