Mortgage -- Trouble during payment process -- Complaint #6519240
Complaint Overview
Complaint ID: 6519240
Company: PNC Bank N.A.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
State: California
ZIP Code: 92126
Date Received: 2023-02-01T12:00:00-05:00
Date Sent to Company: 2023-02-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
PNC Bank advertises the ability to convert your HELOC to a fixed rate product on demand with a {$100.00} fee. What they fail to disclose is that at the time of conversion to the fixed rate product, they will 1 ) prorate interest on both sides ( variable and fixed ) according to the days in the month, which makes sense, and 2 ) collect full principle payments in the month of conversion. In practicality, on a variable rate HELOC, my monthly payment was {$3000.00}. On a fixed rate HELOC, it was reduced to roughly {$2600.00}. During the month of conversion from variable to fixed rate, my minimum payment due jumped to {$4700.00}. I have escalated this with PNC Bank several times, including claims that both this is a predatory practice, as well as that collecting double principle in the month of rate conversion is not mathematically correct. After 5-7 days, I received a voicemail from a supervisor stating the payment is correct and to please contact the call center for questions ( they haven't been able to help... ).
Frequently Asked Questions
What is Complaint #6519240 about?
Complaint #6519240 was filed against PNC Bank N.A. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-02-01T12:00:00-05:00.
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 (Mortgage) 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.