Consumer complaint received 2023-04-07
Company: PNC Bank N.A.
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
The complaint I have is for both my Equity loan account and my checking account with PNC bank. I enrolled into a fixed equity loan with PNC bank back in XX/XX/XXXX. I was also enrolled into a checking account to be able to transfer funds to pay my equity loan monthly. Since opening both accounts, PNC bank have changed there banking policies and practices. This was just brought to my attention by an employee stating they made changes in XXXX. I was not aware of these changes, which resulted in excessive fees being added to both of my accounts without my consent or knowledge for several years. I reached out to PNC Bank regarding my home equity loan and the statement showing a different balance from my online banking screen. I initially enrolled into automatic debit from my checking account, to have payments withdrawn from my checking account to pay my equity loan, but PNC bank terminated that process too without notifying me of such actions. I was unaware of the changes made by this financial institution, resulting in late payments to my equity loan account for several months. I was not aware until I received a call from a PNC bank representative, which was upsetting because the money was sitting in my checking account all along awaiting transfer which did not occur. I was furious, because this was the first time derogatory negative credit reporting had occurred to my credit report, which impacted my credit significantly. It has just been brought to my attention that PNC bank have been charging me a $ XXXX  monthly fee for having less than {$5000.00} in the very checking account they opening to transfer funds to make my monthly equity account. There was no fees discussed or charged to this particular account when established. If changes and fees were going to be accessed, I should have been contacted/notified or the account should have been changed to a none fee account. I have had other accounts requiring much less money to maintain the account open, which gave me the opportunity to leave open or result in closure. PNC bank was well aware this account never had a {$5000.00} balance because it was established as an equity account and a checking account to deposit money into the equity account. I never used this account for anything other than the transfer of funds to make monthly equity loan payment, which is why it was established. I do not have a PNC bank locally, so I was advised by the banker that this was the best way to make monthly payments on my equity loan. Instead of changing the checking account to a more affordable checking account, PNC bank chose to charge me fees monthly knowing this checking account only had the money deposited into my account to meet my monthly equity loan payment. Again, the sole purpose of this account being established was to be able to transfer funds to make monthly equity loan payments. I was unaware PNC bank, made changes to charge my checking account for not meeting the limit requirements of {$5000.00}. When the account was established with PNC bank I did not incur such fees to my account. I have asked PNC to reimburse me the fees they have charged to my account and change my account to another account, but neither on has been done. I also addressed the charges I have been subjected to on my monthly equity loan statement. I have been paying my loan regularly within the guidelines to avoid late fees, but I am still subject to monthly late fees although my payment has not been late. My concerns have not been addressed and no one can explain why I have late fees on my monthly statement. I am in the process of refinancing my loan with another bank, but I can not explain why PNC has charged me fees on my statement which has never showed up when I pay my monthly equity loan. This is awful, and detrimental because it prevents me from receiving services elsewhere. PNC bank actions and information is false, malicious, and intentional which results in direct harm to my financial ability and worthiness. I have statements and documentation, showing account deposits and payments posting to accounts.

Company response to consumer: Closed with explanation