My recent business check was put under an extensive hold by PNC Bank. It was fully endorsed by all parties. PNC put a hold on it saying they did not know all the endorsers yet it matches the check front completely.
I demanded they return my check so I could deposit it at another bank, they refused. I then demanded they overnight the check to other bank who within 60 minutes of my call said yes send it to us we will clear it., they refused. They refused to discuss it at the corporate office in Pittsburgh. My calls to the regional president went unreturned.
At this time they are sending my check back to the company who wrote the check. Its the holidays I will end up with a delay on my check for about 4 weeks to get another and clear it.
I believe PNC has violated federal laws in illegally withholding my check of which they have no interest in. Federal Law of Expedited Funds Availability Act prohibits PNC from doing what they did.
I have reviewed this with my attorney which states PNC has likely broken federal laws in there action. I have now began a law suite against PNC. I also filed a complaint against PNC with the Federal Reserve.
You might want to use a different bank if you have large sums to deposit and not use PNC. Branch manager in this case was not helpful and not on top of the problem either. Calls to the complaint dept at PNC was a waste of time.
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