Money transfer, virtual currency, or money service -- Incorrect exchange rate -- Complaint #8575048
Complaint Overview
Complaint ID: 8575048
Company: PNC Bank N.A.
Product: Money transfer, virtual currency, or money service
Sub-Product: Foreign currency exchange
Issue: Incorrect exchange rate
State: North Carolina
ZIP Code: XXXXX
Date Received: 2024-03-18T12:00:00-05:00
Date Sent to Company: 2024-03-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
PNC Ba nk Originated a wire transfer payable in Euros was advised the fee was {$50.00}. No problem. Upon reviewing the receipt. I noticed the exchange rate ( {$1.00} ) was not current. The current rate is XXXX XXXX. PNC rate is about 4 % higher. I pointed the discrepency out to the banker, she conferred with the manager and was advised the Bank 's rate was higher, which resulted in a {$260.00} USD " hidden fee '' making the " real '' wire transfer transaction fee {$310.00} USD. In the interest of transparancy and honesty, the bank should have disclosed the exchange rate beforehand. At that point, I would have chosen to cancel the wire transfer and use a different wire service. Telling customers a XXXX wire transfer fee is {$50.00} is desceptive and should be abandoned.
Frequently Asked Questions
What is Complaint #8575048 about?
Complaint #8575048 was filed against PNC Bank N.A. regarding Money transfer, virtual currency, or money service specifically about Incorrect exchange rate. It was received by the CFPB on 2024-03-18T12:00:00-05:00.
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 (Money transfer, virtual currency, or money service) 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.