Checking or savings account -- Closing an account -- Complaint #8418470

Complaint Overview

Complaint ID: 8418470

Company: PNC Bank N.A.

Product: Checking or savings account

Sub-Product: Savings account

Issue: Closing an account

Sub-Issue: Funds not received from closed account

State: Rhode Island

ZIP Code: 028XX

Date Received: 2024-02-25T12:00:00-05:00

Date Sent to Company: 2024-02-25T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

On XX/XX/XXXX, I went to the XXXX, MA branch of PNC Bank to close my high yield savings account. I met with a senior banker and confirmed the closing amount would include interest for the month of XXXX through XX/XX/XXXX, in the amount of {$1200.00}. In fact, the banker 's computer screen indicated I was due the interest and the exact amount above. However, when the banker provided the check reflecting the closing amount, I pointed out that the check did not include the {$1200.00} in interest. The senior banker did not understand why that was the case, and he noticed then that the interest had been reversed on his computer screen. He then spoke to the branch manager who also indicated she did not understand why the interest had not been included. I also was told that now that the account was closed, I could not reopen the account or keep it open until the end of the month when the entire month of interest normally would be credited to the account. They tried to get through the help line and could not do so right away so they said they would call to find out what was going on and they would contact me and if necessary mail me a check for the interest once they found out why the interest had been reversed. I subsequently called the PNC bank customer service and lodged a complaint. Later that day I heard back from the customer service that PNC would not do anything for me -- notwithstanding the branch 's misunderstanding that I should have received the interest and offering no warning otherwise before closing the account -- because apparently I needed to have the account open at the end of the month to get any interest in XXXX. The customer service line, at my request, subsequently sent me terms and conditions from XX/XX/XXXX to confirm that was the case, but never sent me the terms and conditions when I opened the account, nor do I recall being sent or seeing any such terms or conditions when I opened the account. In any event, the branch was misinformed and as a result I closed the account based on the representation that I would be receiving the interest. Had they told me I would not be receiving the interest, I would have kept the account open until the end of the month XXXX some 8 days later XXXX to get the interest. It is clear that PNC has not properly trained its branch employees. I did not need to close the account and could in fact have kept a small amount of money in there until the interest accrued. In short, as a result of the misrepresentations from branch personnel, I lost out on a significant amount of interest. That is not fair, and if PNC bank is truly a consumer-oriented bank they should own up to the error and reimburse me for the interest. In the high of irony, after my call with the customer service department, they had the gall to send me an email indicating that my concern had been resolved. I responded by email that it had not.

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