Virtual Wallet
Encyclopedia
Virtual Wallet is a hybrid checking/savings account
by PNC Financial Services
, offered in addition to traditional checking & savings accounts. It is targeted specifically at Generation Y
.
PNC launched the account in July 2008 in response to Generation Y's spending habits, hoping to simplify their finances and help them manage them easier. The account has three sub-accounts: a "Spend" account (regular checking), a "Reserve" account (backup checking that incurs interest
), and a "Growth" account (savings). The account also allows easier transfer of funds between the three accounts, and uses a calendar
to keep track of finances instead of a more traditional ledger
.
Due to the limited use of checks
by Generation Y as a result of online bill pay and direct bill pay, the account only allows three checks used a month, then charges a $.50 surcharge for every check used afterwards. By upgrading to the "Virtual Wallet Performance" account type, this restriction and fee, as well as many others, are removed.
The account also comes with its own mobile app on the iPhone
and iPod Touch
as well as Android devices.
PNC has seen an increase of 130 accounts daily of the Virtual Wallet account since its launch. Virtual Wallet has also won several awards in the banking industry.
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
by PNC Financial Services
PNC Financial Services
PNC Financial Services Group, Inc. is a U.S.-based financial services corporation, with assets of approximately $264.3 billion...
, offered in addition to traditional checking & savings accounts. It is targeted specifically at Generation Y
Generation Y
Generation Y, also known as the Millennial Generation , Generation Next, Net Generation, or Echo Boomers, describes the demographic cohort following Generation X. There are no precise dates for when the Millennial generation starts and ends, and commentators have used birth dates ranging somewhere...
.
PNC launched the account in July 2008 in response to Generation Y's spending habits, hoping to simplify their finances and help them manage them easier. The account has three sub-accounts: a "Spend" account (regular checking), a "Reserve" account (backup checking that incurs interest
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
), and a "Growth" account (savings). The account also allows easier transfer of funds between the three accounts, and uses a calendar
Calendar
A calendar is a system of organizing days for social, religious, commercial, or administrative purposes. This is done by giving names to periods of time, typically days, weeks, months, and years. The name given to each day is known as a date. Periods in a calendar are usually, though not...
to keep track of finances instead of a more traditional ledger
Ledger
A ledger is the principal book or computer file for recording and totaling monetary transactions by account, with debits and credits in separate columns and a beginning balance and ending balance for each account. The ledger is a permanent summary of all amounts entered in supporting journals which...
.
Due to the limited use of checks
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
by Generation Y as a result of online bill pay and direct bill pay, the account only allows three checks used a month, then charges a $.50 surcharge for every check used afterwards. By upgrading to the "Virtual Wallet Performance" account type, this restriction and fee, as well as many others, are removed.
The account also comes with its own mobile app on the iPhone
IPhone
The iPhone is a line of Internet and multimedia-enabled smartphones marketed by Apple Inc. The first iPhone was unveiled by Steve Jobs, then CEO of Apple, on January 9, 2007, and released on June 29, 2007...
and iPod Touch
IPod Touch
The iPod Touch is a portable media player, personal digital assistant, handheld game console, and Wi-Fi mobile device designed and marketed by Apple Inc. The iPod Touch adds the multi-touch graphical user interface to the iPod line...
as well as Android devices.
PNC has seen an increase of 130 accounts daily of the Virtual Wallet account since its launch. Virtual Wallet has also won several awards in the banking industry.