Consumer complaint received 2022-05-02
Company: PNC Bank N.A.
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
My credit union offers free no-fee lifetime checking. I have been with them for over 20 years and I love them. But I wanted a backup account to get a backup debit card. In case a debit card gets lost while I travel. 

So I signed up for free no-fee lifetime checking at www.simple.com. I was happy with their services and I remained happy even after they got acquired by BBVA USA. I remained happy with BBVA USA because they honored my free no-fee lifetime checking. Plus they happened to have branches where I travel. Then BBVA USA was acquired by PNC. And as it turns out PNC has some branches in places I frequent. But not as advantageous to me as BBVA USA. Regardless, I figured at some point I could get around to funding my now PNC checking account by more than a penny. ( {$0.00} ) But I was in no rush to do so because it is free, no-fee lifetime checking. Or so I thought, when I received an email from PNC a week ago stating they were going to hit my account with a {$7.00} per month fee! 

According to PNC they workaround to this {$7.00} per month fee is maintain a daily average balance of at least {$500.00}. One of the issues here is that they did not give me enough time to make that happen. Unless I were to put in {$15000.00} or more to turn to achieve that {$500.00} daily average balance. ( {$15000.00} into 30 days, since I had {$0.00} in the checking account ) Beyond even the less than ample notice. I am upset because I expect PNC to honor the free no-fee lifetime checking as BBVA USA did XXXX I am grandfathered in as a successor account. I should not even have to maintain a daily average balance of at least {$500.00}. This is not okay. The analogy that I present to PNC goes like this. 

As someone that has done landlording. When I have purchased a property. I am obligated to honor the pre-existing leases. I can not change the terms of a tenant 's lease after the closing. Think of a situation with rent-control. A new landlord can not change the rent on someone in a grandfathered apartment. This is why oftentimes a building with rent-control units sells for less than one without. 

Landlords are not able to cherry-pick in that case. There is a reason for the discounted building. The same rings true when one financial institution acquires another. 

Imagine if I opened a credit card from X Bank and they got bought out by Y Bank. Later PNC buys Y Bank and then I say to PNC- I have no account with you. PNC would still insist on payment and if they took me to court- they would win and I would lose. If that logic applies then PNC must honor my free no-fee lifetime checking. 

That would also explain why I never received notices from PNC because none applied to my account. They may claim they sent notices, but the only one I acknowledge receipt of is the email from last week. Which prompted me to fund the account by {$500.00} to bring the balance up to {$500.00}. Because I figured they would hit me for the {$7.00} fee before I had a chance to straighten out this matter. I do not wish to get hit again at the end of XXXX/ start of XXXX. So I do not plan on moving the balance. 

I communicated my concerns via the PNC XXXX. I also called them and spoke with a wonderful woman named XXXX. Later I got in touch with a nice woman called XXXX. But none were able to help me. XXXX suggested I write to the President of PNC. But on second thought I became concerned that even the President might not have the power to help me. So I surmised I would contact your office to get a little additional help.

Company response to consumer: Closed with explanation