Consumer complaint received 2023-07-13
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Unexpected or other fees — 
Company: PNC Bank N.A. (CA)

To Whom It May Concern, I am submitting a formal complaint against PNC Bank for placing a hold on my Business and Personal accounts without merit. We are a holding company in Real Estate investments, stocks, and other financial instruments. On XX/XX/XXXX, two wire transfers in the amounts of {$200000.00} and {$460000.00}, respectively, were paid to my business account. On XX/XX/XXXX, I went to PNC Bank in XXXX, CA, to transfer fund to XXXX XXXX XXXX  in the amount of {$100000.00}. I also had funds transferred to my Personal account from my business account where a wire transfer was sent to my trust account at XXXXXXXX XXXX in the amount of {$500000.00}. Due to an anomaly in exceeding my limit, the funds were returned to my PNC Personal account. After several attempts to check on the status of my accounts for the return of the wire transfer, and since I could not log into the PNC website, I called the bank the evening of the said return. The banks ' operator told me I needed to log into the account correctly. I called the bank the following day and was informed there was a " Hold '' placed on my account. I went to the bank and was told that a " hard hold '' was placed on both of my accounts. I asked why but to date, I am still waiting for someone to explain the reason for the Holds. After several inquiries on the status of the release of my funds and meeting with the Branch XXXX, XXXX XXXX, he referred me to XXXX XXXX at the Executive Office, and the Cyber Investigations Unit, they also have been unable to provide me with an answer as to why my account has a " hard hold '' for possible fraud. I want to know who committed the fraud and where did it come from? 

These deposits came directly from XXXX XXXX, the CFO of XXXX XXXX, a company that has been in business for over thirteen years. Payments were made to me for licensing fees from one of my investors sons. Another {>= $1,000,000} was to enter into my business account from one of my other investors, but since the account was on hold, I informed him not to make the deposit but he had already sent it and had to go to the bank to stop payment. Since this happened, this investor has decided not to invest with me, putting a setback on our proposed projects. 

My account is a few months old. I joined PNC after meeting XXXX XXXX two times at the Business community meetings for business owners as I was the commercial property owner of XXXX XXXX XXXX, XXXX, CA. When I met XXXX XXXX, he gave me his business card and said I should join his bank. Albeit a few years had passed by due to a setback of medical issues It wasnt until I got a clean bill of health that I recently decided to start a new business with family, friends, and people Ive known in the business world as investors. I thought it would be an excellent opportunity to start my business with PNC Bank. Hitherto, I never expected to be defamed, libeled, and slandered for fraud. I believe I have a right to know where this defamatory information comes from, and I would like to get the bottom of it to stop it. 

I submitted a letter to the bank requesting to close my accounts with the release of my funds in a check. I have not received any status on my accounts nor the reason for the hold. I have no criminal record, nor have I ever been involved in any illegal activity, and Ive never been informed of such by any government agency, attorney, company, or any other type of agency. I believe this action taken against me is unwarranted and has no merit, therefore, my funds should be released immediately on both of my accounts. 

If the bank doesnt want my business I formally request they close my accounts and return my funds asap. 

I have attached the invoice paid to me, my account statement, the wires sent along with the bank refund sent to me by XXXXXXXX XXXX and the letter I sent to the bank. 

At the time of my " hold, '' I was the only member of the XXXX ; currently, there are two other team members : XXXX XXXX XXXX XXXX, and XXXX XXXX XXXX Real Estate Agent, XXXX XXXX XXXX Real Estate Agent