PNC Bank N.A. Bank Account Or Service Complaint

PNC Bank N.A. Bank account or service department,

(CD) Certificate of deposit Deposits and withdrawals Maryland

1 ) I had a traditional Individual Retirement Account ( IRA # - ) with PNC Bank, invested in a - Fixed Rate Certificate ( CD # - ). The IRA and the CD were originally opened with - - - Bank - - -, and were acquired by PNC when - merged with it in - -. The CD was most recently renewed for a 24-Month term on or about - - -. 2 ) I received an account Maturity Notice from PNC on or about - - -. This Notice stated that the CD would mature on -/-/- with a value of $4200.00. It also stated that, unless otherwise directed, the CD would be automatically renewed for an identical term, at a rate to be determined on the Maturity Date.


4 ) On or about - - - I mailed a Direct Rollover Transfer Request to - - - bank ( - ), asking that the entire proceeds of the CD at PNC be transferred on the Maturity date to my IRA account at -. This was done in a form provided by -, and included full particulars of the IRA and the - at PNC. 5 ) After telephoning me in the following week to verify all particulars of my request, - sent me an email on - - -, confirming that they had sent the Transfer Request to PNC Bank for processing. PLEASE NOTE that this was a full twelve ( 12 ) days before the end of the grace period for penalty-free withdrawals from the PNC account. 6 ) After a delay of several weeks, - confirmed that an amount of $4200.00 had finally been received on - - - from PNC. On or about - - - I also received a notice from PNC ( mailed on - - - from ZIP Code - ) confirming the closing of the account and the transaction amount, but without any other accounting. 7 ) This unexplained discrepancy between the maturity amount and what was ultimately transferred leads me to conclude that PNC Bank had willfully and intentionally delayed transferring the funds till after the grace period had expired. Then, invoking the early-withdrawal penalty provision, they had confiscated $24.00, which exceeded even the $21.00 the CD had earned over the preceding 24 months.