Consumer complaint received 2022-12-25
Company: PNC Bank N.A.
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX. I received an unsolicited call from someone named XXXX, who identified herself as a loan XXXX at PNC Bank, and asked me about the PNC HELOC that I had opened with the bank last year in XX/XX/XXXX. I told her I didn't have any questions, and ended the call. See attached .png file showing that I received an ( unsolicited ) call from XXXX XXXX XX/XX/XXXX. 

A few days later, on XX/XX/XXXX, I received the attached letter in the mail, stating that I was eligible to " Enjoy 2 % off your contract Annual Percentage ( APR ) for 6 months ending XX/XX/XXXX. '' See attached PDF of the XX/XX/XXXX letter ( with sample checks and my handwritten notes ). 

On XX/XX/XXXX, I called XXXX back, and she confirmed that I was eligible for the 2 % discount, and that my current rate was 6.79 % ( Prime - 0.21 % margin ). During that 7 minute call, XXXX explained that after my discount, my effective APR would be 4.79 % as per the terms of the letter I received. See attached call record with XXXX on XX/XX/XXXX. 

That same day, on XX/XX/XXXX, I XXXX down on my PNC HELOC line of credit in the amount of {$100000.00}, by depositing one of the checks attached to the 2 % offer ( check # XXXX ) into my XXXX Bank checking account ( XXXX ). 

On XX/XX/XXXX, I received ANOTHER letter from PNC, in the form of am email at XXXX am, reiterating the 2 % discount on my HELOC. The letters states : " This 2.0 % discount is automatically applied to your PNC Choice Home Equity Line of Credit account ending in XXXX. '' See attached PDF of XX/XX/XXXX email with 2 % discount. 

On XX/XX/XXXX, I logged into my PNC account, and noticed that the rate being charged on my HELOC was still 6.79 %, not the 4.79 % rate that should have been applied after the discount, and according to the rated promised by the letters. I called back XXXX and told her that the rate on my account was incorrect, and she transferred my call to XXXX XXXX in the loan servicing department. 

I then spoke to XXXX XXXX, who explained that she had NO RECORD OF THE 2 % DISCOUNT GOING OUT, and that I was being charged the higher rate of 6.79 %. I explained that I had the letter and offered to send it to her. She said that she could not receive emails, but that I could send a copy of my letter to a general customer service email account at " XXXX '', which I did. See attached record of call with XXXX on XX/XX/XXXX and email to the customer service email account. 

Later on XX/XX/XXXX, I received a call from someone named XXXX, who said that SHE DID NOT HAVE ANY RECORD OF MY CORRESPONDENCE OR THE 2 % OFFER LETTER. She then gave me a reference # XXXX, and asked me to email the 2 % offer letter to another email address ( XXXX ), which I did. See attached XXXX letter to XXXX at the email address provided. 

XXXX promised to look into this and call me back. She has not done so. In the meantime, my HELOC continues to show the wrong rate ( 6.79 % as opposed to 4.79 % ), and to accrue interest at the higher per diem ( {$18.00} ) instead of the correct per diem ( {$13.00} ). 

I have accrued over {$200.00} in interest charges at the erroneous rate over the last 11 days, with no indication that this will stop. None of my attempts to resolve this with three different people in the bank ( including the loan officer who initially solicited the loan ) have been successful. Instead, the bank has denied sending me the 2 % letter. Please help!

Company response to consumer: Closed with explanation