Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #5695659
Complaint Overview
Complaint ID: 5695659
Company: PNC Bank N.A.
Product: Payday loan, title loan, or personal loan
Sub-Product: Personal line of credit
Issue: Charged fees or interest you didn't expect
State: Indiana
ZIP Code: 471XX
Date Received: 2022-06-21T12:00:00-05:00
Date Sent to Company: 2022-06-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have an Agricultural Line Of Credit with PNC Bank that was opened on XXXX. The Line Of Credit renews on an annual basis. At the time of commencement of the loan, the Disbursement Request and Authorization form stated that the annual renewal fee was to be {$100.00} ( Figure A ). The annual renewal is conditioned upon payment of the annual fee ( Paid for by Cash ). PNC is currently in the process of phasing out its Agricultural lending business. When I was made aware of this, I decided to refinance with a local bank close to our Farm. I received a payoff letter for the PNC loan on XX/XX/XXXX in which they disclosed that we owed annual fees of {$870.00} for 5 unknown years for each year ( Figure B ). The payoff letter does not designate which years the {$870.00} is associated with. We called PNC on several occasions and discussed the annual fees charges with the Loan Officer, Local Branch Manager and the PNC complaint department. Our first question was to ask when the change was made to the annual fee from the original agreement of {$100.00} to {$870.00}. PNC has not been able to provide any documentation that we were ever notified of the change, and more importantly, that we agreed in writing to the annual fee change. PNC effectively unilaterally modified the agreement without notice to us. The only document PNC has provided is a copy of a Renewal Letter dated XXXX that states : " This renewal is conditioned upon your payment of the annual fee of {$870.00} ''. I worked closely with the 3 or 4 PNC Loan Officers that were assigned to our account, over 9 years, and the annual renewal of the Line Of Credit was renewed each year, without a cash payment for the annual renewal fee, except XXXX and XXXX, see below. Going forward each year after renewal, we continued using the Line Of Credit. The only communication I received from the current loan officer, at the time, was that the Line Of Credit was renewed and we could keep drawing the funds finance our cattle inventory. My records show that we paid {$250.00} on XXXX and {$300.00} on XXXX, for annual fees. I also have an email from one of my Loan Officers dated XXXX stating he was looking into reducing the annual fee from {$300.00} ( Figure C ).
Frequently Asked Questions
What is Complaint #5695659 about?
Complaint #5695659 was filed against PNC Bank N.A. regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2022-06-21T12:00:00-05:00.
How did PNC Bank N.A. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against PNC Bank N.A.?
Yes, visit the PNC Bank N.A. company profile at readthecomplaint.com/company/pnc-bank-n-a to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.