Date Received: 2023-07-26
Issue: Getting a line of credit
Subissue:
Consumer Complaint: I directed a letter to XXXX XXXX XXXXXXXX XXXX XXXXXXXXXXXX XXXX XXXXXXXXXXXX XXXX PNC Financial Services Group and PNC Bank N.A . It describes fully the events forming the basis for our complaint. While it includes some personal information, it is the best vehicle to summarize the matter and I have included it in the additional documents section below. XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX, XXXX and XXXX XXXX XXXX PNC XXXX XXXX XXXX XXXX XXXX at PNC XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX Dear XXXX XXXX I am writing to you today to bring to your attention a most disturbing and negative interaction my wife and I recently experienced with your financial institution, PNC Bank, N.A. ( hereinafter PNC ). On XX/XX/XXXX, we spoke with a representative of PNC, XXXX XXXX XXXX ( NMLS # XXXX ), with regard to an application for a Home Owner Equity Line of Credit in the amount of {$160000.00}. As background information, we had established a previous HOE line with PNC in XX/XX/XXXX, in the amount of {$100000.00} to assist with home improvements. The increased credit amount was to accommodate additional improvements we had made to our home, subsequent to that time. XXXX XXXX took our application over the telephone, and assured us with our positive credit profile and favorable credit scores, along with our existing relationship, the increased credit request should be no problem. We were subsequently contacted by our XXXX XXXX, XXXX XXXX XXXX ( XXXX # XXXX ), who requested standard documentation to support reported income information. We provided XXXX XXXX with all documents requested. In several discussions with XXXX XXXX, it appeared that she was somewhat overwhelmed by our sources of income. My wife and I are retired, and we generate income from a number of investment sources. I retired in XXXX, and XXXX retired in XXXX. We manage our financial affairs in a sound and prudent manner, and have handled all of our credit obligations impeccably over that fifteen year retirement horizon. The manner in which we generate our income is obviously not the typical situation, such as an applicant who is employed and provides prior years W-2s and recent pay stubs to support their income. My impression was that XXXX XXXX had a difficult time understanding our financial situation. My wife and I are both retired XXXX, XXXX XXXX. XXXX spent XXXX years in banking, primarily as the XXXX XXXXXXXX for several financial institutions here in XXXX. I spent XXXX years in the industry, primarily in the lending function. I served as the XXXX XXXX XXXX for XXXX independent banks over the last XXXX years of my banking career. I bring this to your attention as evidence that we know the banking industry and how it operates. I know a qualified credit request, and would not apply for a loan for which we did not qualify. You can imagine my shock when I was advised by XXXX XXXX on XX/XX/XXXX, that our credit request had been denied by the PNC underwriting department for insufficient income to Page 2 Continuation of Letter to XXXX XXXX XXXX and PNC Bank N.A . service the debt. The specific reason identified in the formal Adverse Action Letter we received dated XX/XX/XXXX, was Excessive Obligations in Relation to Income. In several subsequent discussions with XXXX XXXX, wherein I requested additional information and clarification as to how the income and debt service had been calculated, she was unable to provide specific numbers related thereto or the methodology used to derive it by the underwriting department. On XX/XX/XXXX, I had a lengthy telephone conversation with XXXX XXXX during which she tried to explain how our annual income amount had been calculated. Her explanation was meaningless to me, as the figure she provided ( {$89000.00} in verified income ) had no correlation to any of the income information we had provided. In fact, it was over {$30000.00} less per year than our income verification documents we had submitted for the previous XXXX year period. Because I was insistent that something was wrong or not properly analyzed, XXXX XXXX said she would file an appeal of the decision and have it reviewed by a second underwriter. I have no idea whether or not she filed the appeal, because I never heard from her again. It is my understanding that the telephone calls dealing with credit applications are all recorded by PNC. If that is the case, I believe you would find a review of the XX/XX/XXXX, telephone call most instructive, in terms of providing an accurate summary of the application process we endured and the frustration we experienced in not being able to get credible answers to reasonable questions. Subsequent to the XX/XX/XXXX telephone call, I reviewed all of the information XXXX XXXX had provided relative to the credit underwriting. In an attempt to clarify what I perceived as an erroneous assumption by the PNC underwriter, I sent XXXX XXXX a communique by email outlining where I believed the breakdown occurred. A copy of that email is included for your information. It is interesting to note that at the end of the XX/XX/XXXX telephone call ( a Friday ), XXXX XXXX assured me she would contact me early in the following week to discuss the results of her appeal. On XX/XX/XXXX, ( Sunday ) I directed my email to her. Subsequently, I made XXXX separate telephone calls to her, wherein I left voice-mail messages asking her to acknowledge receipt of the email and to update me on the current status of the appeal. I never received a return call from her. My next communication with PNC was the standard Adverse Action Letter which we received by mail on XX/XX/XXXX. To say that the manner in which this credit request was handled by PNC is a stain on the companys reputation is an understatement. My wife and I believe we did not receive fair treatment from your bank, XXXX XXXX. Subsequently I have reviewed the entire application and credit denial process with several former colleagues in the banking industry, each of whom have a high level of knowledge and expertise related to the bank lending function. All agreed and are willing to give testimony to the fact that, based upon generally accepted principles of credit-granting criteria, the credit request was not handled in the appropriate manner. Within that context, it is interesting to note that the credit facility my wife and I were denied by PNC was, in fact, granted by a competitive financial institution. We executed loan documents on XX/XX/XXXX. Page 3 Continuation of Letter to XXXX XXXX XXXX and PNC Bank N.A . I have taken the time to write to you about this incident, XXXX XXXX, in the hope that some degree of review and action on your part will result in meaningful corrective action within PNC to preclude future applicants from receiving the same treatment my wife and I experienced. As I indicated earlier, we felt that the treatment we received from PNC was eminently unfair. More specifically, we believe that age discrimination played a role in the ultimate credit decision, in direct violation of the Equal Credit Opportunity Act. To that end, I have forwarded a copy of this letter to the governmental agency that administers compliance with that federal statute, the Bureau of Consumer Financial Protection, in the hope that they will take whatever action they deem appropriate. In addition, we have filed a formal consumer complaint with the subject agency regarding the events outlined in this letter. I would be most interested in hearing your thoughts about the matter, once you have had an opportunity to look into it. Sincerely, XXXX XXXX XXXX, XXXX. XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX ( XXXX ) XXXXXXXX XXXX Cc : Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20006
Company Response:
State: CA
Zip: 93004
Submitted Via: Web
Date Sent: 2023-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-26
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: I am XXXX and have an account at PNC Bank. I didn't choose this bank, but BBVA Bank migrated my checking and mortgage accounts. In XXXX of this year, I sold my residence in Florida and I am sending money from PNC Bank XXXX XXXX XXXX in XXXX. Out of the XXXX transactions I made, I succeeded only in the first XXXX. For the second one, I requested a refund to my account, and for the last XXXX XXXX and XXXX XXXX, I have been relentlessly trying to resolve the PNC Bank 's error. I have a joint account with my brother, who doesn't have a login or password and has never accessed the bank. I take care of the finances, and only I have access. For the last XXXX transactions, I requested the transfer in my name as the sender to my account in XXXX ( XXXX ). The simple receipt from PNC Bank states that I am the sender. However, at the time of the transaction, the document that arrives in XXXX shows my brother 's name as the sender. This prevents me from converting dollars to XXXX under the same ownership. To receive this money, I would have to declare it as a gift from my brother to me. This is not correct and would imply more taxes. So, the foreign exchange department of the bank in XXXX asked me to request a " XXXX XXXX '' amendment from PNC Bank. This is a simple document that would solve my problem. I have been asking the bank for help since XX/XX/XXXX. In fact, I pleaded for help because I need this money to pay for XXXX. What I received was XXXX email per day, just stalling, asking XXXX question per day. Today, they responded that they unfortunately can't help me. I just need them to please send a document stating that I was the sender. Could you please intervene on my behalf?
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-26
Issue: Opening an account
Subissue: Unable to open an account
Consumer Complaint: Unable to open a bank account with PNC, even though I was a longstanding member of said institution. Please, I would like to open an account and believe I am entitled to. I tried to open an account but was flagged due to XXXX XXXX XXXX I spoke to representatives of XXXX and PNC and was informed that I would not be able to open a bank account for a reason unbeknownst to me. I am no longer able to have an account at any institution and believe I am entitled to at least XXXX. Please reach out and help me get this resolved. Consumer # : XXXX
Company Response:
State: PA
Zip: 19103
Submitted Via: Web
Date Sent: 2023-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-26
Issue: Struggling to pay your loan
Subissue: Denied request to lower payments
Consumer Complaint: I have an auto loan with PNC bank, originating in XXXX. I have always made timely payments. The payment is usually due on the XXXX or XXXX of the month, but I am unable to pay my monthly installment until the last day of each month. PNC continues to call and I have advised PNC reps with no issue of this situation. PNC continues to call every day, sometimes twice per day on my cell and my work phone. I have asked PNC reps to refrain from calling my work number, but they continue to do so.
Company Response:
State: IL
Zip: 60563
Submitted Via: Web
Date Sent: 2023-07-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Fees or interest
Subissue: Problem with fees
Consumer Complaint: On XX/XX/XXXX while in the branch of PNC the branch XXXX recommended I open a credit card with XXXX percent interest on balance transfers for the first 12 months. I accepted their offer and was approved for the credit card and authorized a balance transfer of {$210000.00} to XXXX XXXX Credit card and {$850.00} transfer to XXXX XXXX XXXX XXXX XXXX Credit card. The transfers were authorized with the credit card approval on XX/XX/XXXX. The XXXX XXXX transfer was posted to my XXXX XXXX credit card on XX/XX/XXXX and the XXXX XXXX XXXX transfer was posted to my XXXX XXXX XXXX Credit on XX/XX/XXXX. I set up auto payment transfers from my PNC checking account to my new PNC credit card to begin on XXXX and each month after on the XXXX of the month for {$500.00} each. I did this to pay off the credit card within the 12 months to avoid any finance charges. When my XXXX statement arrived in the mail, the statement period shown was from XX/XX/XXXX - XX/XX/XXXX, and the minimum payment was due XX/XX/XXXX. I had already made a {$500.00} dollar payment on XXXX so I was not worried about the minimum due. At sometime in XXXX I received the another statement from PNC for my credit card with a minimum payment due by of {$50.00} by XX/XX/XXXX, however I made a transfer payment on XX/XX/XXXX so I again was not worried about the minimum payment. However I did not notice the XXXX statement included a late fee of {$27.00} dollars and interest charges of {$1.00} dollars. When I received my XXXX statement this month I noticed a late fee of {$38.00} dollars and interest changes of {$1.00} dollars. I called PNC and disputed the late fee in XXXX and the interest charge and they reversed the charges for both. The next day I went back and reviewed my XXXX statement again and that's when I noticed a late fee that month too. So Monday morning ( XX/XX/XXXX ) I went to the PNC XXXX and explained the situation to them in person but she was not able to help me, she did escalate my request and I was contacted by a PNC representative who informed me they could not reverse the XXXX Late fee because they had already reversed the XXXX XXXX XXXX and PNC does not reverse XXXX late fees in the same year. Both the XXXX late and and the XXXX late fee are erroneous and should be reversed. I have made more than minimum payments in XXXX, XXXX and XXXX.
Company Response:
State: NC
Zip: 28412
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I applied for a online loan and they put funds into my account which was available right away but the amount they had sent was not what they told me that I was approved of. The date was XX/XX/XXXX and there was nothing that made me think that something was wrong because PNC bank made me think that it was cashed and available until a few days later they put a provisional credit for the same amount for what the loan was for and now that I have sent back the money to the loan company which I found out it was a scammed company I am out of my money and the bank is telling me that I am not going to be able to retrieve the money back because it is not insured for these types of problems. So, I asked the person from the bank so anyone one can just get money out of anyone 's account, and you will cash it but later on reverse it so that you all can make money. It seems like they are working with the hackers and scammers so that they can charge their customers overdraft fees and checks that they have cashed but later on make it a false check. I am XXXX and I had to cancel some very urgent appointments with my XXXX XXXX which I have a serious XXXX coming up and I had to call my pharmacy and explain my situation so I can get my medications for my XXXX XXXX and my XXXX. All I want is my money back and them to make things right.
Company Response:
State: NC
Zip: 27530
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Other transaction problem
Subissue:
Consumer Complaint: XXXX & XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX XX/XX/2023 Consumer Financial Protection Bureau XXXX XXXX XXXX Washington XXXX DC XXXX Subject : Formal Complaint Against PNC Bank XXXX Violation of Federal Regulations for Monday Transfer, Failure to Release Funds & Failure to Return Funds Routing # : XXXX Dear Sir/Madam, I am writing to lodge a formal complaint against PNC Bank for their failure to handle our banking affairs legally and fairly, as mandated by the Federal Reserve XXXX I bring to your attention two significant instances of grievance that demand immediate attention and resolution. 1. Breach of The Electronic Fund Transfer Act Regulation E Subsection 11 ( d ) ( 2 ) : On XX/XX/2023, we authorized PNC Bank to transfer the sum of {$9900.00} from our high yield account ( XXXX ) to pay a third-party vendor for necessary home repairs due to storm damage. However, on XX/XX/2023, the funds were deducted from our XXXX, but the transfer was not executed as intended. Despite contacting PNC Bank on XX/XX/2023, they only acknowledged the error and stated that the funds would be credited back to our XXXX on XX/XX/XXXX. As of XX/XX/2023, this amount of money is still missing and unaccounted for by PNC bank. Throughout this process, PNC Bank displayed a complete lack of communication, leaving us unaware of the issues they were well aware of. Furthermore, they refused to recredit our account or facilitate the intended transfer, thereby violating Regulation E Subsection 11 ( d ) ( 2 ). 2. Withholding of Insurance Claim Payments : Following the severe storms in California, we were entitled to receive insurance funds from XXXX to repair our home. Regrettably, PNC Bank has continuously neglected to endorse these funds, in the amount of {$19000.00}, causing considerable distress and financial hardship. Despite our repeated attempts to seek assistance in releasing the funds, PNC Bank has either denied our requests outright or deliberately delayed the process, forcing us to withdraw funds from other high-yield interest accounts. This refusal to release the insurance funds violates our legal rights as a customer and has resulted in substantial financial losses. We demand compensation for both the lost interest on our funds during this nine-week period, given the current interest rate of 4.6 %, and the earned interest we would have accrued otherwise. Additionally, due to PNC Bank 's actions, we were deprived of the {$9900.00} for five business days, resulting in a loss of interest at the rate of 4.6 %. We insist on full reimbursement for this amount. Furthermore, the distress and duress caused by PNC Bank 's actions can not be ignored. Therefore, we seek appropriate compensation for the pain and suffering inflicted upon both my wife and me. We trust that the CFPB, or the appropriate investigation committee/department , will conduct a thorough investigation into these matters and hold PNC Bank accountable for their actions. We eagerly anticipate a swift and satisfactory resolution to this distressing situation. Kindly treat this complaint with the utmost urgency, as the delays and financial losses incurred are of great concern to us. Please feel free to contact me at the provided contact details if you require any further information or clarification. Thank you for your attention to this matter. Sincerely, XXXX XXXX
Company Response:
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Reference PNC internal Claim # XXXX We are writing to file a formal complaint against PNC Bank regarding their failure to endorse or return the insurance funds issued by XXXX to repair our home after the severe storms in California earlier this year. Despite the Federal Government and State declaring a State of Emergency, mandating the immediate release of these funds, PNC Bank has shown a complete lack of responsiveness and accountability in handling our legitimate claim, and ambivalence to the civil and Federal codes it is violating. Details of the Complaint : XXXX. Non-Endorsement of Insurance Funds : After experiencing severe storms in California, we were entitled to receive insurance funds from XXXX to repair our home. However, PNC Bank has continuously neglected to endorse the funds, leaving us unable to initiate the necessary repairs and recovery process. XXXX. Lack of Assistance and Deliberate Delay : Numerous attempts have been made to approach PNC Bank for assistance in releasing the funds, yet they have either outright refused or deliberately prolonged the process. This prolonged delay has caused significant distress and financial hardship on our part. XXXX. Forced Withdrawal from High-Yield Interest Accounts : Due to PNC Bank 's refusal to release the insurance funds, we have been left with no choice but to withdraw money from high-yield interest accounts in order to pay vendors for the essential repairs. This has resulted in significant financial losses on our part. XXXX. Violation of Legal Rights : By withholding the insurance funds without any reasonable justification, PNC Bank has flagrantly violated our legal rights as a customer. XXXX. Claim for Lost and Earned Interest : The insurance funds totaling {$20000.00} have been held by PNC Bank for an extensive period of XXXX weeks. Given the current interest rate of 4.6 %, we demand compensation for both the lost interest on our funds during this time and the earned interest we would have otherwise accrued. We seek prompt action and resolution from the CFPB to address this matter. Our situation is urgent, and we require the immediate release of the insurance funds owed to us by PNC Bank, as well as appropriate compensation for the financial losses and distress we have endured. Please note : At this time, all vendors have been paid for their services through other funds that we have available that are separate from PNC. However, PNC remains to retain funds at this time. We trust that the CFPB will conduct a thorough investigation into this matter and ensure that PNC Bank is held accountable for their actions. We eagerly anticipate a swift and satisfactory resolution to this distressing situation. Thank you for your attention to this matter. Please feel free to contact me at the provided contact details if you require any further information or clarification. Sincerely,
Company Response:
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: On XX/XX/ an unauthorized transaction of {$43.00} charged to my PNC checking account. I filed a dispute with PNC 's dispute department on XX/XX/ once discovered and was told it would tae about 90 days to research. A written communication from PNC 's dispute department stating the dispute had been resolved and that my funds will not be returned to my account because they found no error. I was mortified and refiled the dispute on XX/XX/XXXX XXXX The dispute was denied XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, and XX/XX/ XXXX XXXX To date they have not received the unauthorized transaction. In a phone conversation with XXXX, PNC dispute department, on XX/XX/ I learned PNC only returns unauthorized funds when they recovery their funds. This is unconscionable. This bank, as all banks, is covered with protection for loss by FDIC. I am not. Dispute denials furnished upon request. I must have my {$43.00} returned to my account and feel PNC has no loyalty to me as a depositor and I am not happy. I DID NOT MAKE THIS TRANSACTION NOR DID I AUTHORIZE IT. ONLY YOU CAN ASSIST BASED ON RECOMMENDATION FROM OFFICE OF THE COMPTROLLER OF THE CURRENCY.
Company Response:
State: AL
Zip: 352XX
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: I was trying to get in this apartment I was denied due my credit. there were all these hard inquires and collections that damage my credit According 15 USC 1681 law that's a defamation to my character.
Company Response:
State: AZ
Zip: 85008
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A