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PNC Bank, National Association / wire transfer fraud

North Carolina, United States Review updated:

My name is Umesh Chokshi and I have been banking with RBC-PNC for last 8 years, in the state of North Carolina.I have been regularly doing wire transfer to my overseas account back in India from RBC last couple of years without any complaint. After wire transfer, I have always received US dollar deposited to my NRE account back in India. And based on prevailing conversion rate in India, my USD gets converted to Indian Rupees by local INDIA bank where I have my account, not by the bank who does wire transfer.
I did my wire transfer of $24000 from PNC on 3/19/2012, for the first time after conversion from RBC, after duly completing wire transfer form at PNC branch in Cary, NC. On 3/21/2012, I was informed by my overseas bank that wire transfer has been credited to my account but money was NOT deposited in my overseas account in US dollar. Intermediary associate bank of PNC in India gave me Real Time Gross Settlement in Indian rupees, which is WRONG. Based on my wire transfer instruction money has to be deposited by PNC only in USD.
In this transfer process, PNC gave me credit to my account in India for Indian Rupees . Also credit was given at 10% lesser conversion rate than prevailing rate causing me a loss of $1414 .
I asked PNC following questions.
1. Why money was not give credit in to my overseas account in to USD
2. Why and who decided such low conversion rate while prevailing rate was almost 10% higher
3. If you have any documented Standard Operating Procedure for transfer and conversion, why it was not brought to customer before transfer for money clearly stating will be deposited NOT be deposited in USD
4. Who is going to pay the loss generated out of this wire transfer transaction?
I met PNC bank’s officer, Shannon Barnett and asked for clarification. He is not ready to answer any of the questions above but keep saying that we have transferred money to your account as per your instructions. Also, submitted online email complaint to PNC but have not received any response.
It is responsibility of PNC bank to deposit money only in USD in my overseas account till money reaches to it’s final overseas destination. PNC is charging $45 for wire transfer. My banker in India, Kotak Mahindra Bank Ltd has their account in US BANK, Wells Fargo for which SWIFT code was also provided during wire transfer yet PNC transferred money in Indian Rupees via Real Time Gross Settlement.
With this complaint, I want either my MONEY TO BE DEPOSITED TO MY INDIA ACCOUNT IN USD ONLY or let them pay the difference of $1414.

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Comments

  • Vi
      15th of Jan, 2013

    hi umesh i did the same $20000 with pnc. i lost 1000$. can you please let me know sny updates on your complaint

    0 Votes
  • Vi
      15th of Jan, 2013

    in india pnc dealing with novascotia bank. i spoke to them. they are saying pnc is having Indian rupee account with them. so the conversion took place in pnc itself.

    0 Votes
  • Ra
      8th of Jul, 2013

    I am having the same issue. The bank is giving very low conversion rate. I think the best way to resolve is to file a complaint with the authorities. The Feds and the FDIS.

    0 Votes

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