Q: If my bank closed my checking account do they have a legal right to keep my money that was left in it?
I am a small business owner in FL. I received an EIDL loan from the government on March 16 for $55,900 to help me keep my business afloat during the pandemic. I had the funds deposited into my business checking account at BlueVine, and had no issues until Mar 29, when I suddenly received an email from BlueVine stating they had closed my account. That's all the email said. I called them to get an explanation, they completely stonewalled me said they had no further info. I then asked about my funds remaining in the account (which total just under 27k), and when I could expect to receive them. They told me my funds would be returned to the originator. Which is ludicrous. The federal government saw fit to award me this loan to help my business, and they feel they have the right to decide I should not have access to these funds??? The government isn't asking for the funds to be returned, it was a completely legitimate transaction, which I am still obligated to repay.
A:
While I am not sure who or what "BlueVine" is, unless it is a legitimate regulated commercial bank or credit union you may be out of luck. And in any event, since you are obligated to repay the entire $59,500 to the US Small Business Administration or to the US Treasury, I strongly advise you to get off the Internet and start calling and/or contacting the Small Business Administration directly.
If you are unable to make any headway yourself, you should contact and hire a Florida lawyer who has a commercial banking background and who has clients with SBA loans and has handled situations like this before.
P.S. You do not have to use a Jacksonville lawyer because this problem is happening all over Florida-and the nation.
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