Too many experiences over the last 5 years to share all. High points:
Changing primary members on a business account, requiring no less than 6 visits in person only to find the original names were still on the account more than six months later.
No way (even temporarily) to raise the limit on a DEBIT card beyond $5,000. I fail to see their risk when there is 10-20x the amount requested in the account. Eventually I gave up arguing with them and just used ACH/wire transfers when necessary.
Final straw, getting dinged $3/deposit ticket accessed online ($300+ in total, yes, the fee is listed in the bowels of their fee document, but nothing notifies you as you access it online). Their response after having an account in good standing with an average balance > $100k for over 5 years? "You should have known that, it's in the fee document".
I hope the fee is worth it, I don't understand how this bank stays in business.
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!