Consumer complaint received 2023-07-25
Company: PNC Bank N.A.
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

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 to consumer: Closed with explanation