Consumer complaint received 2022-01-11
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Funds not received from closed account
Company: PNC Bank N.A. (CO)

Summary : PNCBank Account Number XXXX - Balance {$57000.00} PNCBank Account Number XXXX - Balance {$39000.00} These accounts are CDs with three POD beneficiaries. Both owners have died. 

I am the executor of my parents ' estate and began working with PNCBank on XX/XX/XXXX. As of today, XX/XX/XXXX, the POD beneficiaries still have not received their funds. The root cause of the issue seems to be poor transition of documentation from BBVA to PNC. In this case, that means, the three page Consumer Time Deposit Agreement and Disclosure Statements showing the POD beneficiaries weren't fully scanned by ( or for ) PNCBank. Thanks to my parents, I have all three pages of said Disclosures but PNC only has page one. The POD beneficiaries are listed on page three. 

Background and timeline : XX/XX/XXXX - My parents added three POD beneficiaries to the above-named accounts with BBVA PCNBank purchased BBVA XX/XX/XXXX XXXX My mother died XX/XX/XXXX - My father died XX/XX/XXXX - I called PNCBank to understand the POD pay-out process and to find out what documentation I needed to give them XX/XX/XXXX I met with XXXX XXXX, XXXX Branch Manager at the PNCBank, XXXX, Alabama in order to set up a meeting for the following day with the three beneficiaries and expedite the payment process. When he looked into the system to find the accounts he said, you have no beneficiaries. I then produced the full Consumer Time Deposit Agreement and Disclosure Statements ( for each account ) for him to read. He said Oh, that seems clear. It looks like they only scanned in page one, not all three pages [ for both accounts ]. He advised hed need to send a copy of the Disclosures to the legal department for review and it would take about five days. At this point, its worth noting that none of the POD beneficiaries live in XXXX  and had to travel from out of state to meet with XXXX. Because of this, I asked three different times during this meeting, will we need to be at the branch in person to collect the funds? XXXX advised, no, dont worry about it. Ill reiterate, I purposefully asked three different times and was told no the beneficiaries would not need to come into the branch to receive the funds. At the end of our conversation XXXX shared he was leaving the organization two days later and introduced me to XXXX XXXX, who would be taking over. I left XXXX with copies of two full BBVA Disclosures ( one for each account ) showing the POD beneficiaries, PNCBank statements of both CD accounts ( with balances ) and death certificates for both owners. 
XX/XX/XXXX I called XXXX for an update. He didnt seem to recall our introduction 10 days earlier and it didnt seem like anything had been done. We went through everything again and he indicated he found the documents XXXX left him. He said he would need to check internally and would call back that afternoon. He did not call back. 
XX/XX/XXXX I called XXXX for an update. Left message at XXXX. Left another message at XXXX. Called again at XXXX XXXX said our original request ( to legal ) was denied because they didnt have the full Disclosures and he would need to reach out to the Prevention Department XXXX He said hed call me the following day. 
XX/XX/XXXX I called XXXX at XXXX and no answer. I called again at XXXX and left a message. I called again at XXXX XXXX said he had multiple tasks to complete but the first is to get statements, which can take five days. I inquired as to why it would take five days to get internal statements and he replied well, it usually happens faster but we like to give extra time. He advised that these statements would then be sent to the Prevention Team and the time theyd need to review was unknown. He also asked for death certificates. I shared they were already given to XXXX. He also asked what my timeframe was for resolution. I replied, two weeks ago when my parents died and I came into the branch. We set a follow up call for XX/XX/XXXX at XXXX. 

Im very concerned this documentation mistake is making far too much work for everyone involved, taking far too long to address and making an already sad and stressful time in our lives even more so, especially given PNC has the full BBVA Disclosures for both accounts, which I provided. Im also concerned PNC may not disburse the POD funds to the beneficiaries, as they indicated they would, while the beneficiaries remain in their home states. The beneficiaries are in XXXX XXXX XXXX XXXX Any requirement for beneficiaries to travel back to XXXX ( or any other state to visit a PNC branch ), because of this incompetence, is unacceptable.