Consumer complaint received 2021-06-05
Company: CAPITAL ONE FINANCIAL CORPORATION
State: AZ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
To whom it may concern : I am contacting you because I am in an intractable entanglement with my banking institute. On XX/XX/XXXX, Capital One Bank seized and place a restriction on personal checking bank account ( # XXXX ), stating due to fraud and requested for me to contact capital one fraud investigation department. I contacted Capital One fraud investigation department. Which they informed me that the funds were being held due multiple SBA PPP loan was deposited into my personal account and SBA has requested for the bank to review loan deposit for due diligence. I explained to a Capital one agent ( XXXX ) that I have two business which I applied for the PPP loan for both and was granted the PPP loan. I explained to a Capital one fraud investigation agent that I have two business which I applied for the PPP loan with the assist of an individual that have knowledge of the loan processing procedure. One of the requirements to apply for the PPP loan is that you must provide bank statement for the month of XX/XX/XXXX. 
Showing that your business was in operation before and during the pandemic disaster. I provided the individual with my capital One bank account information since all my business funds has been deposit into this account for years for proof of business transactions in the of XX/XX/XXXX. Capital One requested that I provide document to substantiate both businesses which I provided documentation to substantiate my businesses. I was informed that a team member from Capital One bank fraud investigation department will be contacting me within 1-3 business days regarding this matter. I waited 1-3 business days no one contacted me from Capital one fraud investigation department ( XXXX, XXXX ). I decided to reach back out to Capital one fraud investigation department after the 1-3 days business days has past and I received no correspondence from Capital One Bank. I spoke with a Capital One employee who introduced himself as the manager of the fraud investigation department ( XXXXXXXX ). He informed me per Capital one fraud investigation team has contacted SBA and SBA had requested that all the funds be returned to them ( PPP Loan and EDIL ). I decided to reach out to Capital one fraud investigation department. Because, I have financial obligations to my contractors and company overhead. I got in contact with a Capital One employee who introduced himself as the manager of the fraud investigation department ( XXXX ). He informed me per Capital one fraud investigation team has contacted SBA and SBA had requested that all the funds be returned to them ( PPP Loan and EDIL ). I was informed by the SBA representative on the phone on XXXX XXXX that I was in good standing and, that this is a legal agreement between the lender and borrower and Capital one was not authorized to return the EDIL funds that I am currently repaying and advised me to obtain a lawyer. I gave SBA XXXX XXXX XXXX XXXX XXXX my written consent to speak with Capital one fraud investigation department concerning this matter. The SBA representative instructed me to email Capital one bank fraud investigation department and provide the fraud investigation agent that is handling the case with their contact information so, that may speak to SBA concerning the EDIL funds being return. I contacted Capital one bank on XXXX XXXX once I seen that {$22000.00} was withdrawn and transferred out of my account ending in XXXX by Capital one bank. Capital one bank representative ( XXXX ) told me SBA requested that the funds be returned to them. 
In XXXX my businesses went through a financial hardship due to the Covid-19 pandemic. Myself and my business partner decided to apply for the covid19 small business disaster loan to help keep our business from going under. Which XXXX XXXX and XXXX XXXX DBA XXXX XXXX XXXX XXXXXXXX XXXX, XXXX was approved for the SBA covid19 disaster loan ( EDIL ). On XX/XX/XXXX the funds ( {$12000.00} ) from SBA ( EDIL ) loan were deposit into the bank account ending in XXXX. The funds were accepted and received into the account by Capital One bank. Five days following SBA deposited {$10000.00} grant funds into the account which my business qualified for. Nor once have Capital one question these funds being deposited into the account. As I mention above recently, we applied for the PPP loan for both businesses. The PPP loan was granted to both XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX, XXXX. I have been in contact with both the lenders, SBA reconsideration team and SBA XXXX XXXX XXXX XXXX XXXX regarding this matter. My hands are tied, I have requested numerous times that the Capital one Fraud investigation agent or the supervisor of the department get in contact with me or SBA XXXX XXXX XXXX XXXX XXXX concerning this matter. Capital One agent is refusing to speak with me, I have also requested corporate headquarters phone number, email, or communication link to spoke with someone who could solve this issue. It has been well over for 30 days since Capital One bank capital one bank has restricted, frozen and seize my funds. Capital One bank could not give me a name of the individual from SBA that authorize Capital One to transfer funds for my account and return the funds to SBA. SBA reiterated, that SBA office of disaster assistance ( PDC reconsideration department ) did not requested that fund be return, and they have not received the EDIL funds back. On XX/XX/XXXX I spoke with a Capital One fraud investigation agent ( XXXX ) on the phone, and she admitted to me that Capital One made the decision to return the EDIL and PPP loan. That SBA did not request that the funds be return and that it supposed to been returned by the way of secret service on XX/XX/XXXX @ XXXX ET. 
This situation has put my business in a financial hardship having to end contracts with individuals that dependents on this work from my companies to support their family, unable to pay companies bills. This is causing me to have health problems and stress. If someone at Consumers Financial Protection Bureau could assist me with this matter, it would greatly be appreciated.

Company response to consumer: Closed with explanation