PNC VIRTUAL WALLETSM STUDENT GIVES PARENTS PEACE OF MIND, HELPS COLLEGE STUDENTS MAKE THE GRADE WITH THEIR FINANCES
Spending Tracker, Reimbursement Request Feature and E-mail Alerts to Parents Empower Students to Better Manage Their Money
PITTSBURGH, July 13, 2009 /PRNewswire/ — PNC Bank, a member of The PNC Financial Services Group, Inc. (NYSE: PNC) has introduced Virtual WalletSM Student, a highly visual and interactive online banking solution that helps students to better manage their money and avoid costly mistakes and fees.
Virtual Wallet Student, with three accounts in one, is designed to give parents peace of mind by helping students help themselves as they transition to financial independence. E-mail alerts to parents and the "send money" feature combined with a personalized calendar and an easy way to track spending by categories, provide both parents and their college-bound children with an opportunity to manage their money and stay current on where and how the student is spending it.
"Most college students not only depend on their parents for money, but they also heavily rely on them for financial advice," said Thomas S. Kunz, director of payments and e-business for PNC. "College students are sophisticated consumers but they often seek guidance on how to best manage their money, so it's no wonder they go to who they trust most - mom and dad."
Virtual Wallet Student was built on the success of Virtual Wallet, introduced one year ago, and is based on the input of college-aged students, offering a simple and visual tool to help them manage day-to-day expenses, plan and save – in real time, via computer or mobile device. Virtual Wallet, which has earned PNC numerous awards for design, technology and innovation, has been highly successful.
Virtual Wallet Student Features
"Virtual Wallet Student empowers this generation by providing the tools they need to earn a passing grade at managing their finances, while allowing them to keep their parents involved and informed about their spending," said Nickolas P. Certo, manager of University Banking for PNC. "As colleges and universities focus on the financial wellness of their students, this provides a valuable tool to help them learn healthy money management habits." Features include:
- Three Accounts in One design aligns the banking experience with the way college students think about their money (Spend, Reserve and Growth accounts).
- Multi-Channel Offering enables students to bank online, by local branch, phone, or mobile device.
- Calendar with daily, weekly and monthly views of upcoming bills and incoming deposits. Major events (e.g., semester dates, final exam schedule, etc.) are available for student customers attending PNC Alliance schools.
- Spending Overview provides a graphic breakdown of student's monthly spending in common categories like restaurants, gas, and shopping.
Avoid Costly Mistakes
- Danger Days indicator on calendar alerts the student when at risk of overdrawing.
- Parent Alerts via text message or e-mail notify students and parents when there is a risk of overdrawing or when the account balance goes below their pre-set threshold.
- Send Money feature via PNC online banking enables parents to easily transfer money to their student's account even if they are not a joint accountholder.
- Overdraft Protection offers a built-in safety net when mistakes happen.
- Reimbursement Request Feature gives students the ability to select a transaction and send a "digital receipt" and message via e-mail to whomever owes them money (e.g., roommate's share of the groceries, repayment from dad for football tickets).
Saving Made Simple
- Reserve Items give the student the ability to anticipate future expenses and set "due dates" for Wish List items, such as books or mom's birthday, so the items appear on the calendar.
- Punch the Pig makes saving fun and easy. Clicking on this customizable widget allows students to transfer cash into the Growth account.
Virtual Wallet Student can easily be opened online at www.pncvirtualwallet.com, over the phone or in any PNC branch. Students and their parents can find financial advice and tuition savings calculators at http://www.pnconcampus.com.
Media Advisory: broadcast quality video for editorial use, free of charge, can be accessed at http://pnc.thedigitalcenter.com/. Video is also available on PNC's YouTube channel at www.youtube.com/virtualwalletbypnc. Go to www.twitter.com/pncvwallet for product and feature updates and announcements.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.