Consumer complaint received 2024-08-01
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Funds not received from closed account
Company: PNC Bank N.A. (TX)

This is a follow up complaint to issue XXXX. 
My mother passed away in XXXX of XXXX. Prior to her passing, she had an IRA CD account in which the CD matured on XX/XX/year>. I assisted my mother in sending paperwork to close the account in mid-XXXX with intention of putting it into another account. A letter from PNC Bank was sent to her with a denial of the request and no reason for the denial. My mother was ill and subsequently died on XX/XX/XXXX and PNC bank put the money into an account earning .03 % interest. My mother 's attorney said that the account was set up to roll to the 3 beneficiaries of my mothers estate, but PNC refused to do that with no explanation and would not let me speak to the legal team. I contacted my mother 's attorney who contacted PNC. He works with many estates and said that it was set up as an inherited IRA which allows a 10 year disbursement for each beneficiary, the legal team would not speak to him either. 
When I finally reported the issue to the CFPB, I was assigned a representative from PNC who did have PNC release the funds. Prior to the account closure, she had several mis-steps and she did not follow through on many of her commitments as she was just trying to push the paperwork off of her desk. After she got the check to me, she did not answer, nor account for the rest of the questions that I posed. I stand firm that PNC Bank is taking advantage of their most vulnerable customers. 

Here were the questions that were not addressed : Before Death : XXXX ) Why was the account not closed or transferred when requested in XX/XX/scrub>XXXX XXXX 
( this was answered, however, the fact that a letter was sent prior to XX/XX/XXXX was left out ) XXXX ) Why does the legal department refuse to communicate by phone, both incoming and outgoing? 

XXXX ) Why was all communication from PNC sent solely by XXXX Mail, even after being informed that the recipient was no longer at her home? 



After Death : XXXX ) Why were the funds not transferred to the beneficiaries as inherited IRA? 

XXXX ) Why was the XXXX  distributed post-death? 
( this was addressed in the CFPB response but misleading ) XXXX ) Why did I have to spend hours correcting the XXXX distribution? 

XXXX ) Again, why does the legal department refuse to take or make calls for clients or their attorneys? 

XXXX ) After following all requirements with a PNC representative on the phone, and seding in all documentation, I was told that it would be reviewed/processed in 7-10 business days ( XX/XX/XXXX ). I contacted PNC after 12 business days, and the account had not been touched. Is this intentional? 

Requests : XXXX ) I want the account closed ( completed!! ) XXXX ) I want an explanation from the legal department as to why the account could not be transferred to the inherited IRA accounts set up by my mothers attorney XXXX ) I want reimbursement for the lost interest, as PNC set the interest rate at .03 % and published rates are over 3 % for savings accounts over {$50000.00} and CDs over 5 % for shorter terms, which would apply post-death. 

XXXX ) I want reimbursement for legal fees XXXX ) I want reimbursement for the time I spent on multiple phone calls and a branch visit