Consumer complaint received 2023-03-15
Product: Checking or savings account — Savings account
Issue: Opening an account — Unable to open an account
Company: PNC Bank N.A. (NM)

In early XX/XX/2023 I applied for a high yield savings account online. That application was declined. The stated reason was that my identity could not be verified. I then spoke to a representative over the telephone asking for explanation. I was told to apply again after lifting my credit report freeze, in place due to past identity theft. I did so and had the same result that my identity could not be verified. I called a local PNC branch and asked if I could apply in person for this account. I was told that this high yield savings account was an online offer only. I then called back to the online application center and spoke with a manager who informed me that there were proprietary reasons for this rejection but he could not divulge any of those details. I was, however, offered a money market account at an introductory percentage at the same rate as the high yield savings account rate of 4 %. I declined To my surprise I received a welcome email notifying me that I now had a money market account. I funded the account as a trial only to discover that the interest rate was, in fact, 1 %. 

Here are my issues with this experience. 

XXXX. My identity. 
a. If my identity could not be verified for a high yield savings account, why and how was identity verified enough for a money market account? 
b. As a consumer, and especially as a victim of identity theft, I have a right to know if there is any fraudulent activity or information or factors affecting my online and banking security. Precisely WHAT is preventing my identity from being properly identified? 
XXXX. Opening of this account. The manager ( whose name I no longer recall, should be in the record of account opening ) I spoke to over the telephone offered this account. I declined. And yet, the account was opened nonetheless. 
XXXX. Interest rate. Although I declined, I was offered an introductory rate equal to that of the high yield savings account, 4 %. This was clearly an enticement to open the account. As I stated, even though I verbally declined, the account was opened anyway. For that reason I funded the account just to see what would happen. As soon as I was able to see information online I quickly discovered the interest rate was, in fact, NOT what I had been told. 
XXXX. Accuracy of records. The mailing address shown on my Personal Settings is incorrect : XXXX XXXX XXXX XXXX XXXX XXXX This may easily have been a typographic error I can not be sure. This was presumably obtained during one of the several telephone application attempts. However, under Customer Profile My account address has the correct address : XXXX XXXX XXXX XXXX XXXX As a result of this discrepancy, I was prevented from closing this account. 
XXXX. Identity Theft. As a result of this address discrepancy, all correspondence about this account could easily have been delivered to someone else. This would have compounded my risk of identity theft even further. Fortunately, my mail carrier recognized my name and delivered my correspondence to me. At least so far. 

As a result of this experience, I am taking the added step of documenting my concerns more extensively in this document. 

As I stated in my opening and as a result of my lost confidence in the honesty and integrity of PNC Bank I formally request that my account be closed effective immediately.