PNC Complaint - PNC rip off with overdraft fees
PHILADELPHIA, PENNSYLVANIA -- So you hear the typical, “ I deposited a check and spent money but got an overdraft because the check didn't clear yet” stories. Ok, I understand that banks need to ensure a check clears before giving access to the money, but my situation is that I transferred funds from savings to checking at the same bank.
This is what happened; we had a balance of $300 in checking on a Tuesday evening with no transactions pending. On Wednesday evening (after 5 PM), my wife made a $400 purchase but called me prior to have me transfer money from our savings to checking (money our bank already has).
As I was logging in, I saw that the $400 purchase was in pending status along with a $36 overdraft fee (even though the transaction did not post yet). I made a $500 transfer thinking that the bank would negate the overdraft since nothing has posted to our account. NOT SO!!
Apparently, the transfer ALSO goes into pending and PNC posts withdrawals before they post deposits. A very deceptive practice!! But to add insult to injury they placed my transfer into a pending status. I also have checking/savings accounts with a credit union account and BofA. Whenever I transfer MONEY (not checks) from one those accounts to another in the same institution, that MONEY is always made immediately available.
I was smart enough to print this stuff out and take it to PNC the next day. They begrudgingly reversed the overdraft charge. But the bottom-line is not all banks have the same policy and their posting practices are not standard. This is something the lawmakers need to resolve since the banks have no incentive to.
PS - guess who is closing their PNC accounts? :)