Consumer complaint received 2021-08-07
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION (TX)

I am a self-employed, sole proprietor. I own a XXXX XXXX, legal business name is XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX. I was approved for a SBA EIDL Loan last year for {$100000.00} and at that time I only had a personal checking account which the funds were deposited into. I received a second an SBA EIDL Loan disbursement on XX/XX/XXXX in the amount {$300000.00} which was an increase approved by the SBA based on my XXXX Tax returns. I went to Capital One Bank at my local branch to move the money to my business account and the teller reported the withdrawal as fraud. The fraud department said that they were unable to verify my business with the Department of State in Pennsylvania where I originally started the business in XXXX. I sent the fraud department my IRS tax returns transcripts with my schedule C and copies of my IRS EIN paperwork from XXXX in addition to my DOT and MC Certificate from XXXX and I also sent my IRS payments for my Heavy Use Taxes that I pay on a yearly bases that not only shows my EIN XXXX, Name, Business name XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, and address. I was then told that they don't have a timeline as to when they will review these documents and when the funds will be released. So now my wife is unable to withdraw any funds or pay any bills for our home and XXXX children. And I am unable to transfer the money to our XXXX XXXX XXXX XXXXXXXX Account. We didn't change the banking information on the loan because we had already been waiting several months for approval and didn't want to pro-long the process. We also didn't have a problem transferring the money before when we go the {$100000.00} loan. We have proof that we are a legitimate business because we had to submit a XXXX to the SBA to verify our XXXX tax returns Schedule C to be approved. We submitted the proper document and now they have no timeline whatsoever as to when our funds will be released. We called and spoke with XXXX and she transferred us to a supervisor named XXXX. XXXX was the first supervisor to tell us that there is no timeline as to how long the investigation might take. XXXX told that once we sent the information to XXXX with our customer number XXXX and then we should call back to confirm the receipt of that information. We sent XXXX IRS tax transcripts, XXXX IRS tax transcripts, Original EIN assignment documentation, IRS XXXX payment vouchers from XXXX, XXXX, XXXX, our SBA signed loan agreement, SBA loan Modification Letter, MC Certificate, and our proof of Business Insurance. We called per XXXX 's suggestion to verify receipt. We then were transferred to a member of the management team by the name of XXXX. XXXX advised that there is no timeline as to when this will be reviewed or resolved and was unable to verify receipt of documentation because it would take another 2-3 business days for them to apply the documentation to our customer account and that a case had not yet been opened for our complaint. We need help. Our livelihood is in limbo because Capital One has frozen funding that we already had to verify with the SBA and submit legitimate tax returns sent directly from the IRS, now we have no money to pay company bills, salaries, pay for our equipment. We are at risk of having to file bankruptcy and lose everything and they think this is a joke. We need help. Someone needs to streamline this verification process and at least create a timeline as to how soon they will assign and review documentation.