PNC just launched a new checking account promotion yesterday. According to the promotion page, you can get $100 bonus when you open a new PNC checking account with qualifying direct deposit. This promotion ends on June 14, 2008.

The latest mention of PNC bank is in this March when PNC was running a check card promotion. According to my previous “Use ING and PayPal to Make Direct Deposit” post, PNC accept PayPal transfer as direct deposit (At least, someone reported this.). However, this time PNC makes specific requirement on direct deposit. Following is from the fine print:

A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance or Performance Select Checking account. The minimum amount of any single Direct Deposit must be at least $500. Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as Direct Deposits.

The $500 requirement and actual direct deposit from your employer makes this $100 bonus a little bit difficult to get. It seems the only you can get the bonus is to change your direct deposit account to your new PNC checking account. There are three different checking accounts that you can choose from. Free Checking Account, Performance Checking Account, and Performance Select Checking Account. I strongly suggest you open the free checking account which doesn’t have monthly service fees and minimum balance requirement. The minimum initial deposit is $25. The free checking account features:

• No minimum balance and no monthly service charge
• PNC Security Assurance
• Free PNC Bank Visa^® Check Card
• Free Visa Extras Rewards Program when you enroll your check card
• Free Online Banking and Bill Pay
• Ovedraft protection and AutoAlerts

According to my “Hard Pull and Soft Pull” post, no hard pull is performed for opening an account at PNC Bank. This is a national promotion although PNC branches are located at Virginia, Kentucky, Florida, Ohio, Maryland, Pennsylvania, New Jersey, Delaware and the District of Columbia area.

PNC Financial Services is a U.S.-based financial services corporation, with assets of $92.0 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading asset management and processing businesses. PNC is America’s 11th largest bank by deposits and is the third largest bank off-premise ATM provider in the country.