The people know and greet me by name.
However, I was charged a $3.00 fee for examining a deposit, online. Never had this charge before, but I was told that is is a new fee. I checked with Suntrust, and Chase Bank, which is opening a branch nearby, and they never heard of such a fee.
I commiserate with Ben Bernanke. I don't know his details, but I do know mine. I thought it'd be a no-brainer.
- I do all my banking with PNC and have done for years.
- I am a PNC Wealth management client, which means that I have "special" relationship. It also means that they have every detail of my finances with them.
- My home mortgage is with PNC and I paid off a significant amount of the loan off with already.
- My outstanding home loan amount is about 60% of the appraised value of my home.
- My credit score is 831.
- I applied for a home equity loan which is about 11.5% of my home's value (well within the home's equity). It also happens to be about 10% of my annual income according to the tax returns submitted to them.
With these parameters, I expected a smooth sailing, right? Of course not. They want profit loss statements from my business interests, investment reports including retirements, real estate deeds, some stuff I have never even heard of and did not even know where to get them from. More absurdly, they have most of what they are asking already with them , since they manage my wealth portfolio!
I gave up and withdrew my application frustrated and of course am reevaluating my relationship with PNC as a whole. The obvious question my brother-in-law asked me was why did you apply for a loan in the first place for such a small amount? For a stupid reason that I would get a loan with low interest that is tax deductible and the mistaken assumption that it would be a breeze to get one.
Well, I am just paying for the home improvement with cash, which I should have in the first place..
I have banked with all major banks over the last 50 years and i work in the lending industry! PNC mortgage is a complete joke and lie to their customers about rates, options, and do not disclose information vital to customers well being. Stay away at all costs.! You are much safer with BoA, Chase, 5/3!