My nightmare at leesburg pnc bank
 

I shop around for the best CD rates all the time.

My CD expired at my other bank so I got a decent rate at PNC. The account opening went smooth and I deposited over a 6 figure amount with a CASHIERS CHECK.

I gave them my P.O. Box as my mailing address and my beneficiaries address as I have done before with all my other financial institutions.

PNC bank called me up a few days later and said my P.O. Box cannot be accepted as an address. I told them about the numerous times other banks accepted it. They gave me some BS story saying if the Post Office had a fire we wouldn't have an address on file. I then told them what if my house burnt down? They didn't have an answer. Also, I told them, you can use my beneficiaries address. They then told me that they needed a physical address on me.

They then told me if I don't give them a physical address they cannot process my account AND they would deduct a couple thousand dollars in penalties. I told them, I gave YOU money, you didn't give me money. They put me in a catch 22 situation. Again, they accepted my address when I opened the account.

Now we all know why they didn't accept me as a customer is because they couldn't find my net worth and SELL my information and worth to other establishments because of their address demand. That's what this is all about.

Talking to the bank manager, Angie Kalas was useless. I had to go above her to the area and regional manager.

The area manager told me she worked it out and I can go into the branch and receive the full amount. I went to the branch two days later because of my schedule, and guess what? after waiting nearly two hours in the waiting room and having made an appointment, the associate gave me a hard time saying I used a personal check and I had to wait 10 days. I then informed her it was a cashiers check and my money was deducted from my previous bank within hours and there should be notes on my account to release the funds from the area manager.

They told me to leave and they would call me. I have spent numerous hours on the phone and driving back and forth three times. I think I spent 6 hours altogether on this nightmare. I finally received my funds.

PNC is all about themselves and not their customers. I will NEVER bank with them again.

No, we don't all know that.

We *do* know that different businesses have different policies and that three are anti-fraud and anti money-laundering rules that banks are required to follow.

What is a bit odd is that "(t)he account opening went smooth" if the bank needed more information. Perhaps the bank does not provide the CD but gathers funds to buy a product from another source which requires the full address. Just a guess. Still, you should have been informed when the account was opened not several days later.

Thanks for sharing your experience.

Absolutely, I should been informed at the Get Go.

Better rates online anyway

I've had issues with institutions not accepting my PO Box as well. Here's the simple solution: Use the physical street address of the post office, and then your box number like it's an apartment number. Done.

So why not just give a physical address? Its not a secret. Your address as well as your past addresses, are easily available in an on line search to anyone who cares to know. All that is needed is your name, state and estimated age. Your address tells nothing about your net worth.

To open an account, you have to give them your social security as well. That is the more critical item for privacy. If I trust somebody enough to give them my SSN, I wouldn't worry too much about physical address. But that is just me.

Also, you deposited a "3-figure amount"? Do they even sell CD's that small? That must be a typo.

But I'm glad you finally got your money back. Now just go onto your fidelity or vanguard account and buy a CD painlessly at a rate that will no doubt exceed pnc. You wont need a cashiers check, just transfer the money electronically.

It was over $100,000. Fifth Third has an excellent Money Market rate going on right now. Thats were I went.

Everything the bank told you, was absolutely correct.

They need to verify a physical address and have to confirm who you say you are. Also, they can't simply "give your money back", without confirming your identity, that would violate a zillion banking regulations, as well as Federal Law.

You really should find out the facts, before publicly bashing a bank, who's merely following Federal Regulations.

Thank you for the heads up and I don't care for the way PNC handled the whole thing, that's a hard pass for me. (I think you meant a 6 figure cd..)

Maybe the OP should have done that and maybe PNC should have handled it properly in the first place and not held his money hostage after they found out they processed the CD incorrectly.

You can do better with an online bank. Why waste time with a brick and mortar bank.

Bashing a bank? Did you actually read my post?

Ooops, Yes, a 6 figure. My bad

The Federal Government has changed their regulations of banks within the past few years and they are still changing them. They call it "know your customer" regulations. The rules are not yet cast in stone and they are always being revised. But basically, banks are required to know as much as they can about who they are doing business with. For example, you cannot even make a cash deposit into someone else's account because the bank doesn't know where the money came from. Also, you can no longer make an online purchase using a debit card unless the card was opened with proper identification. I used to buy non-reloadable debit cards from Walgreens, with no identification, to make online purchases, but these are no longer accepted.

All that being said, I never invest any money with a bank. Investment companies, like Fidelity and Vanguard, are much better for investing and they offer better rates and you can buy CDs. I use banks for a checking account only. They may also be a good place to get a loan, if you need one.

Right? OP complains about wasting 6 hours when it would have taken 6 seconds to just give them his address!
It would have been kind of funny if the bank employee had just looked online and used his easily accessible address.

Yes and you're 100% wrong and the bank was only following regulations and protocol. Your refusal to provide them with reasonable and customary information, caused the problems.

I've never used PNC bank, but in this case, the problem was the customer, not the bank.

This part....

or this part...

or this part...

Credit Unions are our favorites, this is a current CD offered at Hughes Federal Credit Union:
4.50% APY* 17 Mo. Certificate • $99,000 Min. Balance and it's insured with no extra fees.

My Financial Advisor finds me a best short term CD or money market when I want to go to cash. No charge. But to each their own.

To the OP, did Fifth Third accept your P.O. Box as an address for your account?

Then, if they knew their own policy they shouldn’t have took his money cause of the address problem. But no they took his money and then held him hostage.

No, the took his money then there was problem. They should have known that at beginning.

I'd be curious to see the "Application" that was filled out, to open the account.

I'll bet $5 it asked for a "Primary Address" or "Residential Address" ... to which, the Poster refused to answer properly. It's entirely possible that someone didn't immediately notice the deception and a compliance officer or other management, picked it up.

Trying to be deceptive when opening a bank account or dealing with a bank in any way, is a recipe for trouble.

You’re financial advisor making money no matter what you want to do your money. More transaction more charges.

A wife probably doesn't charge for her investment advice.

Yep, and I would agree with the bank wanting a physical address and not a PO Box. You want the rate but you don’t want to dance to their tune….my 2 cents.

Deceptive? He didn't feel it was necessary and it's the bankers obligation to make sure the form is completed as they feel is required. Talk about twisting things around...

He didn't feel it was necessary to give the bank the information they requested?

The bank reviewed the application and determined it wasn't completed as required.

He's mad because the bank wouldn't give him a CD, after he refused to give them his residential address.

There's something twisted around here, that's for sure. I think some posters are confused as to what it is.

When I worked in a bank and had someone complete an application, it was on me to be sure it was correct at the time. He didn't care about their CD anymore, PNC dragged their feet, apparently, when reimbursing him the over $100,000. amount they had cashed. I hope that clears up your confusion.

Amen to that.
Banks will be banks, and you play by their rules.
If you got $$$$ to invest, there's to many other places to get better returns then banks.
Start with Credit Unions if you don't trust On-line-banks.

I'm not confused even a little. I understand 100% how it works. Our company has a banking license and owns a bank. If you were responsible to "completing applications", you were mostly uninvolved with the bank's security functions.

He created a security issue, because the bank wasn't able to confirm his identify, via their 3rd party provider. That stops the money from moving anywhere, until it's sorted out to the Bank's satisfaction. It happens every day, especially when someone shows up with a Certified Check or a Bank Check.

So PNC grabbed his money even though they couldn't confirm his identity and accepted his application, deposited the money and then realized THEIR error and dragged their feet for the extra interest they earned, not the depositor. Is that what you are telling me happened and is acceptable? The check should not have been touched if the app wasn't acceptable. What reputable financial institution would cash a check prior to establishing an acceptable account?

You can manipulate the facts and the situation all you want, but the bank absolutely did the right thing and they had no choice, per Banking Regulations.

The OP/Depositor intentionally tried to obscure his address and therefore, his identify. He also presented a Bank/Certified Check, which is another red flag. Any credible bank would have done the exact same thing, because they have no choice.

Don't believe it? Go get a Bank Check for $100,000 and try to deposit the check at another bank ... ask them "how long before I can have access to the money I'm depositing"? (Or just see the attached, so you understand the regulations.

Now complicate the situation, by the presenter of the check, using a non-verifiable address.

So what saying they can hold his money hostage. Funny when I own bank they want money now address or not.

But, do you take it?

But didn’t stop them from taking the money did it.

Correct.

Thank you, you're exactly right.

You shopped around, and PNC had the best CD rates? Hard to believe as they are consistently rated as offering below competitive rates. There are several online banks offering quite attractive rates.