July 15, 2009

PNC Bank (Pittsburgh), a member of The PNC Financial Services Group, introduced Virtual Wallet Student, an 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 "help students help themselves as they transition to financial independence," according to a PNC press release. E-mail alerts to students' parents and a "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.

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.

"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, in a statement. "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." Added Nickolas P. Certo, manager of University Banking for PNC, "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."

Features include of Virtual Wallet Student include a three-accounts-in-one design, which aligns the banking experience with the way college students think about their money (Spend, Reserve and Growth accounts); Spending Overview, which provides a graphic breakdown of student's monthly spending in common categories like restaurants, gas, and shopping; a Multi-Channel Offering that enables students to bank online, by local branch, phone, or mobile device; a calendar with daily, weekly and monthly views of upcoming bills and incoming deposits; Danger Days indicator on calendar that alerts the student when at risk of overdrawing; Parent Alerts via text message or e-mail that notify students and parents when there is a risk of overdrawing or when the account balance goes below their pre-set threshold; and Send Money feature via PNC online banking that enables parents to easily transfer money to their student's account even if they are not a joint account holder.

ABOUT THE AUTHOR
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & ...