Thursday, November 19, 2009
PNC Bank "Leading the Way" in Disservice & Distress
"We see our commitment to our customers as one that supports the community..." I have a low threshold for the preposterous crap spewed by "the man". On Sunday I was listening to the Eagles game on the radio and although the action was pitiful and the sportscasters filled every millisecond with babble the main thing that got my goat was PNC's ad "Leading the Way".
An example of how PNC is "Leading the Way is their overdraft policy. It is a blatant bottom feeder tactic that leads the way in sucking resources and good spirit out of a community. It's the type of approach that disrespects and drains the community. Readers who have a PNC account may have all ready went at it with them for the involuntary program where they charge you $36 if you overdraw by a $1. You cannot decline the service.
Last year I had a little adventure with PNC. A few Kombuchas cost me a few hundred dollars. I am not kidding. After battling with the "community manager" and sparring with the phone supervisor I contacted a senior exec in Pittsburgh and we worked it out.
OOPS I did it again. This time I sniped a camera battery for a few dollars on Ebay and the account it was drawn from was short $1.04. PNC paid it and charged me $36. I am COMPLETELY SERIOUS.
Besides the obvious loss of $$ the sting of being legally swindled by your community bank is distressing and creates nasty feelings. Google "PNC sucks" and the web is thick with bitterness towards PNC. You can find stories of PNC reps who spend a hunk of their work day explaining overdraft fees to incredulous and irate customers. There are stories of customers who explain how the bank manipulates accounts so that unavailable funds lead to overdraft fees. Seriously what could be more loathsome?
"At a time when many can afford it least, American consumers are being hit with hundreds of dollars in penalties for overdrawing on their account by just a few dollars," he said in a statement. "Banks should not be trying to bolster their profits at the expense of their customers."
Another "leading the way" strategy is to accept and divert bailout money intended to help business and individuals and use it for acquisitions. With our own tax dollars PNC buys another bank where they deploy the same tactics to suck the life out of more communities.