• Report: #392877

Complaint Review: PNC Bank

  • Submitted: Wed, November 19, 2008
  • Updated: Fri, December 05, 2008

  • Reported By:Ardmore Pennsylvania
PNC Bank
2730 Liberty Avenue Pittsburgh, Pennsylvania U.S.A.
  • Phone: 888-762-2265
  • Web:
  • Category: Loans

PNC Bank Unreliable, Unconcerned about Customers Pittsburgh Pennsylvania

*Consumer Comment: Equity Dimished

*Author of original report: PNC Bank

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We set up a line of credit with PNC Bank eight months ago, and we have never missed or been late with a payment. We both have excellent credit. Despite this, PNC shut off our line of credit at 30,000 less than they'd originally approved. They did this without warning as we were 1/2 way through a remodeling project (the reason we needed the line of credit). We did not receive a phone call or an apology. Instead we got a letter SIX DAYS after they had shut off our credit line without regard for any checks we might have written during those six days. Further, when we called to learn more, we found that they had not even sent someone out to reappraise our home or even homes in our area. All they knew was that home values were falling in some markets and based on this, they cut off our credit line (along with many, many others). Our new kitchen will be finished next week, but we're missing the last $10,000 to pay for it because of PNC's ill-advised and careless decision here. Though I'm confident that we will be able to find a loan through another lender, it is frustrating that PNC failed to be the reliable lender we thought that they were.

Jennifer
Ardmore, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 11/19/2008 12:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/PNC-Bank/Pittsburgh-Pennsylvania-15222/PNC-Bank-Unreliable-Unconcerned-about-Customers-Pittsburgh-Pennsylvania-392877. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Equity Dimished

AUTHOR: Greg - (U.S.A.)

Jennifer,
I do not work for PNC, but I do work for a major bank and I can provide you with I hope at least an answer as to why it was reduced. With the house prices falling generally across the country, companies have been forced to cut back on outstandign credit on lines of credit and credit cards. The line of credit mortgage documents that you signed at closing do allow the bank to change the limits or even close the account if the collateral value changes dramatically.

The bank does use electronic appraisals from your area to determine if the equity position in your house has declined, not just the house value. (you could have taken a signifigant advance which used up most of the equity, and the bank got squeimish in these tough times). As a consumer I would definately be angry i never got a letter in advance of the reduction. The letter you received should have gotten to you sooner.

The bank I work for, and most banks for that matter have this same policy in effect right now. They also should have a department that you can call to get the original amount of the line restored. it will invlove you paying to get an apprisal done however to prove the value of your house has not dropped. The $300-400 appraisal fee might be well worth it to avoid closing costs on a new loan, or having to take a 3rd mortage out or even pay interest on a loan you cannot write off.

It is never a good thing to be surprised by anything when dealing with a bank, and I completely understand your frustrations. i would talk to your local branch and get the number to the LOC department, it might even be listed on the letter you recevied.

Hope this helps.
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#2 Author of original report

PNC Bank

AUTHOR: Jenniferf - (U.S.A.)

We set up a line of credit with PNC Bank eight months ago, and we have never missed or been late with a payment. We both have excellent credit. Despite this, PNC shut off our line of credit at 30,000 less than they'd originally approved.
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