Consumer complaint received 2025-01-15 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: PNC Bank N.A.
State: TX

Complaint narrative:
I am writing to formally express my dissatisfaction with my recent experience attempting to open a XXXX XXXX Account at your XXXX, TX branch XXXX My experience has been marked by miscommunication, lack of transparency, and inadequate customer service, leading to financial loss and considerable frustration. I also feel that I have been cheated and taken advantage of, particularly as I am an elderly XXXX individual with limited financial literacy. 

In XX/XX/year>, I visited the XXXX branch to open a High-Yield Savings Account, which was advertised with an Annual Percentage Yield ( APY ) of 4.25 %. During my interaction with XXXX XXXX and XXXX, I explicitly requested this account multiple times. Despite my clear instructions, I was pressured to consider a XXXX XXXX Account, which I declined. The banker confirmed that a XXXX XXXX Account had been opened for me and provided me with an account number, routing number, and an unnecessary appointment with a XXXX XXXX advisor. However, I did not receive any documentation or copies of the forms I signed. The banker assured me that monthly statements would be mailed, and online account access would be available. Unfortunately, due to website maintenance, I was unable to confirm my account details for XXXX months. 

When I finally received my second monthly statement, I discovered that I had earned only {$4.00} in interestfar below the expected {$700.00} based on a {$250000.00} deposit at the 4.25 % APY. I promptly contacted the branch and spoke with XXXX XXXX XXXX and XXXX, who was unable to provide a clear explanation and only offered guesses. She promised to investigate and follow up but failed to do so and did not respond to multiple voicemails. Subsequent inquiries with other representatives yielded vague responses, including an unreasonable suggestion that there was a three-month processing period for interest accrualthis policy was never communicated during the account opening process. 

In my frustration, I contacted PNCs customer service hotline, where I learned that my account had been opened as a Money Market Account with a promotional rate of 4.25 % APY. This directly contradicted my explicit request for a XXXX XXXX Account. When I questioned the interest discrepancy of {$4.00} earned versus the expected {$700.00}, the representative escalated my case, promising a follow-up call within XXXX hours, which I never received. Despite escalating the matter, I continued to receive barely any interest for the third month, compounding my financial loss. 

I revisited the XXXX branch to address these issues directly with XXXX XXXX XXXX and XXXX, reiterating my concerns about being misled and the financial loss resulting from PNC Banks negligence. I requested a retroactive adjustment of interest to reflect the XXXX XXXX rate and compensation for the interest I should have accrued, totaling more than {$1400.00} for the XXXX to three-month period. XXXX XXXX stated that backdating interest was not possible, leaving my concerns unresolved and further eroding my trust in PNC Bank. Given the lack of clarity, accountability, and resolution, I felt compelled to close my account.

Company response to consumer: Closed with explanation