Went to PNC because they handled Freddie MAC/Fannie Mae Mortgages -
OK - banking officer suggested I apply for a VISA card because new home - expenses - 12 mos. interest free - OK !! I set up - paid for some expenses - Busy - Set up Auto Pay for min. payment was going to pay off whole thing within 12 mos. - Found out even though I didn't receive any statements or notice - THAT THEY WERE CHARGING ME INTEREST ON A PURCHASE FROM THE 6TH MONTH - Upon Calling I got the Snotty Remark I should have read the very clear disclosure statement - I said I was sold the CARD - during the hectic moving process and was told it would be 12 mos. interest free - that I didn't feel I had to sit down and read a 20 page fine print contract if the Financial Rep at the bank said it would be 12 mos. interest free - (turns out 12 mos. interest free on a Transfer - 6 mos on purchase) - said having an MBA - from an Ivy League School - I could read the contract - but if I ask and am told it's 12 mos. interest free - and I'm approached during a busy time like moving - I would assume I could trust the Verbal Explanation - PNC CUSTOMER SERVICE REP. AND SUPERVISOR - said read the Disclosure - THIS BANK IS FOR THE BIRDS - I suggested the least they could do is offer some form of credit - and my intent to avoid paying 23 percent APR was clear that when I found out for the first time their interest I PAID THE WHOLE BALANCE OFF IMMEDIATELY -
No Dice - I JUST SAID FINE - I'M GOING TO WRITE MY ELECTED OFFICIALS AND POST ALL OVER ABOUT THEIR LITTLE SCAM - AND SNOTTY - BAD ATTITUDE - Probably - Just Told - This is the Line - You Give Customers if you want to Keep Your Job ! A pity but that's what seems to be common place business practice - you loose a couple of customers and you rope another 5 in!!! JUST DOING MY BIT TO KEEP PEOPLE FROM GETTING ROPED! CAVEAT EMPTOR!
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!