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This email that I sent to the PNC Bank website explains it all. I can only hope that this helps avoid the same thing from happening to yet another consumer -
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/2005/august/4/40.htm, http://www.consumeraffairs.com/finance/pnc_bank.html, http://www.complaintsboard.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.’
The complaint has been investigated and resolved to the customer’s satisfaction.
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I feel that if you do not have sufficient funds in your account at the time of purchase, that purchase request should simply be declined. I think it is better for the consumer. These ATM overdraft fees are a huge rip off for consumers. People use their ATM's several times a day for both large and small transactions. It is understandable that tracking every swipe can become overwelming for some consumers. The banks are basically blood-suckers, who look for every opportunity to gauge their customers. I hope congress passes legislation making this activity illegal, as it should be.
I agree with RRojas... and to self-righteous Maggie, while the premise of your post makes sense, you have NO idea the entire inside workings of PNC Bank. We aren't talking about CHECKS or even "kiting" checks here... we are dealing with credit card/debit card transactions! Learning to read might help you, Maggie? Sometimes, when you have two people using one account and each have a debit/credit card and those cards are used for everything, sometimes mistakes happen... like your husband might forget to give you one of his transactions? This happened to me last week. We had an error in our checkbook because I didn't have one of his receipts, therefore I did not know about the transaction. Like many people in today's economy, we are sometimes just barely making it. $5 can mean the difference between being able to get to work that day in order to get your paycheck! Well, we had an oversight, which cost us $34. Okay, that is our responsibility. We put another deposit in there to cover the overdrawn amount and should have had over $20 left. Well, NOT the case. Even though I called the bank and they told me how much I needed to deposit, the next day there was ANOTHER fee for $34. And mind you, this fee is being charged according to the bank for an item that was ALREADY in the system and according to MY books and according to THEIR books ONLINE, there was money in there to cover it. They are trying to tell me something different and it just doesn't compute with my checkbook... and mine says the SAME thing their online system does! I had $2.24 in there MORE than the item that was presented. In my very humble opinion, PNC is the mafia of the banking world. We are closing our personal account and WILL NOT be opening our business account there. I hope they have so many holes in their feet from shooting themselves in the foot that they are barely able to hobble out of business. What a bunch of financial rapists!
I agree with you.I got ripped off in last three days .I got charged in the form of over draft fee of about 360$..Thats my whole income for next 15 days.I explained my plight and they still don't care!
And actually I had money in the form of check and the check takes two days to get through...
Is there any way I can do something about it.Is there anyone I complain to?
I absolutely agree. Just last week I was charged 6 overdraft fees, that is $216! That is ridiculous. They post things out of order from how you purchased in order to charge more fees, at least that is what happened to me. They should not charge overdraft fees, they should allow the account to go negative and then leave it up to the consumer to make it right. I wonder how much money they make in a year from overdraft fees?
I agree 100%. I check my bank account each and every day. My Husband and I both have direct deposit, which I just found out that PNC holds these deposits for 1 day, yet letting you use the money, then charging you a fee. I have also experienced the fact that my account never shows a negative balance, yet I am getting charged fees. I would be ok with the fees if I actually saw the negative balance, but to date I still have not see it. When asked about the direct deposit we were told that the money is there and it is not being held, yet when asked about the fees, they said its because the amount has not be posted to the account yet? sounds like double talk. We are in the process of closing the accounts too and buying another mattress to keep it in :) If you feel as we do, you will start calling the necessary Government Agencies to formally complain.