Building on the popularity of
PNC's Virtual Wallet comes online banking for students and peace of mind for parents.
Virtual Wallet Student is a personal banking tool that helps students to manage their money, avoid costly mistakes and painful fees and—the best part—sends an alert email to family when funds are getting low. The solution was designed based on extensive research with students, parents and college administrators.
"It's unique in the banking world," says Mike Ley, vice president of payment and e-business. "This is a tool that will help students become better money managers."
PNC introduced Virtual Wallet a year ago, an innovative online program that was designed with Gen Yers in mind. The student version builds on PNC's successful model, with a spending tracker that categorizes where the money is going, such as restaurants, gas or shopping, a personalized calendar and email alerts or "danger days" for those times when funds get low.
The account is really three accounts in one. It's organized the way students think— spend, reserve and growth, says Ley.
Parents receive alerts via text message or e-mail when the account is close to zero or the balance goes below their pre-set threshold. Another handy feature sends digital receipts and messages via email to whomever owes the account holder money.
"Students are more interested in the here and now rather than a month overview," says Ley. "Parents like it because it allows them to see where the money is going."
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Writer:
Debra Diamond SmitSource: Mike Ley, PNC
Image courtesy PNC