Consumer complaint received 2020-05-16
Company: U.S. BANCORP
State: CA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/2020 I applied for the ppploan through usbank. I went through the entire process I provided all correct documents per usbank XXXX  underwriter. A couple weeks passed and I got a notification my ppploan was approved and was given a plp number. From there I signed my documents and was advised my loan funds would be transferred to my account. At this time there was a issue with my business account, due to usbank online system. I then applied for another account online and a few days later I got 4 debit cards for all different accounts well I thought this is odd so I called XXXX cs and told them I was confused. Long story short because off this error on line multiple bank accounts were approved and opened under my name. I spoke with the branch manager regarding this and I explain it was my intention and I didnt understand how then as we were talking i told him that I kept having to refresh my screen bc my Internet was off and on well that supposedly was the reason so many accounts were opened not used just opened. So usbank decided that they wanted to close my account even though my account was at a positive balance. With my bank account suddenly being closed this cause my transfer from my ppploan to get rejected so a Sba rep reached out to me and I requested that funds be transferred to my external account. I was told it wasnt a problem and that my information was submitted and funds would be in my external account by next day. I was so happy because I finally my employees can be paid. Next morning comes and no funds in my external so I emailed the rep letting her know few days passed and she emailed me again saying my external bank rejected my transfer I didnt understand why because I just opened it. so in the middle of all this during the weekend a us rep called me and said I was approved for a business platinum checking so I thought wow they decided to open a account the rep provided me with my account number as well. So being that I needed to transfer my funds I advise the rep I was working with if she could please transfer it to my us bank checking she again said it has been sent over and funds will be in my account at latest by morning. Well it didnt get transferred so by this point Im upset because I was expecting to be able to pay my employees. The last message I got from the rep was she was looking into it. A few hours later I check my account and it shows my ppploan was paid off. I started crying because what was I suppose to tell my employees. I was being mis led in a few ways and my loan shows paid off but I never received it. I retired contact the rep and no answer. Then finally I talk to the branch manager He said that my ppploan was paid off and usbank isnt going to transfer my loan funds. So basically I got approved usbank wouldnt send me the funds and then paid it back to my ppploan and I am just stuck. I explained to the branch manager and he understood but it was usbank choice if I didnt need the ppploan I wouldnt have applied my ppploan was looked at and put together by a us bank staff then XXXX approved it. Usbank left me in debt with my employees they didnt have no reason why they were doing this. Still make matters worse I was told to reapply but I can because only one ppploan per tax id and since us bank shows paid off I am not eligible to apply again. I dont think this is fair

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation