Consumer complaint received 2022-01-06
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: CAPITAL ONE FINANCIAL CORPORATION (VA)

On XX/XX/XXXX at XXXX PM the Small Business Administration ( SBA ) disbursed the funds for my Economic Injury Disaster Relief Loan ( EIDL ) increase in the amount of {$120000.00} to my business checking account ending in XXXX. I confirmed the deposit on XX/XX/XXXX via the Capital One Mobile Banking Application and transferred {$120000.00} to my second business account at Capital One ending in XXXX. The next day, when I opened the Capital One mobile banking application, the two business accounts that I used to make the transfer reported {$0.00} balances. I assumed that perhaps Capital One 's mobile application had a bug as it does very often, so I left it alone for about a week. That was until I noticed that my business card wouldn't allow me to make purchases anymore, recurring bills began declining, and the withdrawal for employee payroll that I ran on XX/XX/XXXX failed. I called Capital One on XX/XX/XXXX and their Customer Protection Team told me that the reason why my funds were frozen was because an investigation was being done to determine whether my business was a legitimate business enterprise and truly qualified for the XXXX funding. On XX/XX/XXXX, I called Capital One again and their Customer Protection Team gave the same explanation about how they are conducting an investigation, except this time the agent said that I should send them my XXXX bank statements and XXXX business tax return to XXXX. There are three reasons why I believe this investigation was dubious : ( 1 ) I have been banking with Capital One since XXXX ( 2 ) my own bank requested that I send them my bank statements that they have access to for review, ( 3 ) this same bank account ending in XXXX was successfully approved and funded by the SBA for a Payroll Protection Program Loan deposit on XX/XX/XXXX in the amount of {$17000.00} and an XXXX loan deposit on XX/XX/XXXX in the amount of {$40000.00}. The agent then said that the documents should take 24-48 hours to upload onto their portal. I followed these instructions and sent all of the requested documents the same day but no acknowledgment of receipt of my emails or documents was ever received by me. On XX/XX/XXXX, I called Capital One 's Customer Protection Team again but they changed their story. Their supervisor claimed that the reason for the investigation had nothing to do with the XXXX loan because there was no evidence of a bank deposit. As a CPA, I was both horrified and dumbfounded to discover that Capital One deleted the record showing the initial deposit all in an effort to evade accountability for this {$120000.00} error. The supervisor then proceeded to interrogate me on how I was able to make this transfer, insinuating that I may have hacked their software or engaged in some type of unscrupulous activity. This response from Capital One perplexed me as I have no access to the backend of Capital One 's banking systems and software, so there's no way I would be in a position to answer her questions. Instead, I told her that Capital One should first explain how {$120000.00} could be transferred from an account that only had {$1000.00} in it before the deposit. She then responded that the only way the hold would be lifted from my business accounts would be if I " returned '' the money. I refused and demanded that they continue their investigation to determine how my money was lost in their custody and why the record of the deposit was deleted. Unfortunately, I could not afford to wait for Capital One to finish their investigation due to the mounting payments that were being declined due to the freeze on my account, so on XX/XX/XXXX I acquiesced to Capital One 's bully tactics and reversed the bank transfer so that access to my bank accounts would be restored and I would be able to pay my employees and feed my family. 

Every single agent of Capital One 's Customer Protection Team gave the same answer every time I called between XX/XX/XXXX and XX/XX/XXXX -- that the investigation is " ongoing '' and there is no timeline as to when we should expect the investigation to conclude. When I called the SBA to confirm whether the funds were disbursed, they confirmed that my funding was disbursed on XX/XX/XXXX at XXXX PM and returned by Capital One on XX/XX/XXXX at XXXX PM. It should also be noted that Capital One never once initiated communication with me until today, XX/XX/XXXX, via email only to double down that they concluded their investigation and never received a deposit from the SBA in the amount of {$120000.00}.