PNC Bank
Bank Scheme - Checking Account

Below is an email I sent to PNC Bank last week; it says it all -

I would like to go on record stating that PNC Bank is ripping off consumers by charging overdraft fees for items pending. The system holds items in a pending status, showing a false account balance online. Once additional transactions are made (based on the false account balance), the system processes the transaction (from largest to smallest) in order to maximize the number of fees.

Last week I was charged 5-overdraft fees. On August 18th, the online account balance was negative approx $29 which prompted me to make a deposit of $45.By the end of the business day, after the deposit was made, I had already been charged 3 overdraft fees; meanwhile, the $29 charge was still pending. The explanation that I received was that all transactions were processed on the same day. This did not make sense since all transaction were completed on a Sunday and were posted on different days - i.E. The $29 charge was made on Sunday August 16th and was still pending on August 18th. The true explanation is that PNC bank applies transactions retroactively, or in “real time” so long as that processing method results in an overdraft fee.

I will be cancelling the direct deposit on my account as quickly as possible so that I can close my accounts. I am extremely disappointed that this level of corporate fraud has not been investigated and regulated. As indicated on many consumer websites listing complaints about PNC's level of service and fee's (http://www.complaints.com/directory/august/4/40.htm, http://www.consumeraffairs.com/finance/pnc_bank.html, http://usacomplaints.com/bycompany/pnc-bank-a931.html), this has been an on-going scheme and PNC Bank is reaping serious benefits.

Additionally, I will be filing complaints with the State Banking Office, the Office of Comptroller of Currency, the Federal Reserve Board and the Americans for Fairness in Lending corp. I also plan on voicing my complaint on various websites, to try and shed light on these unfair business practices.

As a consumer, I feel as if I had been robbed. The media focuses our attention on identity theft, when the true thief is inside your corporate offices. How can you develop a system that takes away from the consumers that have helped build your business? PNC Bank would not stand as tall without the ‘little guy.’ I can only assume (and partially hope) that your retention rates are plummeting as consumer become aware of these ‘discrepancies.’

Company: PNC Bank
Country: USA

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