Consumer complaint received 2024-08-28
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: PNC Bank N.A. (CA)

Subject : Formal Complaint Against PNC Bank for Violations of California Law and UCC Regarding Failure to Deposit {$15.00} XXXX Promissory Note Dear CFPB, I am filing this formal complaint against PNC Bank for their blatant failure to fulfill their legal obligations under California law and the Uniform Commercial Code ( UCC ) in connection with a {$15.00} XXXX promissory note I submitted for deposit. 
Background Information : Bank Name : PNC XXXX XXXX XXXX XXXX Promissory Note Amount : {>= $1,000,000} Date of Acceptance : XX/XX/year> Expected Deposit Date : XX/XX/year>, 5 Days After Acceptance Legal Violations : On XX/XX/year>, PNC Bank accepted my mail that I submitted a {$15.00} XXXX promissory note to PNC Bank, instructing them to deposit the note into the XXXX XXXX account within 5 days. PNC Banks failure to deposit the note constitutes a violation of both California state law and the XXXX, which governs negotiable instruments and the obligations of financial institutions. 
Violations of California Law : California Commercial Code, Division 3, Sections 3101 - 3605 : PNC Banks failure to negotiate, deposit, or return the promissory note is a direct violation of their obligations under Californias adaptation of the UCC. Specifically, under Section 3301, PNC Bank is obligated to act as a holder in due course and enforce the note as required by law.

California Civil Code, Section 3302 : PNC Banks refusal to honor the promissory note may also constitute a breach of contract under the California Civil Code, which requires performance of obligations specified in a contract.

Violations of Uniform Commercial Code ( UCC ) : UCC 3-104 : The promissory note meets all requirements of a negotiable instrument under UCC 3-104 . PNC Banks failure to treat the instrument as such violates their duties as a financial institution.

UCC 3-501 : PNC Banks refusal to deposit the note or provide a valid reason for such refusal violates their obligation to honor and process negotiable instruments presented to them.

Issue Summary : Despite complying fully with the requirements outlined by both PNC Bank and the governing laws, the bank has failed to deposit the {$15.00} XXXX promissory note. This failure has caused substantial financial harm and delays in critical business operations. 
Impact : PNC Banks refusal to honor and process the promissory note has resulted in significant financial distress, delayed projects, and potential legal ramifications. The promissory note was critical for securing necessary funds, and PNC Banks inaction is a direct violation of their legal obligations, causing unnecessary hardship. 
Resolution Requested : Considering the serious nature of these violations, I am demanding the following actions : 1. Immediate Deposit : The {$15.00} XXXX promissory note must be deposited into the XXXX XXXX account without further delay. 
XXXX. Formal Explanation : PNC Bank must provide a detailed explanation for their failure to comply with the terms of the promissory note and applicable laws. 
XXXX. Compensation : Compensation for any and all damages and losses incurred as a result of PNC Banks failure to perform their obligations. 
Notice of Escalation : Please be advised that if PNC Bank fails to comply with these demands within 5 days, I will pursue further legal action, including but not limited to filing a lawsuit for breach of contract, seeking punitive damages, and reporting this matter to additional regulatory bodies, including the Office of the Comptroller of the Currency ( OCC ) and the California Department of Financial Protection and Innovation ( DFPI ).

Attached Documentation : A copy of the {$15.00} XXXX promissory note. 
Instructions provided to PNC Bank. 
Correspondence with PNC Bank regarding this issue. 
I expect prompt action from the CFPB to investigate and resolve this matter. Please keep me informed of any updates regarding the status of this complaint. 
Thank you for your immediate attention to this serious issue. 
Sincerely, XXXX XXXX XXXX, XXXX XXXX