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Capital one Froze my SBA loan

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Lanay4209

New member
What is the name of your state? Texas
Hi i was approved for a sba loan and i put the money in capital one 360 account and Before i got my debit card in the mail,I was trying to move money around and pay stuff all related to my buisness because i was excited to get started in expanding my buisness,Well they restricted my account due to suspicious activity i called and got it unfroze, I recived my debit card and even then i was having all kinds of problems doing what i needed to with the funds i would try to send money with zelle which in my opion is a joke
(A NASTY JOKE!!!) BUT it would just tell me to try agin later incalled the bank about this they told me there was nothing they could do about it that i just needed to keep trying or try smaller amounts well needing to get a lump sum of the money i went to the bank to with draw the funds and they froze the account right then and there said they was going to investigate my account because of the activity on it this was 2 months ago i have called repeatedly wifh no answers and no relive i can still clog into the account but thats it,What can i do and is this legal i mean i have got to pay this money back to sba but cant even use it
 
Last edited:


Just Blue

Senior Member
What is the name of your state? Texas
Hi my name (editted) i was approved for a sba loan and i put the money in capital one 360 account and Before i got my debit card in the mail,I was trying to move money around and pay stuff all related to my buisness because i was excited to get started in expanding my buisness,Well they restricted my account due to suspicious activity i called and got it unfroze, I recived my debit card and even then i was having all kinds of problems doing what i needed to with the funds i would try to send money with zelle which in my opion is a joke
(A NASTY JOKE!!!) BUT it would just tell me to try agin later incalled the bank about this they told me there was nothing they could do about it that i just needed to keep trying or try smaller amounts well needing to get a lump sum of the money i went to the bank to with draw the funds and they froze the account right then and there said they was going to investigate my account because of the activity on it this was 2 months ago i have called repeatedly wifh no answers and no relive i can still clog into the account but thats it,What can i do and is this legal i mean i have got to pay this money back to sba but cant even use it
Please, don't use identifying information in your posts. The volunteers here don't need you real name in order to assist you. :)
 

quincy

Senior Member
What is the name of your state? Texas
Hi my name Is [edit] i was approved for a sba loan and i put the money in capital one 360 account and Before i got my debit card in the mail,I was trying to move money around and pay stuff all related to my buisness because i was excited to get started in expanding my buisness the restricted my account due to suspicious activity i called got it unfroze and then i recived my debit card and even then i was having all kinds of problems doing what i needed to with the funds i would try to send money with zelle witch in my opion is a joke
(A NASTY JOKE!!!) BUT it would just tell me to try agin later incalled the bank about this they told me there was nothing they could do about it that i just needed to keep trying or try smaller amounts well needing to get a lump sum of the money i went to the bank to with draw the funds and they froze the account right then and there said they was going to investigate my account because of the activity on it this was 2 months ago i have called repeatedly wifh no answers and no relive i can still clog into the account but thats it,What can i do and is this legal i mean i have got to pay this money back to sba but cant even use it
You should make an in-person appointment with your bank manager to discuss your account.

(Your post was reported to the moderator to have your real name edited out of your post. It will be returned to the head of the thread soon)
 

Lanay4209

New member
You should make an in-person appointment with your bank manager to discuss your account.

(Your post was reported to the moderator to have your real name edited out of your post. It will be returned to the head of the thread soon)
I have tried this they act as if I have covid-19 or something they absolutely refuse to give me any answers or help me
 

quincy

Senior Member
I have tried this they act as if I have covid-19 or something they absolutely refuse to give me any answers or help me
You might want to hire an attorney to assist you in unfreezing your account, then, Lanay.

Many businesses took advantage of the SBA loans made available under the CARES Act, to help them continue to operate during Covid-19’s complications like state or local quarantines. And most of these businesses have had no major problem obtaining the loans and accessing the funds.

Unfortunately, although the loans have helped many legitimate businesses survive, there has also been widespread fraud (applicants who were not really eligible for the loans or not eligible for the size of the loans they received).

The DOJ, the SBA, the SEC and the FBI have been increasing their investigations into application misrepresentation and deception, and applicants’ misuse of loan funds. These investigations already have led to numerous people now facing various and assorted federal charges.

Banks are on alert and a bit nervous. Even before federal investigators move in, bank investigators are freezing accounts and conducting their own investigations when they notice unusual account activity. One “red flag” for banks has been loan fund transfers.

It was probably your transfers that caused the bank its concern. And probably the fastest way for you to unfreeze your account so you can continue to operate your business is to have an attorney assist you.

Good luck.
 

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