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PNC Business Banking Review 2024

Author: Chandra Dhopatkar
Published: 05/31/2024 3:40 p.m. EST
Last Update: 06/05/2024 4:02 a.m. EST
Edited by: Jennifer Bonilla

We reviewed different PNC Bank business bank account types to determine the best PNC business banking options based on various business needs. Whether you’re a small startup or a growing enterprise, this bank offers a range of accounts tailored to meet specific financial requirements and goals.

These findings will help you decide if PNC Bank is the right bank for your small business. 

Recommended: Make sure to read our roundup review that compares the best business bank accounts in 2024.

Quick Review of PNC Bank

PNC Bank is well known for its broad selection of business checking accounts, tailored for entities of every size and various needs, ranging from basic business checking accounts to analysis business checking and business interest checking accounts.

For businesses aiming to streamline the account opening process, PNC offers specialized solutions like the business money market account and merchant services accounts.

While PNC might not offer the highest interest rates, its dedication to top-notch customer support, ease of access, and a comprehensive suite of banking solutions positions it as a reliable partner for firms in search of a consistent banking relationship.

PNC’s commitment to fostering business growth is evident in features like the PNC Purchase Payback program and options to have the monthly fee waived on select accounts, cementing its status as a go-to choice for businesses.

Additionally, PNC caters to specific needs with accounts like the interest on lawyers trust account (IOLTAs) and non-profit checking accounts, addressing the unique requirements of various businesses.

In sum, PNC Bank stands out as an elite banking institution for businesses, offering everything from small business checking to elaborate business checking account options, guaranteeing a seamless banking journey for its clientele.

Pros and Cons

In our research, we’ve pinpointed key advantages and disadvantages to be aware of, which may not be immediately apparent from a cursory glance at PNC’s offerings.

But first, we recommend comparing banks using our Best Business Bank Accounts and Best Online Business Bank Accounts reviews. They can give you a broader perspective on the business banking world and what’s available and what might be most useful for your particular needs.

Pros:

• A diverse range of account options, from simple banking necessities to intricate financial management needs.
• Special cash incentives for new account openings, highlighting PNC’s dedication to its business customers.
• A strong focus on digital banking capabilities, featuring comprehensive online and mobile banking services.

Cons:

• Business checking account requires varying minimum balances depending on which account you choose.
• Plus account is designed for larger businesses requiring a $22 monthly maintenance fee and $5,000 minimum account balance ($5,000 collected each month).
• PNC bank money market deposit of $20,000 is an expensive option to be linked to Plus account to qualify for the Plus account.

Fast Facts

PNC Bank is known for its strong support of businesses, offering everything from free business checking account options to offering a PNC Merchant Services account for payment processing. They make it easy for business owners to open a PNC account, catering to both new and established companies. With PNC Business Bank, opening an account online is straightforward, providing online business owners with a hassle-free way to manage their finances.

Their banking services are designed to grow with your company, whether you’re looking for a basic business checking account or more advanced solutions like a PNC business money market account. PNC stands out as the best bank for those who want a free business checking account or need to maintain a linked PNC merchant account for added benefits. They understand the importance of keeping a balance in your account to waive the monthly fee, offering flexibility and savings for small business owners.

Choosing PNC for your business means getting a partner that understands different business checking options and offers tailored solutions. Whether you’re opening a new PNC account or looking to upgrade, PNC provides a business checking overview to help you choose the account that’s right for you. Their commitment to personal and business banking ensures that PNC business accounts meet the unique needs of each kind of business, making them a reliable choice for managing your company’s finances.

Account Options and Requirements

PNC offers three main business checking accounts:

• Business Checking: Perfect for small businesses seeking basic banking services with fewer transactions.
• Business Checking Plus Account: Ideal for expanding businesses that require greater transaction capacity and cash management tools.
• Treasury Enterprise Plan: Tailored for large enterprises with extensive transaction volumes, equipped with advanced cash management capabilities.

A minimum opening deposit of $100 makes PNC an accessible choice for businesses of all scales.

Monthly Fees and Fee Waivers

Monthly maintenance fees vary from $12 to $50, depending on the account type. PNC enables several ways to have these fees waived, such as sustaining minimum balances and executing eligible purchases with a linked PNC business credit card, providing businesses with avenues to manage banking expenses efficiently.

Interest Rates (APY)

Though PNC’s accounts are generally not recognized for lofty interest rates, the Treasury Enterprise Plan introduces an earnings credit rate that can help offset some transaction fees, benefitting businesses with substantial balances by utilizing their deposits to decrease banking costs.

ATM Access and Cash Deposits

PNC ensures widespread ATM accessibility, facilitating straightforward cash withdrawals and deposits for businesses. It also offers competitive cash deposit allowances, with additional deposit fees kept at reasonable rates, accommodating businesses with diverse cash handling requirements.

Transaction Limits

PNC clearly defines transaction limits for each account, supporting businesses in scaling their operations. Surpassing these limits results in fees, nudging businesses to select the account that best matches their transactional needs.

Online Banking and Mobile App

PNC’s online and mobile banking platforms provide essential features like bill payment, mobile deposit, and thorough account management tools, emphasizing a frictionless digital experience for modern businesses seeking efficient and accessible banking operations.

PNC Bank Customer Service

Renowned for its robust customer service, PNC offers various support channels including telephone, online chat, and in-branch services, ensuring businesses have access to the assistance they need promptly.

Additional Services

Beyond checking accounts, PNC extends a suite of ancillary services intended to assist businesses in various operational facets.

Merchant Services: PNC’s merchant services equip businesses with secure, dependable payment processing options, supporting an array of payment methods to optimize sales experiences and transaction management.

Small Business Loans: With an assortment of loan products, PNC is poised to meet the distinct financial requirements of businesses at various growth stages, offering lines of credit, term loans, and SBA loans for expansion, investment, or cash flow management.

Final Thoughts and Recommendations

PNC Bank’s suite of business banking solutions addresses a wide range of business needs, from straightforward checking accounts for startups to advanced treasury services for sizeable corporations.

The mix of versatile account options, potential for fee waivers, and a broad selection of additional services positions PNC as a formidable option for businesses in search of a traditional bank with a strong digital presence.

When considering PNC, assess your business’s scale, anticipated transaction volume, and the significance of supplementary banking services to ensure alignment with your operational requirements.

More Business Bank Reviews

For comparison, you might also explore reviews of other business banks. Here are some of the best business banks we’ve reviewed.

• Navy Federal Business Bank Account Review
• PNC Business Banking Review
• Lili Business Bank Account Review
• U.S. Bank Business Bank Account Review
• Bluevine Business Checking Account Review
• USAA Business Checking Account Review

Business Checking Overview FAQs

What types of business checking accounts does PNC Bank offer?

PNC Bank offers four main business checking account options: the PNC business checking account, Business Checking Plus Account, Analysis Business Checking Account, and the PNC Treasury Enterprise Plan. Each is designed to meet the diverse needs of small to large businesses, providing a range of features and benefits tailored to support various transaction volumes and banking requirements.

How can I open a PNC Bank business checking account?

To open a PNC bank business checking account, business owners can either visit a local PNC branch or open an account online. To open a business account involves completing an application and providing necessary documents such as business registration and a valid ID. PNC simplifies the process to make it easy for business owners to get started. For further information read our guide on how to open a business bank account.

Are there any fees associated with PNC business accounts?

Yes, PNC business accounts may come with monthly fees, but PNC also offers ways to waive these fees, depending on the account. Options to avoid fees include maintaining a certain account balance or using your PNC business debit card for qualifying transactions.

What are the requirements to open a PNC business checking account online?

Opening a PNC business checking account online requires you to provide business information, personal identification for all owners, and complete the business registration process. PNC’s business account requirements are designed to be straightforward to help you quickly set up your account online.

Can PNC business checking accounts be managed online?

Absolutely, PNC business accounts, including the PNC business checking account, can be fully managed online. Business owners have access to a suite of online banking tools that allow for efficient management of finances, including balance checks, transfers, and bill payments.

What additional services does PNC offer for business account holders?

Beyond traditional business checking accounts, PNC also offers merchant services accounts, savings accounts, and business financing options. PNC’s merchant services account provides comprehensive payment processing solutions, and its savings account options help businesses grow their reserves.

PNC also offers the PNC Cash Rewards® Visa, similar to what Bank of America, US Bank offer, and some other banks offer, which can be linked into your PNC Business Bank Account (Business Checking or Business Checking Plus account). Having a linked business checking account at PNC means you can transfer money from one account to pay the other. PNC Bank also offers a business debit card to make purchases with as well. 

How does PNC support small business owners?

PNC supports small business owners with a variety of services tailored to their needs, including the PNC small business checking account. PNC for your business includes access to the PNC Purchase Payback program, tools to manage your account online, and options to open a business checking account that fits your business size and transaction volume. Be sure and check out all new account offers when applying for PNC’s business checking account.