Just a quick story on how vulnerable the money you have in your bank accounts might be, especially if you have an account with PNC Bank.
The Howard County Republican Club chose a new Treasurer in January as I have moved to another position within the Republican Party, so after three years of being Treasurer, it was time for me to sign over the Club’s account to the new treasurer. I called up the local PNC bank on Thursday to find out what I needed to do to transition the account over to the new treasurer. On the phone the nice gentleman told me that all I had to do was show up along with the new treasurer and sign a few papers. He said it would take five-ten minutes to do everything and I wouldn’t even need an appointment.
So today I get to the bank expecting this entire process to last a few minutes. I did get there a little early before the others and in order to expedite things, I went and sat down with the bank associate to start the process while the others were on their way. Since I had already turned over all of the documents, I did not have the account number, but told them it was for the Howard County Republican Club and he looked it up. Sure enough, it came up with my name and address on the account and it appeared everything was running smoothly.
Things are going along fine until he pulls up the signature card in the electronic file and asks if I am Mark or John. I said, no I am Dave. All of a sudden the bank associate claims that either John or Mark needs to be present in order to hand over the account. Now three years ago, I went through this same exact process and signed the signature card to give me access to this account from the previous President and treasurer who were Mark and John. As I mentioned before, I did not have the account books anymore, but I know before I handed it over that there was a copy of the signature card I signed in the book because I had just organized before handing it over. Yet PNC Bank had absolutely no record of this in their files and initially said there was nothing they could do since there was no record of my signature card in the file.
Now I am utterly confused since not only is the account in my name and my address, but also I have been writing checks against this account for the better part of three years, including a couple that were over $1,000, as well withdrawing money from the bank using my driver’s license. Not once was there every a problem with me taking money out of this bank. I ask how on earth the bank was approving these withdrawals if my signature is not on file as a legitimate. So I ask the obvious question to the bank associate. He goes thorugh entire explanation with the claim that the bank does not check signatures for checks unless they are cashed directly at a bank branch. All other checks are processed without checking signatures.I bring up the fact that I have withdrawn money directly from the bank tellers and he claims that should not have happened. I just laugh at this point at the absurdity of all of this. So despite the fact the account clearly has my name on it and my address, confirmed by my driver’s license, and that they have records of me writing checks from this account in their record showing my signature on those checks, I am told that the account can not be switched over to the new treasurer because they do not have my signature on file. He tells me I would have to go find the people listed on the signature card in order to switch the account over to the new treasurer. I tell him this is unacceptable and repeat that it seems utterly ridiculous that this bank is allowing someone (me) to write four-figure checks on an account without checking a signature on file.
Unfortunately while this is occurring, the new treasurer and president are already on their way and I was unable to catch either of them in time to make sure they brought the old account book that had a copy of the signature card I signed three years ago when the account was put in my name. They both showed up and now all three of us are talking with the bank associate trying to figure out how we are going to fix the bank’s screw up. The new treasurer, who had the account books at home, sent her husband back home to get it and bring it back to the bank in order to show the complete record of this account. The Bank Associate leaves to see what he can do on his end. As we are standing around waiting, the obvious point was made by one of us that we could easily write a check for the entire amount in the account in one of our names, have that person deposit the check in a separate account seeing that PNC Bank apparently does not check signatures, and be done with PNC for good. We chuckle, but I am sure the Bank Associate overheard us make this very obvious statement showing the giant loophole in their system and came right back out and said he was going to go ahead and let us switch over the account, saying that all the evidence shows I was clearly managing the account for the past three years and he now believes me that the signature card I signed must be missing.
Five minutes later, the paperwork was signed and the account was moved over to the new treasurer and president. However, since the new treasurer’s husband was on his way back, we decided to wait mostly so that I could pull out the signature card with my name on it and show the bank associate that I did in fact have a card showing me to be the rightful person to sign checks on the account. It arrived and I showed it to him. He looked at and had the same confusion as me why this record is not in their file. At a minimum, it at least gave him the confidence that the account transfer was legitimate and there was a record somewhere in PNC Bank’s files that I was the rightful owner of the account until today.
In the end, everything worked out and the account was transferred over with the help of the Bank Associate, but I am still absolutely perplexed by PNC Bank’s sloppiness and the fact that it was allowing me to write $1000 checks and withdraw money from this account despite having no record that I was permitted to withdraw money from this account. It did not give me a lot of confidence in the way banks operate, especially PNC Bank, with regards to making sure money being withdrawn from accounts is legitimate. i am hoping it is an isolated instance, but something tells me it is not.
Anyway, that is my rant for the day….