Consumer complaint received 2021-10-25
Company: PNC Bank N.A.
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
My mortgage loan was transferred ( not by my request ) to PNC Bank XXXX of XXXX ; not sure of exact date. 

XXXX - called PNC and requested payoff amount ; they indicated they can fax ( I don't have a fax ) or mail ; can not be done online. 

[ [ [ daily interest accumulating ] ] ] XX/XX/XXXX - still nothing in the mail ; I have a locked mailbox so it could not have been stolen from the mailbox. I called PNC again to request a payoff amount again. They will mail. 

[ [ [ daily interest accumulating ] ] ] XX/XX/XXXX or XX/XX/XXXX - received payoff information in the mail ; option to wire or mail in cashier 's check. I wanted to mail cashier 's check ; instructions were not clear and no form to fill out ; there were two addresses on top of of where to send to. 

XX/XX/XXXX - went to my bank and requested/paid for a cashier 's check ( {$5.00} ). I added my name and my PNC account number on the check even though directions did not state to do this. Check was for just under {$50000.00}. I went to USPS to send and clerk witnessed me putting into envelope the PNC payoff letter and check. Sealed it, and paid for it be to sent to PNC ; received USPS tracking number. 

[ [ [ daily interest accumulating ] ] ] [ [ [ next payment is due XX/XX/XXXX on mortgage to PNC ] ] ] XXXX - USPS tracking identifies PNC signed for item. 

XXXX - monitoring PNC account online ; no full-payment posting to account. 

XXXX - multiple calls to : - PNC asking XXXX found check, sharing info ( XXXX 's check #, what was put on Cashier 's check, USPS tracking info ) ; still can not find check. 
- my bank to find out if Cashier 's check is cashed - PNC finally escalates. 

[ [ [ daily interest accumulating, now late on a payment, daily increasing anxiety due to lost check with high amount ] ] ] XX/XX/XXXX talk with person at PNC who it was escalated to ( provide information again ) who recommends paying overdue XXXX payment. He noted ( phone call was recorded ) that addresses on top were incorrect, has happened before. Will resend a new payoff letter and requested I stop payment on the cashier 's check sent to them and wire instead. Per my bank, I can not stop payment on cashier 's check until 30 days after it was issued ). 

[ [ [ daily interest accumulating, had to make overdue payment which is technically an additional payment from my perspective, because I've already had the full payoff amount deducted from my account by my bank ) daily increasing anxiety due to lost check with high amount ] ] ] XX/XX/XXXX - I will be going into my bank to stop payment on cashier 's check ( {$30.00} fee ), and then to wire the payment ( {$25.00} ) per direction from PNC and hoping it goes through correctly. 

The processes above ( payoffs, mailings, accepting payments via mail ) are key to their core competencies, not sure how they can be so ineffective and inefficient. I have to pay additional {$30.00} + {$25.00} ( stop payment/wire fee ) to pay off the loan and will be asking for reimbursement from them for these two amounts totaling {$55.00}. 

I feel I have paid approximately {$220.00} in interest I should not have had to pay ( {$4.00} per day, about 45 days ) if they would've sent out the payoff amount on XXXX as originally requested, had the correct address on their form to send payoff amount to ( I would've sent it in the following week for receipt by PNC by XX/XX/XXXX ). I wonder if they do this intentionally so they can collect additional interest dollars from their customers.

Company response to consumer: Closed with explanation