Consumer complaint received 2017-05-09
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — 
Company: PNC Bank N.A. (MA)

To Whom i t May Concern : I have had a HELOC with PNC ba nk for almost 10 years. It started as  a National City HEL OC but was bought  by PNC B ank. I have NEVER been late with an interest only payment throughout my ENTIRE 10 year term. In  XXXX  of  XXXX  I was made aware on my credit report that I had a late payment t o PNC. After calling PNC ban k here is what I discovered :  1.  My fixed rate lock 3 % HELOC underwent a rate increase to 3.5 % even though my FRL was a t Index +  0 % margin with a minimum of 3 % ( based on 3 year treasury note, currently 1.5 % ).    2. PNC ha d the wrong address and I was not getting statements or notifications of a rate change.    3.  My rate change took effect in  XXXX  of  XXXX  After a lengthy conversation with the customer service rep, even thought i disagreed with any rate change, I agreed to pay the increase in rate interest amount due from the last 9 months of the increase ( it was a  XXXX  $ increas e ). I  also increased my interest monthly auto-pay to equal the amount due with the rate increase. I however, refused to pay any late fees as I disagreed with the legality of the rate change as well as was never notified of the change. The representative told me they would submit my dispute to client relations. I never heard from  PNC  afterwards.     In  XXXX  of  XXXX  I noticed further late payments to  PNC reported on my credit. I followed up with PNC explaining to customer servic e what happened in  XXXX  and it turned out not only were the late fees not disputed to client relations as I was told, but the rate had changed yet again, and late fees were getting compounded monthly. After many phone calls, I finally was able to speak with someone in  executive  client relations,  XXXX   XXXX .  XXXX   XXXX  was very polite and mentioned he would research the entire account and get back to me.     Today,  XXXX   XXXX ,  XXXX  I had another conversation with  XXXX   XXXX . He informed me that my mortgage was a VARIABLE rate, not a fixed rate, and that in fact it was within the banks justification on the loan to raise the rate based on  XXXX   XXXX . I was clear this was not my understanding of what kind of HELOC I had. I asked for documentation showing that the checks I cut were variable rate checks and not FRL checks, but since my checks were cut more then 7 years ago, the bank was unable to provide any documentation. He confirmed that my monthly payments HAD always been made on time, but with the increase of rate I was being charged both late fees and over the limit fees. He confirmed that the total amount in late fees was upwards of {$500.00}, and the bank has credited back {$120.00} of these fees as a courtesy. I proposed a compromise - I would split the late fees accrued with the assurance that the bank would remove any " late payment '' posts on my personal credit. As stated I have never been late on a payment to PNC in the 10 years I have been a customer.  XXXX   XXXX , although polite, stated that he was unable to offer any additional then the  XXXX  $ already credited, and that I was also unable to escalate the issue any further. After mentioning I was reporting the issue to the consumer protection bureau, he then stated he would revisit with his  executive  team, but the banks perspective was not going to change.