We manage my MIL’s accounts now that she’s virtually blind, and she banks with PNC. In the 8 months or so that we’ve handled it for her, we’ve had more problems than I would expect. The latest involves what is supposed to be a regular disbursement to her middle son of his share of his inheritance.
We set up an automatic transfer between PNC and his bank, and the first 2 went thru, not as quickly as I would have hoped, being electronic and all, but they happened. However, the transfer labeled June 30 is still shown as “pending” - it’s July 7, fercryinoutloud! My husband is going to the local branch this morning to try to figure out what’s going on, but WTF? Are automatic transfers not automatic after all? We never have such issues with our credit union.
If we could move her money, we would, but she likes PNC, for some reason. And there is an office that’s convenient to her, which is important to her. Are we just unlucky or does this bank suck swampwater?
I use their ATMs regularly (no service fee at Wawa or Sheetz convenience store chains). It’s not uncommon for the machine to state that it can’t read my card only to put it back in & then it works fine. Not sure if it’s them or Diebold-Nixon ATMs that they use but tis annoying.
Well, today the money FINALLY showed up at BIL’s account. Best guess is that the holiday played a part, but I still don’t get it - do computers take holidays? Or does PNC require manual input for so-called electronic funds transfers?
More than likely this was processed as an ACH transaction and the money moved through the Fed. Depending upon the amount and/or credit risk it may have been processed in a credit risk model, delaying delivery of the funds until the risk window has cleared on the debit.
Add to that fact that ACH payments are subject to processing days and weekends and holidays are non-processing days which can add a delay to completion of the transaction. As June 30th was a Friday and Tuesday was a Fed holiday I am highly confident your delay was due to non-processing days at the Fed and at the bank’s.
My last experience was probably 15 years ago, but I had so many practical difficulties keeping a checking and savings account and a debit/ATM card working that I gave up after only 2 or 3 months. Very frustrating.
My ex-employer used PNC for managing very big money, transactions of millions, and did so for many years. Maybe that’s their reason for being.
For what it’s worth, I am a PNC customer. My driving need from a bank is a strong digital offering. I want an innovative and easy to use digital banking application. It needs to provide a wide range of features to allow me to self-service and minimize to the maximum extent possible my need to call into a call center or (Og forbid) go into the branch or use the ATM.
For me PNC’s digital banking application helps me have the relationship I want with my bank. Desktop/mobile web and native apps. Easy to use design. Helps me manage my money and gives me tools to pay bills, send money to friends/family, transfer funds between my banks, etc. I can do most customer service tasks like request new debit cards, update profile data, etc.