Consumer complaint received 2026-05-20 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Deposits or withdrawals
Company: PNC Bank N.A.
State: OH

Complaint narrative:
I am filing this formal complaint against PNC Bank, N.A. regarding its handling of six certificate of deposit accounts, a checking account and a money market account belonging to the estate of my deceased mother, XXXX XXXX. PNC 's conduct involves unauthorized reductions of account principal, improper initiation of state escheatment proceedings in the wrong jurisdiction, inaccurate tax reporting, and a persistent refusal to produce records it is legally obligated to maintain. I respectfully request the Bureau 's investigation and intervention. 1. Complainant Identification XXXX XXXX, Ohio resident, designated Pay-on-Death beneficiary of six certificates of deposit held by PNC Bank belonging to the estate of XXXX XXXX ( deceased XXXX XXXX Permanent address : XXXX XXXXXXXX XXXX XXXXXXXX, OH XXXX. XXXX address ( through XX/XX/XXXX ) : XXXX XXXX XXXX, XXXX XXXX, TX XXXX. Phone : XXXX. Email : XXXX. XXXX. XXXX XXXX PNC Bank, XXXX. Branch location : XXXX XXXX XXXX, XXXX, TX XXXX. XXXX XXXX : XXXX XXXX. XXXX XXXX : XXXX XXXX. 3. Nature of Complaint This complaint involves three distinct categories of violations : 3 ( a ). Unauthorized and Unexplained Account Reductions Between XXXX and XX/XX/XXXX, all six certificates of deposit held by the estate of XXXX XXXX were simultaneously reduced by approximately 50 % of their principal balances. The combined total of these reductions is {$27000.00}. These reductions occurred irrespective of the individual maturity dates of each certificate, which is itself irregular a legitimate distribution tied to maturity would not affect all six accounts simultaneously across different maturity schedules. PNC 's own XXXX Form 1099-INT, issued in XX/XX/XXXX, reported 100 % of accrued interest under XXXX XXXX XXXX XXXX identification number, confirming the full principal was held by the estate at year-end XXXX. The reductions occurred shortly thereafter. To date, PNC has produced no distribution forms, no signed withdrawal authorizations, no cashier check records, and no wire transfer confirmations to explain any of these transactions. I, as the designated POD beneficiary, did not authorize these reductions and was not notified of them. Following the reductions, PNC altered the account titling to add XXXX XXXX as a co-beneficiary. I was never informed of this change, I never consented to it, and no authorization from the deceased account holder could have been obtained. 3 ( b ). Improper State Escheatment PNC initiated escheatment proceedings under Texas unclaimed property law on these accounts. XXXX XXXX was an Ohio resident. She never lived in Texas. Every record maintained by PNC account statements, 1099 forms, and all correspondence was directed to her Ohio address at XXXX XXXXXXXX XXXX XXXX, OH XXXX. PNC had no lawful basis to initiate escheatment under Texas jurisdiction. Under applicable law, the state of the owner 's last known address as reflected in the institution 's records determines escheatment jurisdiction. PNC 's own records establish that jurisdiction as Ohio, not Texas. 3 ( c ). Failure to Produce Records and Refusal to Act On XX/XX/XXXX, I visited the XXXX, TX branch in person. I presented my Ohio driver 's license, my mother 's death certificate, and proof of Ohio residency. I delivered a formal demand letter to XXXX XXXX XXXX XXXX requesting production of all distribution records and the immediate halting of the Texas escheatment. XXXX refused to sign for receipt of the letter. He took no action did not halt the escheatment, did not escalate the matter, and did not initiate any records retrieval. On XX/XX/XXXX, I returned to the branch for a scheduled meeting with XXXX. I again presented the same identification and documentation. During this meeting, XXXX submitted a request to halt the escheatment process and filed a retail escalation complaint. He stated the escalation team, based in XXXX, would contact me within one to two business days. However, XXXX acknowledged that he has no access to back-office records and can not personally produce the requested distribution documentation. He again refused to acknowledge that the Texas escheatment was improper, and he again refused to sign for receipt of my formal demand letter. The branch manager took no independent corrective action during either visit. His only actions were to submit internal requests and defer to a XXXX escalation team. 4. Inaccurate Tax Reporting PNC issued 1099 tax forms reflecting the full pre-reduction account balances after the 50 % reductions had already occurred in XXXX XXXX. This means the tax documents PNC filed with the Internal Revenue Service and provided to the estate reported interest income based on principal balances that PNC itself had already reduced. This inaccurate reporting potentially resulted in overstated taxable income attributed to the estate of XXXX XXXX. PNC has an obligation under the XXXX XXXX XXXX to issue accurate information returns, and its failure to do so is a separate and compounding violation. 5. Requested Relief I respectfully request the following from the Consumer Financial Protection Bureau : 1. Investigation. That the CFPB investigate PNC Bank 's handling of the XXXX XXXX estate accounts, including the unauthorized reductions, the improper escheatment, the unauthorized beneficiary changes, and the failure to produce records. 2. Production of Records. That the CFPB order PNC to produce, within ten ( 10 ) business days, all distribution records, Pay-on-Death beneficiary designation forms, signed withdrawal authorizations, and internal communications related to these six accounts including records related to an XX/XX/XXXX " error letter '' sent by PNC acknowledging an unspecified error and correction. 3. Halt of Texas Escheatment. That the CFPB order PNC to immediately and permanently halt the Texas escheatment proceedings on these accounts and correct the jurisdictional error by recognizing Ohio as the proper jurisdiction. 4. Corrected Tax Reporting. That the CFPB order PNC to issue corrected 1099 forms reflecting the actual post-reduction account balances for all affected tax years. 5. Recovery of Funds. That the CFPB facilitate the recovery of the {$27000.00} removed from these accounts without authorization, proper documentation, or the consent of the designated POD beneficiary. 6. Supporting Documentation I have compiled a complete supporting packet which I am prepared to provide upon request or submit through the Bureau 's complaint portal. This packet includes : PNC account statements for all six CDs spanning the period XXXX 1099-INT forms issued by PNC for the relevant tax years PNC 's XX/XX/XXXX letter acknowledging an unspecified " error '' and " correction '' The formal demand letter delivered to Branch XXXX XXXX XXXX XXXX XX/XX/XXXX The complete transcript of the XX/XX/XXXX in-branch meeting Copies of my Ohio driver 's license and XXXX XXXXXXXX XXXX death certificate

Company response to consumer: Closed with explanation