As a small business owner, managing expenses is crucial for success. One of the recurring costs that can add up quickly is the monthly fee for a business checking account. However, with some strategic planning and by taking advantage of various offers and waivers, you can potentially get a PNC business checking account for free. In this article, we’ll explore seven ways to help you achieve this goal.
7 Ways To Get PNC Business Checking Account Free
1. Maintain the Minimum Daily Balance Requirement
One of the primary and most straightforward ways to avoid monthly fees on a PNC business checking account is by maintaining the required minimum daily balance. PNC offers several business checking account options, each with its own minimum balance requirement and corresponding fee waivers.
For example, the PNC Business Checking Plus account is one of PNC’s premier business checking accounts, designed for companies with more complex financial needs. This account typically carries a $25 monthly service fee. However, PNC waives this fee if you maintain a minimum daily balance of $20,000 across your linked PNC accounts, which can include business checking, savings, money market, and certain investment accounts.
Maintaining this $20,000 minimum daily balance may seem like a significant amount, but it’s important to consider the potential savings. By consistently meeting this requirement, you can effectively eliminate the $25 monthly fee, which translates to $300 in annual savings. For businesses with substantial cash flows and operating balances, this can be a viable option to get a free PNC business checking account.
It’s crucial to review the specific minimum balance requirements for the account you choose and ensure that you can comfortably maintain the necessary balance without compromising your cash flow or business operations. PNC’s account representatives can guide you through the details and help you determine the most suitable account based on your business’s financial situation.
2. Link Your PNC Business Checking Account to Other Accounts
Another effective strategy to potentially get a free PNC business checking account is by linking it to other eligible PNC accounts. Depending on the account type and the combined balances across your linked accounts, PNC may waive the monthly service fee for your business checking account.
For instance, the PNC Business Checking account is one of PNC’s more basic business checking options, designed for businesses with simpler financial needs. This account typically carries a $16 monthly service fee. However, PNC waives this fee if you link your PNC Business Checking account to a PNC Business Money Market Savings account and maintain a combined average monthly balance of at least $20,000 across both accounts.
By taking advantage of this linking option and strategically managing your balances across the two accounts, you can effectively eliminate the $16 monthly fee for your PNC Business Checking account. This approach not only provides you with a free business checking account but also allows you to earn interest on your savings with the linked money market account.
It’s important to note that the specific account linking requirements and fee waiver eligibility may vary depending on the account types and PNC’s current policies. Consulting with a PNC representative can help you understand the most up-to-date account linking options and requirements for fee waivers.
3. Use PNC’s Additional Business Services
PNC offers various additional business services, and utilizing these services can sometimes qualify you for a fee waiver on your business checking account. For example, if you enroll in PNC’s Cash Flow Insight® or Payroll Service, you may be eligible for a waived monthly service fee on certain business checking accounts.
PNC’s Cash Flow Insight® is a powerful tool that provides businesses with a comprehensive view of their cash flow, enabling better financial management and decision-making. By enrolling in this service and actively using it to manage your business’s finances, you may qualify for a waived monthly fee on eligible PNC business checking accounts.
Similarly, PNC’s Payroll Service is a convenient and efficient solution for businesses to manage their payroll processes. By utilizing this service, you may be eligible for a fee waiver on your PNC business checking account, as well as potentially benefiting from streamlined payroll operations.
It’s essential to explore the specific requirements and offerings from PNC to determine if using their additional services can help you achieve a free business checking account while also benefiting from the added functionality and convenience these services provide. PNC’s business banking representatives can provide detailed information on the available services and their potential impact on account fees.
4. Take Advantage of New Business Offers and Promotions
Banks often offer special promotions and incentives to attract new business customers, and PNC is no exception. They regularly provide offers and bonuses for opening a new business checking account, which can include waived monthly fees for a certain period, cash bonuses, or other incentives.
By keeping an eye out for such promotions and taking advantage of them when opening your PNC business checking account, you can potentially enjoy a fee-free account for an extended period. These offers can provide significant savings, especially in the initial stages of your business when every dollar counts.
To stay informed about current promotions and offers, regularly check PNC’s website, visit your local branch, or contact their customer service representatives. Additionally, consider signing up for PNC’s email or mailing lists to receive updates on new offers and promotions directly.
It’s important to note that these promotional offers may have specific requirements or limitations, such as maintaining a minimum balance or making a certain number of transactions. Carefully review the terms and conditions to ensure you understand the requirements and can meet them comfortably.
5. Meet the Monthly Transaction Requirements
Some PNC business checking accounts offer the option to waive the monthly fee if you meet certain transaction requirements. For instance, the PNC Business Checking account waives the $16 monthly fee if you make at least $2,500 in combined monthly purchases using your PNC Business Debit Card and PNC business credit card.
If your business regularly conducts a high volume of transactions, meeting these requirements could be a viable way to avoid the monthly fee and effectively get a free PNC business checking account. However, it’s important to carefully evaluate your typical transaction patterns and ensure that you can consistently meet the required threshold without significantly altering your business operations or incurring additional costs.
It’s also worth noting that the specific transaction requirements and fee waiver eligibility may change over time, so it’s essential to stay informed about any updates or modifications to these policies. PNC’s business banking representatives can provide you with the most current information and help you determine if this strategy is suitable for your business.
6. Qualify for Special Waivers or Exemptions
PNC may offer fee waivers or exemptions for certain types of businesses or specific situations. For example, new businesses or non-profit organizations may qualify for waivers on monthly service fees for a limited time.
New businesses often face significant financial challenges in their early stages, and PNC recognizes this by offering fee waivers or exemptions for a specified period. This can provide valuable relief and help you allocate more funds towards growing your business during those crucial initial months or years.
Similarly, non-profit organizations may be eligible for fee waivers or exemptions on PNC business checking accounts, as these organizations typically operate with limited budgets and rely on donations or grants to fund their operations.
It’s essential to inquire about any special waivers or exemptions that PNC may offer and see if your business qualifies. This could be an excellent opportunity to get a free PNC business checking account, at least for a certain period, while you establish and grow your operations.
7. Negotiate with PNC for a Fee Waiver
While not always guaranteed, it’s worth considering negotiating with PNC for a fee waiver on your business checking account. If you have a long-standing relationship with the bank or maintain significant balances across multiple accounts, you may have leverage to request a waiver on the monthly service fee.
When negotiating, be prepared to present your case clearly and professionally. Highlight your loyalty to the bank, the duration of your relationship, and the potential for future business growth. Additionally, emphasize the value you bring to PNC as a customer and the mutual benefits of maintaining a strong partnership.
It’s also helpful to research and understand PNC’s competitors’ offerings and fees. If you can demonstrate that you can get a better deal elsewhere, it may incentivize PNC to waive or reduce the fees to retain your business.
Here are some FAQ about getting a PNC business checking account for free
What is the minimum balance required to waive the monthly fee for a PNC Business Checking Plus account?
To waive the $25 monthly fee for a PNC Business Checking Plus account, you need to maintain a minimum daily balance of $20,000 across your linked PNC accounts.
How can linking a PNC Business Money Market Savings account help me get a free business checking account?
If you link your PNC Business Checking account to a PNC Business Money Market Savings account and maintain a combined average monthly balance of at least $20,000 across both accounts, the $16 monthly fee for the PNC Business Checking account will be waived.
What additional PNC business services can qualify me for a waived monthly fee on my checking account?
Enrolling in PNC’s Cash Flow Insight® or Payroll Service may make you eligible for a waived monthly service fee on certain PNC business checking accounts.
Are there any special promotions or offers for new PNC business checking account customers?
Yes, PNC regularly offers promotions and incentives for opening a new business checking account, such as waived monthly fees for a certain period, cash bonuses, or other incentives. Keep an eye out for these offers when opening your account.
How many monthly transactions do I need to make to waive the fee for a PNC Business Checking account?
The $16 monthly fee for a PNC Business Checking account is waived if you make at least $2,500 in combined monthly purchases using your PNC Business Debit Card and PNC business credit card.
Are there any special waivers or exemptions for certain types of businesses with PNC?
PNC may offer fee waivers or exemptions for new businesses or non-profit organizations on monthly service fees for a limited time. Inquire about any special waivers or exemptions your business may qualify for.
How can I negotiate with PNC for a fee waiver on my business checking account?
If you have a long-standing relationship with PNC or maintain significant balances across multiple accounts, you may have leverage to negotiate with the bank for a waiver on the monthly service fee for your business checking account. Be prepared to present your case and highlight your loyalty and potential for future business.
Are there any requirements for the number of transactions or the types of transactions to waive the monthly fee?
Some PNC business checking accounts may require a certain number or types of transactions (e.g., debit card purchases, credit card transactions, online bill payments) to waive the monthly fee. Check the specific requirements for the account you’re interested in.
Can I combine multiple fee waiver strategies to get a free PNC business checking account?
Yes, you can potentially combine multiple strategies, such as maintaining a minimum balance, linking accounts, using additional PNC services, and taking advantage of promotions or waivers, to increase your chances of getting a free PNC business checking account.
What happens if I no longer meet the requirements for a fee waiver on my PNC business checking account?
If you no longer meet the requirements for a fee waiver (e.g., your account balance drops below the minimum, you stop using additional PNC services, or a promotional period ends), you will likely be charged the standard monthly fee for your PNC business checking account. It’s important to monitor your account and take proactive steps to continue meeting the waiver requirements or consider switching to a different account type.