PNCBank, N.A. Informative - PNC Bank will RUIN your business and steal your home.
Yes, we thought that it was impossible to. The fine print is just fine print, and you only are a victim of the fine print of you're a thief.
And we weren't thieves; we were responsible business people with a successful business that existed since the 1960s.
We also did business with PNC - and its precursor entities like Pittsburgh National and First Seneca/Integra (which became National City and, for fractions of cents on the dollar, PNC) - for more than forty years and had no problems.
That was until 2006 when they decided to call our business line of credit and the loans on our business property which we needed PNC to finance due to a casualty – our warehouse burned down and the insurance only covered a portion of the cost of rebuilding.
PNC demanded we put our home – which we built thirty years ago and which was nearly paid off – up as collateral, resulting in a NEW mortgage.
Of course PNC knew that there was no way we could immediately repay our line of credit (which we’d only taken out a month earlier to cover expenses during the winter when business slows and which, for years prior, we’d paid back in the spring) AND the loan on our new business property.
More than five years of fighting, legal fees, stress, problems in our marriage and heartache have finally resulted in us declaring bankruptcy and walking away from our family home of more than thirty years.
And in all this time, PNC hasn’t even had the decency to offer up an explanation of why, out of nowhere, they called all of our loans.
We know that the fine print allows a bank to do this.
We also know that in practice, this rarely happens.
But it happened to us, destroying our business, harming our family and our sanity and costing us our familial home.