Plaintiff, Jessica Pownall, on behalf of herself and others similarly situated (“Pownall”)filed a class action against Defendant, PNC Bank, a National Association, as successor in interest to National City Bank (“PNC”), based on PNC’s improper assessment of finance charges against Pownall and Class Members, despite timely payment, in violation of the Cardholder Agreement,
TILA and the Federal Reserve Board’s Regulations implementing TILA.
In sum, Pownall alleges that she paid, and PNC received, the full amount of her credit card balance on the due date as indicated on her Periodic Statement. Despite her timely payment
and in contrast to the terms of the Cardholder Agreement (“Agreement”) and Periodic Statement (“Statement”)1 (respectively, Exhibits A and B to the First Amended Complaint2), PNC imposed finance charges against Pownall’s account, thus breaching the contract. PNC, however, points to
language submerged within a paragraph relating to a different subject entitled “Crediting of Payments (Payments mailed through the United States Postal Service),” which states that when a
cardholder pays their balance in full at a branch bank, like Pownall did, “crediting” of those payments may be delayed up to five (5) days. The use of the word “crediting” in this provision is crucial, as pursuant to other provisions of the Agreement and Statement, finance charges would be avoided if the full balance was “paid” or “received” on or before the due date.
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