Customers Facing Challenges Following PNC Bank’s Acquisition of First Bank

Elizabeth Freudenthal is understandably frustrated with her experience after PNC Bank took over First Bank. “I’m very angry about that,” she shared recently. Planning to switch banks later that day, she noted that PNC is still struggling with the transition.

In September, the employee-owners of First Bank agreed to a $4.1 billion deal with PNC, setting in motion a significant shift. Last weekend, PNC updated its systems and rebranded 95 FirstBank locations, marking the end of a 63-year legacy in Colorado.

While PNC Bank’s tagline is “Splendidly Boring Since 1865,” many customers have taken to social media to voice their anxieties about the changes. Sandra Jessen and her husband, loyal to FirstBank since 1979, were initially open to giving PNC a chance, but concerns from their friends have dampened that optimism.

“I have friends withdrawing money left and right. It’s a disaster,” Jessen lamented, recounting how her and her husband’s credit cards were frozen and a simple cash withdrawal took longer than expected, involving extra identification checks.

With new account numbers issued, she’s worried about whether her scheduled deposits will process correctly. Freudenthal faced a similar issue, with her access to the FirstBank app blocked for weeks until she installed the PNC app, something she didn’t want to do.

“I felt very forced. I didn’t have time to look for a new bank,” she said, noting the difficulty she faced in accessing her funds at an ATM.

Sharon Huang, who runs a wellness center in Denver, also encountered problems despite following all PNC’s guidance. Her business savings account, containing about $50,000, went missing, leaving her frustrated after a lengthy phone call with customer service yielded no answers.

After navigating through lines at the bank, her savings account was eventually restored, but the ordeal left her wary.

Online forums including Nextdoor and Reddit have been filled with complaints about long wait times, lost access, and other issues. While PNC assured that FirstBank debit and credit cards would still function until specific dates, many customers reported disruption to their services.

Some who transitioned from BBVA Compass, previously acquired by PNC, likened their experiences to déjà vu, with complaints about the speed and abruptness of the takeover. The “flash cut” method PNC employed often results in hiccups, affecting numerous customers at once.

This transition involves 780,000 accounts, complicated further by FirstBank’s proprietary technology. PNC had communicated changes before the takeover, but not every customer fully grasped the adjustments needed.

PNC’s spokesperson emphasized that their teams are available to assist customers and that many of the issues reported are based on miscommunications that have been previously shared.

Interestingly, some former FirstBank clients reported smooth transitions and encouraged patience during this significant shift.

In response to rising demand, Belco Credit Union has noticed an uptick in new account openings, likely influenced by these changes at FirstBank.

Monica VanBuskirk, a local candidate, had specific reasons for choosing FirstBank, but after facing problems while trying to switch to PNC, her patience dwindled. “I got stuck at the validation stage,” she explained, detailing her frustrations trying to ensure her campaign funds were secure as the election approached.

The long wait at the bank, which coincided with an urgent need to deposit campaign contributions, left her feeling sidelined. She received minimal feedback on her account status, heightening her anxiety.

As VanBuskirk finally resolved the issues, she felt that PNC’s approach indicated a different kind of customer relationship than she anticipated. “Once the campaign ends, we will close the account,” she stated, highlighting the need for banks to manage acquisitions more smoothly.

Reflecting on PNC’s track record with acquisitions, she noted, “They know what they’re doing,” but also recognized a potential loss of customer trust if they don’t adapt. Her proposed legislation aims to ensure continuous access for customers through any bank transitions.

Overall, as clients navigate these changes, many are weighing their options, looking for stability that aligns with their needs.