Like several of the complainants on this site, I want to file a lawsuit against PNC Bank. Since I suspect there have to be a lot of angry PNC customers, I think a class action lawsuit would be preferable.
I am one of three people on a credit line with PNC, which is actually our 2nd mortgage on a TIC (tenants in common) home ownership. We currently have $60K in available credit, and PNC has been sending letters for more than a year now offering to buy back our credit at the rate of $100 per $10K.
This last Fall we were told by the City of SF that we owed about $24K in retroactive property taxes due to an error in the City's assessment after one of the units was sold in 2007. We decided to pay the retro amount--as well as our suddenly increased property tax due in Dec 2010--on the PNC credit line. Unfortunately, after paying approximately $24K by credit line checks, I received a letter from PNC stating that our credit line had been terminated due to a late payment in November 2010.
I actually did send the November payment to PNC a few days later than usual, but only because they never sent the payment invoice and envelope for that month. (They tend to do this a couple of times per year, in my experience.) I also explained in a note with the November payment that no invoice was received, and confirmed with one of the PNC reps that they received this note. This was the 1st time in more than 7 years that I was advised by PNC that our payment was late. And rather than just a few days late, PNC insisted it took some 15 days before they received the payment.
I spoke with several people at PNC over the phone after that, advising it was urgent because there would be an automatic penalty of at least $1200 on the property tax if they did not honor the payments. I was essentially told tough luck; it was my responsibility to pay on time whether they sent the payment invoice or not, and if I wanted to appeal their decision, I had to write them a letter--which meant they had no intention of even considering trying to avoid the 10% penalty. I faxed a letter the same day on my law office's letterhead, with a copy to PNC's legal department. I argued that, even if my payment in November was late, it was bad faith to terminate a contract for one late payment in 7 years. and I would sue them if for breach of contract if they did not reinstate the credit line.
To my surprise, PNC did write me a week later advising that the $60K credit line was reinstated, and--since they valued my business so much--I was free to use the entire amount. I then paid the property taxes again, this time with a 10% penalty and other costs, and debated whether to obtain an attorney to recover the late costs. ( This month's PNC invoice also included $60 in penalties for the returned property tax checks).
I then received notice 1/22/11 from the City of SF that the second property tax payments were not honored by PNC either. Therefore there is another $1400 or so in additional penaltie owed--plus of course the original $24K.
I am DEFINITELY interested in participating in a class action lawsuit against PNC Bank. If anyone reading this is aware of an existing lawsuit, I'd greatly appreciate receiving information on this. Although I'm an attorney myself, I practice workers' compensation, and know I'm not qualified to represent myself in a class action lawsuit, but I might be able to locate an appropriate attorney/law firm.
My e-mail address is: [protected]@yahoo.com.