Right on schedule, I received an email message today from the CFPB (Consumer Financial Protection Bureau of the Federal Reserve) to inform me that PNC Bank has reported partial completion of the resolution of our complaint.  PNC has an additional sixty days to resolve the matter fully, and the CFPB will notify me whenever they receive information from PNC.

The first unexpected bill from PNC arrived December 23, and I went to the bank that same day to correct the problem.  Note that I signed paperwork that day and was told everything was resolved.  This was followed by contacts from PNC once or twice weekly for the next eight weeks, each indicating (to me) that resolution had not been achieved after all.  At the close of every contact, however, I was told that the situation was definitely resolved this time.

They were certainly a busy little bank while they were clearing up this problem!  Even though the calls and letters from PNC stopped after I reported them to the Federal Reserve, the MO attorney general, and the media, they not only kept the account open, but put a lien against our house and reported the account as delinquent to the Credit Bureau.  Amazing!  I wonder how they define resolution.

Since the CFPB’s intervention, we’ve received letters from PNC thanking us for allowing them to resolve the problem.  Really??!!  Is that as opposed to suing them for emotional distress as a result of their error?  Not to mention a large chunk of my time!  PNC has informed us, and presumably the CFPB as well, that the line of credit has been closed, the fees have been waived, the balance due is $0.00, and the lien against our property has been removed.  I believe we are now waiting for the Credit Bureau to “repair” (PNC’s word) our credit rating.

Next chapter due in sixty days or sooner.