PNC Financial Services Group review: Checking and savings accounts

I recently contacted PNC Bank, President/CEO Bill Demchak Office concerning an online PNC Bank SCAM/FRAUD in the amount of $700,000. PNC Bank response was: 1.) I was responsible for the SCAM/FRAUD 2.) PNC Bank refused to apologize for the SCAM/FRAUD 3.) PNC Bank refused to acknowledge that someone at the bank knew intimately about my checking and savings accounts and stole my money 4.) PNC Bank refused to acknowledge that an Audit of irregular activity occurred 5.) PNC did not conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) of my accounts 6.) PNC approved the International Wires sent to Chinese Criminals and Gangs, possible Terrorism (This is a Federal Offense). 7.) PNC Bank closed both my checking and savings accounts due to Suspicious Activity.

This is also Financial Elder Abuse since I am over 65 yrs. old. (This is a Federal Offense). PNC Bank is denying that this is Elder Abuse. What really hurts is I was a Valued and Model Customer for almost 10 yrs. at PNC Bank and now the bank is treating me like a Criminal. My Credit Score is ruined and I am a FRAUD victim by SSA, IRS, Medicare, Social Security and the Credit Reporting Agencies.

Financial institutions that suspect an older adult (65 and older) is the victim of financial fraud must make a report to local law enforcement. In addition, state law now offers extra protections to combat financial exploitation of adults with disabilities and adults 65 and older. Under the law, customers of financial institutions  (i.e., banks) can submit a list of persons to be contacted if the institution suspects that the customer is a victim or target of financial exploitation. The institution is also required to report the suspected exploitation to local law enforcement. If the suspected victim is an adult with a disability, the financial institution is required to report to the contact list, local law enforcement, and the county Department of Social Services. 

FinCEN has identified behavioral and financial red flags to help financial institutions detect,

prevent, and report suspicious activity connected to EFE. These red flags build off of the red

flags in FinCEN’s 2011 Advisory, all of which remain relevant, and do not reflect all behavioral

and financial red flags of EFE.46 As no single red flag is determinative of illicit or suspicious

activity, financial institutions should consider the surrounding facts and circumstances, such as a

customer’s historical financial activity, whether the transactions are in line with prevailing business

practices, and whether the customer exhibits multiple red flags, before determining if a behavior

or transaction is suspicious or otherwise indicative of EFE. In line with their risk-based approach

to compliance with the BSA, financial institutions are also encouraged to perform additional due

diligence where appropriate. Financial institutions should remain alert to any suspicious activity

indicating that their customers are perpetrators, facilitators, or victims of EFE.

A financial institution is required to file a SAR if it knows, suspects, or has reason to suspect

a transaction conducted or attempted by, at, or through the financial institution involves

funds derived from illegal activity, or attempts to disguise funds derived from illegal activity;

is designed to evade regulations promulgated under the BSA; lacks a business or apparent

lawful purpose; or involves the use of the financial institution to facilitate criminal activity,

including EFE.48 All statutorily defined financial institutions may voluntarily report suspicious

transactions under the existing suspicious activity reporting safe harbor.49

When a financial institution files a SAR, it is required to maintain a copy of the SAR and the

original or business record equivalent of any supporting documentation for a period of five

years from the date of filing the SAR.50 Financial institutions must provide any requested

SAR and all documentation supporting the filing of a SAR upon request by FinCEN or an

appropriate law enforcement or supervisory agency.51 When requested to provide supporting

documentation, financial institutions should take special care to verify that a requestor of

information is, in fact, a representative of FinCEN or an appropriate law enforcement or

supervisory agency. A financial institution should incorporate procedures for such verification

into its BSA compliance or AML/CFT program. These procedures may include, for example,

independent employment verification with the requestor’s field office or face-to-face review of

the requestor’s credentials.

Legal Services under the Older Americans Act Clients eligible for legal services must be North Carolina residents 60 years of age or older, need legal assistance and not be excluded from receiving legal services under federal law, state law or prohibited otherwise. Consistent with federal law, outreach efforts will be taken to offer legal services to the following groups of people: • older individuals residing in rural areas; • older individuals with greatest economic needs, with particular attention to low-income minority individuals; • older individuals with greatest social need, with particular attention to low-income minority individuals; • older individuals with severe disabilities; • older individuals with limited English proficiency; • older individuals with Alzheimer’s disease and related disorders with neurological and organic brain dysfunction (and the caretakers of such individuals); and • older individuals at risk for institutional placement. Priority is given to legal cases concerning priority legal services as mandated by the Older Americans Act. Priority legal services include income, healthcare, long term care, nutrition, housing, utilities, defense of guardianship, abuse, neglect or exploitation, and age discrimination. The North Carolina Division of Aging & Adult Services does not provide any direct legal advice but contracts with legal services providers through their respective North Carolina Area Agency on Aging to offer legal assistance. You can determine who serves as your regional legal services provider by contacting your local North Carolina Area Agency on Aging. Finally, it should be noted that assistance for legal services under the Older Americans Act is offered providing there is funding for this program.

Protecting seniors from fraud. I introduced the Seniors Fraud Prevention Act with Senator Susan Collins of Maine, which was signed into law in 2022. The new law provides protection to seniors from fraud schemes by establishing an effective complaint system that ensures complaints of fraud are quickly forwarded to the appropriate law enforcement agencies. It also will help the Federal Trade Commission (FTC) monitor the market for mail, tv, internet, and robocall fraud targeting seniors. Now the FTC is required to distribute informational materials to seniors, their families and caregivers, that explain the process for contacting law enforcement authorities in the event that a senior is targeted in a fraud scheme. In addition, when there was an increase in scams related to the pandemic, I joined with Senator Jerry Moran of Kansas and 32 of our colleagues in urging the FTC to take action to help educate and inform seniors about avoiding scams and those trying to financially exploit.

https://sd03.senate.ca.gov/news/20230523-senate-approves-sen-dodd%E2%80%99s-elder-fraud-protection-bill#:~:text=Fraud%20Protection%20Bill-, Tuesday%2C%20May%2023%2C%202023, Resources,-Capitol%20Office%0A1021

Tuesday, May 23, 2023

SACRAMENTO – The California Senate has approved legislation from Sen. Bill Dodd, D-Napa, that would strengthen elder and dependent adult financial abuse protections by clarifying the duties of banks and financial institutions to safeguard against fraud.

“Banks must do a better job of protecting the most vulnerable Californians,” Sen. Dodd said.  “That’s why I wrote this bill, which clarifies that if these institutions assist in financial elder abuse, either knowingly or otherwise, they can be held responsible. It will motivate them to detect predatory practices before victims are robbed of their resources, dignity and quality of life – losses from which they may never recover.”

Financial elder abuse cases are on the rise in California. The breadth of predatory practices is staggering, with victims coming from all socioeconomic backgrounds. Perpetrators can be family members, trusted professionals or large financial institutions. Such institutions are uniquely positioned to detect financial abuse and take action. Unfortunately, the language of California’s current financial elder abuse law is unclear, leading to conflicting court rulings regarding the standard of proof for holding accountable a financial institution.

Now, when victims attempt to sue their bank for assisting in a scam, the institution can avoid responsibility by claiming it did not have actual knowledge of fraud.  But Sen. Dodd’s legislation, Senate Bill 278, would clarify that victims of financial elder abuse can continue to hold institutions accountable when they should have known of the fraud but negligently assisted in the transfer anyway. The clarification would support victims of financial elder abuse in meeting their burden of proof.

SB 278 is supported by elder rights advocates and Consumer Attorneys of California. It passed the Senate Monday with bipartisan support.

“At a time when online and phone scams — specifically designed to defraud senior citizens — are running rampant, banks are on the front line as mandated reporters to protect seniors from devastating losses of their life savings,” said Kathryn Stebner, president-elect, Consumer Attorneys of California. “By adding a simple clarification to existing law, SB 278 will assure justice for countless victims of financial elder abuse.”

“Older Californians are the fastest growing segment of our population and face a particularly high risk of financial fraud and abuse,” said Caleb Logan of Elder Law & Advocacy and bill co-sponsor California Low-Income Consumer Coalition. “Fortunately, banks can prevent seniors from losing their life savings to a scam. SB 278 will clarify existing law to revitalize important safeguards against financial abuse. We are proud to support this important bill and applaud Sen. Dodd’s efforts on behalf of seniors throughout California.”

Elder financial abuse is defined as someone illegally or improperly using an elder's (aged 60 or older) money or belongings for their own personal use. The financial exploitation of elderly people comes at a great cost: It costs victims as much as $36.5 billion each year, according to the National Council on Aging.

One in 10 Americans aged 60-plus has experienced elder abuse — and one of the most frequent forms of elder abuse is financial. Elder financial abuse is defined as someone illegally or improperly using an elder's (aged 60 or older) money or belongings for their own personal use.

In North Carolina, there are different penalties for elder exploitation depending on the assets involved: Class H felony – If the value of the assets is less than $20,000. Class G felony – If the value of the assets is $20,000 or more but less than $100,000. Class F felony – If the value of the assets is $100,000 or more.