ED Magedson – Founder
PNC Bank strategic overdrafts Internet
I opened my PNC Bank account in 2012, and since then have experienced the most blatent, greedy, and apathetic attempts to grab money from my hard-earned paycheck. PNC purposefully delays the processing of debit card transactions for almost a week, and then posts them when you are low on funds. The result is multiple overdrafts in the amount of $36.00 each charged to you for transactions you had funds to cover at the time.
The first time this occurred was August, 2012. I had recently started a new job and opened my account, so I did not have direct deposit set up with my employer. I work nights, so the branches are closed when I have time to run errands - so I deposited my first check at an ATM. I would expect that they might place a hold on the check, but for no more than 1 or 2 days. Afterall, it was a payroll check. Regardless, they hit me with 4 overdraft charges totaling $144 and stated that the funds were not available at the time I made purchases. After calling customer service, they told me that I should visit a branch to deposit my check to avoid these charges.
When I received my next paycheck, I followed their advice - taking time from work to drive 45 minutes to my nearest branch and wait to deposit my check with a teller. I checked my account balance online the next day and, to my horror, more overdraft charges! This time, customer service said "the teller did not image the check when you deposited, so we cannot release the funds. Therefore the funds were not available when you made purchases." We will waive the charges for you this time as a courtesy, but apparently I still need to be careful when making purchases (even though I have the money to cover them!!) I finally got direct deposit and left this mess behind me.
On May 20, 2013 things were really tight and I went to the grocery store knowing that I might not have enough money to pay for all of my food. I knew that my account was equipped with this "overdraft protection" which would allow the transaction to go through and charge me an overdraft fee because PNC is fronting the money. In this case, I would have been more than happy to pay a $36.00 overdraft fee. Thank you for allowing me to eat next week while I wait for my check!
I checked my account balance online Wednesday, 5/22 and found they had charged me 7 overdraft fees totaling $252. These were for items that were "pending" last week and posted today. I desperately tried to explain to the PNC call center that I had the funds to cover these transactions at the time the purchases were made, and that I could understand an overdraft charge to cover the purchase at the grocery store, but 7?? This had to be a mistake! The agent had no explanation as to why this happened, but insisted that these charges need to be paid because they had already reversed overdraft charges for me in the past.
In a very condescending way he said "We've been helping you out already. We are paying these transactions for you because you don't have the money for them." That is absolutely not true. I called back and spoke to someone else who said "I feel really bad for you, but there's nothing I can do." So, that's it. I could pay these overdraft charges, but I don't think what they did to me is right. I refuse to deposit my next check at PNC and if they throw me into collections, which I know they will, they are not getting a dime from me.
This report was posted on Ripoff Report on 05/22/2013 03:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/PNC-Bank/internet/PNC-Bank-strategic-overdrafts-Internet-1053055. 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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