Consumer complaint received 2025-02-05 00:00:00
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: U.S. BANCORP
State: TN

Complaint narrative:
My name is XXXX XXXX XXXX XXXX legally formerly known as XXXX XXXX XXXX XXXX XXXX, TN. I opened a business account with the US Bank back in XX/XX/XXXX to be able to receive our new XXXX Loan Proceeds from XXXX XXXX XXXX XXXX. Our loan proceeds were wire transfered to our business checking account on XX/XX/XXXX, a transfer of ( {$140000.00} ). The XXXX loan was originally a {$150000.00} XXXX XXXX, but the lender deducted some closing expenses from the loan amount. XXXX days later the US Bank flagged our account, put a full hold on it and set up the account for closure. We found ourselves without any access to our own money. And our vendors could not take any money out of the account either. We did not receive any notification or letter of this either on the mail, email, or phone call. I called on the XXXX of XXXX to request more information, they did not provide further information. A request for closure and release of the funds was requested on the XXXX. This was done by the US Bank CAFE Department. XXXX, the US Bank CAFE agent that sent the request on the XXXX, said it would take XXXX business days to receive the cashiers check with the funds and the account to be fully closed. It is been more than XXXX business days since that happened and I have been calling the bank almost every day to request information or updates, but they say they dont have any updates or cant give a timeframe to receive the funds. I have notified many CAFE agents of the hardship this situation has created for us, since we were counting on that money for not only our start up costs but our personal expenses, additionally to the already financial obligations we have as a new business like vendors, rent, etc that we are unable to fulfill. For example the XXXX loan monthly payment was due on XX/XX/XXXX, we were unable to fulfill that. Thankfully they gave us some more time to try to get this resolved with US Bank. Today I called the XXXX XXXX ( again ), they said they escalated this and that the department no longer is involved with releasing the funds, they did not provided any timeframe for the release of the funds, or an explanation, further aggravating our financial hardship because we cant access our money, cover personal expenses and fulfill our obligations, and we cant give our vendors, or lender a timeframe so they have an idea of when we will be able to have access to our money. The CAFE agent that I talked to today said I should have received a letter explaining this issue at the beginning, letter I did not receive, and they are aware of that because I let them know I was not aware and I have previously received other letters from the US Bank before so they can not say they dont have the right mailing address on record. I will appreciate if you can help us get this situation resolved with the US Bank and alleviate the hardship this undesirable, frustrating and unfair inconvenience has caused to us and our small business aspirations due to malpractices from this banking institution ( US Bank ) supposed to be there to help us with our financial needs.

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