I initiated a $5,000 international wire transfer on June 3, which encountered an error. The bank sent recall requests, but they went unanswered, and they closed the case. After I reported it to the CFPB, the bank reopened the case but gave the same explanation. This time, they said the recalls were sent to Bank of America, even though I have no ties to them. PNC claims Bank of America is their intermediary bank, but I believe the money is stuck with my intermediary, Citibank in London.
I wrote to the Attorney General’s office after advice from a lawyer friend, as I was told the bank should refund me if it’s their error. The AG directed me to the DISB, who sent me to the OCC, who then referred me back to the CFPB. I feel like I’ve run out of options.
I’m frustrated because I’m unemployed in an expensive city and can’t afford to lose $5,000. Should I file another CFPB complaint or take this to small claims court?
Wait a second, when was PNC ever a savings and loan (S&L)? Weren’t they, through their predecessor institutions, among the first to apply for a national charter?
Also, their charter class is identical to Citibank and Chase – they’re a commercial bank.
If your point is that someone doing frequent internal wire transfers should choose a bank specializing in international services, I understand that, as it avoids intermediary bank issues. But a lot of what you said doesn’t align with my understanding of PNC’s history and classification.
Hello, Sorry this happened to you, OP.
However, for everyone else, if you’re sending international wires, you should use a full-service commercial bank like Citibank or Chase, not a retail federal savings bank, which used to be savings and loan associations (like PNC). It’s a case of being pennywise but pound foolish.
Hello, As a banker, I can say that the money should eventually return to your account since incorrect information was provided. It’s unlikely the recipient bank has the same account number structure as the intermediary bank, so it’s likely a mismatch. You won’t recover the fee, but you should get the funds back. At my bank, this process can take up to two weeks for domestic transfers, and possibly longer for international ones.