Consumer complaint received 2021-06-13
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: Cadence Bank (LA)

I am an XXXX XXXX  considered an XXXX  XXXX and XXXX XXXXXXXX and I do not require a separate tax id number or articles of corporation. I was invited to apply for the targeted advance eidl grant from SBA under this business and was approved. I gave my Bancorp South account number and routing number for my {$10000.00} electronic deposit to be deposited after calling customer service of bancorp to verify this would not be a problem and was assured it would not be. On Friday XX/XX/XXXX, after seeing the money was deposited and in my available balance thru my online account, I asked my neighbor to take me to the closest branch as my vehicle is inoperable and the biggest reason for requesting the grant. Once I arrived, the tellers refused to release any of my funds stating the deposit had to be verified due to the large amount. I was assured by these tellers that my money would be available the next day. I also called customer service to complain and was again assured my money would be available the next day. At XXXX the next day XXXX went to retrieve some funds at the same branch on XXXX XXXX in XXXX, LA as the other branch is closed on Saturdays and further away. I was told by the teller in the drive thru that my funds were on hold until I came in with my articles of corporation and tax id number proving I owned that business. I explained that those documents were not necessary for my type of business but she still refused. I called customer service after leaving and spoke to a supervisor who suggested I go to the branch where I opened my account which I plan on doing as soon as I can get a ride. In the meantime I'm unable to fix my car and pay for parts ordered and my whole life has been delayed because of the incompetence of these bank officials and the opposite of what these funds were supposed to be for. These funds were offered to XXXX  in low income areas who suffered a loss from COVID. Yet bancorp South and other banks are doing everything possible to prevent us from getting the funds the government has released to us. If SBA needed a tax id or the funds to be deposited into a business account so the banks can make more money off of us they would have required these steps before approving the grants because they are familiar with business law and apparently banks feel they can override these laws. I am not only complaining for myself but for all the other victims of this negligence to bring attention to how we are being treated because we are not big businesses and come from low income areas. If I do not immediately receive my funds I plan on contacting the attorney general, the media, and legal counsel. I am attaching emails between myself and SBA, tax documents, and XXXX documents supporting my XXXX XXXX as an XXXX  XXXX which should not be required of me again since I've already proven my eligibility to SBA. Please assist me and take steps to inform the banking industry to stop abusing their powers over the public like this. We have suffered enough. I've heard horror stories of banks refusing indefinitely to release SBA funds and/or sending them back which takes months to retrieve. Thank you in advance.