PNC's product is competing against other longtime providers of financial tools for young people, including Visa Inc.'s prepaid Buxx card, and newer entrants like SocialWise Inc.'s BillMyParents, which offers a way for parents to pay for online transactions initiated by teens if the parents approve. This allows students to know when their tuition is due and budget expenses for school breaks or the start of a new semester. The Virtual Wallet Student version also incorporates events from the academic calendars of many schools in PNC's region, Ley said. One of Virtual Wallet's main features is a calendar that can help users track past activity and set future activity. The accounts are managed through an online tool that Ley said is better at tracking spending than the check-register-style format commonly used with online banking. There are some restrictions customers do not receive paper statements, for example. The online interface combines three PNC accounts, for checking and short- and long-term savings. The original Virtual Wallet was launched in July of last year. Parents can also receive e-mail alerts to track deposits and spending in the student accounts. The feature has "helped that conversation between the student and parents," Ley said. Students can also add comments to explain the transaction, such as noting the purchase was for textbooks, sweatshirts, groceries or dorm furniture. With the student account, every item in the online transaction history is a clickable link that can generate a digital receipt that students can e-mail to their parents to request a reimbursement. With the reimbursement feature, for example, parents that also have PNC accounts can use the banking company's online "send money" feature to fund their children's accounts electronically parents with accounts at other financial companies might have to mail a check. Virtual Wallet Student is meant to fill that void, Ley said, and to get parents to sign up for PNC's grown-up accounts. The original Virtual Wallet product, actually a combination of three accounts managed through a common interface, was created for young adults but does not have features explicitly designed to enhance a student's lifestyle.
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