Consumer complaint received 2023-11-22 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Funds not received from closed account
Company: PNC Bank N.A.
State: PA

Complaint narrative:
I file this complaint against PNC Bank, XXXX. This complaint stems from PNCs refusal to release my SEP IRA to XXXX XXXX, despite numerous demands they so do. 

At present, I am the beneficiary of a SEP IRA currently held by PNC. The value of the account is {$69000.00}. In XXXX, 2023, I required PNC transfer the account to XXXX XXXX XXXXXXXX XXXX in a custodian-to-custodian transfer. I executed the required paperwork to effectuate the same. At no time was I to take personal custody of the funds. 

PNC chose to transfer the funds by cashiers check. ( To be explicit, I did not direct how the funds were to be transferred. I assumed the funds would be wired or sent via ACH. ) A PNC employee later confirmed the check was sent via First Class Mail without a tracking number. XXXX claims they never received the check. 

After a few months of the funds not appearing in the new XXXX account, I required PNC to reissue the funds and send them to XXXX. As a condition of reissue, PNC required a XXXX representative sign an indemnification agreement, dated XX/XX/2023. ( Attached with strikeout. ) XXXX refused. PNC then requested I sign the indemnification agreement. 

The indemnification agreement includes a confession of judgement, allowing PNC to file a judgment against me for double the face amount of the check plus up to 15 %. 

On XX/XX/2023, I received a replacement indemnification agreement from a PNC XXXX manager. ( The boilerplate language on the form is identical to the original. ) The new agreement contains several errors, including, among other things, that the replacement check is to be made out to me personally, not XXXX XXXX ( as custodian for my IRA ), and the instrument date of the agreement. The instrument date of the new agreement reads XX/XX/2023. 

I refuse to sign the indemnification for, among other reasons : - I do not believe it is my obligation, nor responsibility, to inject myself into a dispute between XXXX banks and to assume the liability of XXXX or both. I requested a transfer from custodian to custodian. Once I made the initial request for transfer, the only entities involved were the XXXX banks. I was not to personally receive the funds. An error or errors occurred somewhere between the XXXX banks. 
- I have suffered losses as my funds have been in limbo. If my IRA was on deposit at XXXX, it could have, at least, earned an interest rate of over 5.00 %. In addition, I have spent much time and effort attempting to resolve this situation. If I sign the indemnification, I waive my rights for compensation. 

Because I refuse to sign the indemnification, PNC refuses to release the funds. Representatives from PNC time, and time again, from front-line employees to supervisors ( or to whom the situation was escalated ) refuse to release my funds until I sign the indemnification. I have contacted PNC multiple times between the beginning of this saga and the filing of this complaint. 

As the funds remain with PNC, the bank remains able to make money off my money. 

I demand my money. I further demand compensation for the losses, effort, and stress incurred.

Company response to consumer: Closed with explanation