# Chase bank restricted my account



## ponyius (Sep 3, 2020)

Chase bank restricted my account after the SBA loan was disbursed to my account and they ask for EIN tax Number I applied as an independent contractor with the social security and they insist to get the EIN to remove the restrictions and release the fund any advice guys ??


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## IthurstwhenIP (Jan 12, 2018)

Chase what matter$


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## Mash Ghasem (Jan 12, 2020)

ponyius said:


> Chase bank restricted my account after the SBA loan was disbursed to my account and they ask for EIN tax Number I applied as an independent contractor with the social security and they insist to get the EIN to remove the restrictions and release the fund any advice guys ??


Just go get the EIN number and be done with it. It's easy and it's free.
https://www.irs.gov/businesses/smal...-an-employer-identification-number-ein-online


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## JPaiva (Apr 21, 2019)

ponyius said:


> Chase bank restricted my account after the SBA loan was disbursed to my account and they ask for EIN tax Number I applied as an independent contractor with the social security and they insist to get the EIN to remove the restrictions and release the fund any advice guys ??


sounds like you signed up as an employer vs an employee. EIN= Employer information number. Unless you are an LLC with an employee payroll you applied for the wrong funds. An independent contractor should be applying for regular unemployment.


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## Amsoil Uber Connect (Jan 14, 2015)

Imagine that ! JPMorgan getting caught with his hand i the cookie jar. Well I never,... :roflmao:.🤟


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## JPaiva (Apr 21, 2019)

JPaiva said:


> sounds like you signed up as an employer vs an employee. EIN= Employer information number. Unless you are an LLC with an employee payroll you applied for the wrong funds. An independent contractor should be applying for regular unemployment.


employer identification number..

corrected before trolls show up


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## Moey (Jul 15, 2020)

ponyius said:


> Chase bank restricted my account after the SBA loan was disbursed to my account and they ask for EIN tax Number I applied as an independent contractor with the social security and they insist to get the EIN to remove the restrictions and release the fund any advice guys ??


If you don't run an S Corporation or an LLC registered as a Corporation with the IRS, then I am sorry to tell you that you are not a smart driver. Not only you lost money on taxes and deductibles, but you also got into troubles like this. Why don't you open an S Corporation now, get the EIN and give it to them?

The Corporation will also help you with all your gigs now and in future. Let's face it. We all have many gigs these days. Name it something like XYZ Ventures Inc.


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## NicFit (Jan 18, 2020)

I have chase and I had zero issue getting my funds, though I had an LLC with ein and a business account already. I wouldn’t of given you the funds either, they need an ein or anybody could of applied for the funds. Gotta have the paperwork right, that’s the way business works


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## ZenUber (Feb 11, 2019)

Why do you think they call it "Chase?"


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## tohunt4me (Nov 23, 2015)

ZenUber said:


> Why do you think they call it "Chase?"


GOT TO " CHASE" EM FOR YOUR MONEY !


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## ZenUber (Feb 11, 2019)

BANKS!
can't spend with them, can't spend without them.


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## Amsoil Uber Connect (Jan 14, 2015)

It's there money, you just have a claim against it. ☣


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## B - uberlyftdriver (Jun 6, 2017)

your social security number should suffice, it is technically your EIN for a sole proprietorship.


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## ponyius (Sep 3, 2020)

They need an EIN befor February 1st 2020 I called the SBA they said im good and all the paper work is right from my side and I should call an attorney and sue them. If they don’t release the funds and remove the account restriction.


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## NicFit (Jan 18, 2020)

ponyius said:


> They need an EIN befor February 1st 2020 I called the SBA they said im good and all the paper work is right from my side and I should call an attorney and sue them. If they don't release the funds and remove the account restriction.


Yep, you can't just make a business up to get Covid funds. You don't have a real business if you don't have an ein and I wouldn't of given you the funds either. They have requirements and it looks like you don't meet them. Go collect PUA, that's what you should get if your just a rideshare worker without an ein


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## TomTheAnt (Jan 1, 2019)

ponyius said:


> They need an EIN befor February 1st 2020 I called the SBA they said im good and all the paper work is right from my side and I should call an attorney and sue them. If they don't release the funds and remove the account restriction.


Sounds like a plan, then. :thumbup: Remember to come back and let us know how the lawsuit worked out for you. :whistling:


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## Daisey77 (Jan 13, 2016)

You guys are ridiculous. The SBA allowed you to apply as a sole proprietor or independent contractor. So if they approved you for the loan, who is Chase to intervene with the relationship between the sole proprietor and the SBA? They are a third party financial institution housing the money . they have no say whatsoever on the loan approval. So now they can go through anyone's account then hold any money that they feel is not valid with no legal orders? Come on!



ponyius said:


> Chase bank restricted my account after the SBA loan was disbursed to my account and they ask for EIN tax Number I applied as an independent contractor with the social security and they insist to get the EIN to remove the restrictions and release the fund any advice guys ??


When was the money deposited into your account? Did you apply as a sole proprietor or an independent contractor? I have Chase and I got the loan so I'm very interested/concerned about this. Did you set up a separate account for this money by chance or is it all in your personal checking? What's funny is I try setting up a business account specifically for this money and was told I needed an EIN. So I just opened up fourth account with them specifically to handle this money. A couple days later the lady called me back claiming she was just following up to make sure I got everything handled but then started asking me pretty specific questions about my occupation and the loan. Which clearly that's why she was calling but not trying to make it sound like that. I answered the first question or two before I realized something was up. Sorry just quickly said nope I got everything taken care of thanks and hung up


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## TRugen (Aug 28, 2020)

Daisey77 said:


> You guys are ridiculous. The SBA allowed you to apply as a sole proprietor or independent contractor. So if they approved you for the loan, who is Chase to intervene with the relationship between the sole proprietor and the SBA? They are a third party financial institution housing the money . they have no say whatsoever on the loan approval. So now they can go through anyone's account then hold any money that they feel is not valid with no legal orders? Come on!


OP never indicated the account in question is a business account.


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## Daisey77 (Jan 13, 2016)

TRugen said:


> OP never indicated the account in question is a business account.


Chase won't even let you set up a business account without an EIN number so he couldn't have been able to. His has to be a regular checking or savings account


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## TRugen (Aug 28, 2020)

Daisey77 said:


> Chase won't even let you set up a business account without an EIN number so he couldn't have been able to. His has to be a regular checking or savings account


Chase should allow you to set up a business checking account with SSN *if* the account is opened as a sole prop or single member llc.

Chase will notice that a SBA deposit is going into a consumer account vs business account.

That's the only legit reason I can think of.

Otherwise if everything OP says is true and it was a business checking account, OP hit the jackpot, lawsuit jackpot.


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## Big Lou (Dec 11, 2019)

Mash Ghasem said:


> Just go get the EIN number and be done with it. It's easy and it's free.
> https://www.irs.gov/businesses/smal...-an-employer-identification-number-ein-online


And after your funds are released......Give Chase the boot!


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## Moey (Jul 15, 2020)

ZenUber said:


> Why do you think they call it "Chase?"


I have two checking accounts, one business account, two personal credit cards, and one business credit card with Chase over 7 years. They are a decent bank. No complaints.


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## Daisey77 (Jan 13, 2016)

Moey said:


> I have two checking accounts, one business account, two personal credit cards, and one business credit card with Chase over 7 years. They are a decent bank. No complaints.


I as well have 2 checking accts, 1 savings acct and my auto loan with them. I've been with them 5 1/2 years with no issues. With that being said, my SBA money is there. so if this is a legit issue, obviously I'm concerned but it sounds like the OP perhaps filled out some info incorrectly??



JPaiva said:


> sounds like you signed up as an employer vs an employee. EIN= Employer information number. Unless you are an LLC with an employee payroll you applied for the wrong funds. An independent contractor should be applying for regular unemployment.


He isn't even talking about unemployment LOL he's talking about the SBA loan&#129318;‍♀



TRugen said:


> Chase should allow you to set up a business checking account with SSN *if* the account is opened as a sole prop or single member llc.
> 
> Chase will notice that a SBA deposit is going into a consumer account vs business account.
> 
> ...


They wouldn't let me without being registered with the State and having a business license. I tried setting up a business checking acct online and it appeared everything went through but when I went to log into the account it said no information found. I set up an appointment with a banker. due to covid all appointments were being done via phone. She said I was not allowed to I was just a social security number. So I just set up a second checking account and transferred all the money directly into that account. So my direct deposit from the SBA went into my personal checking account and I haven't had any issues... yet.


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## Moey (Jul 15, 2020)

Daisey77 said:


> I as well have 2 checking accts, 1 savings acct and my auto loan with them. I've been with them 5 1/2 years with no issues. With that being said, my SBA money is there. so if this is a legit issue, obviously I'm concerned but it sounds like the OP perhaps filled out some info incorrectly??
> 
> 
> He isn't even talking about unemployment LOL he's talking about the SBA loan&#129318;‍♀
> ...


I guess he gave them some incorrect information then. You got the loan on regular checking account with no EIN. I got the loan with EIN on business checking. And we both have Chase. OP is having a weird issue.


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## TRugen (Aug 28, 2020)

Daisey77 said:


> They wouldn't let me without being registered with the State and having a business license. I tried setting up a business checking acct online and it appeared everything went through but when I went to log into the account it said no information found. I set up an appointment with a banker. due to covid all appointments were being done via phone. She said I was not allowed to I was just a social security number. So I just set up a second checking account and transferred all the money directly into that account. So my direct deposit from the SBA went into my personal checking account and I haven't had any issues... yet.


I am not sure about your state, but here we can with just a social security number as long as it's a sole prop or single member LLC. Business paperwork is required (articles of incorporation, partnership agreement, etc) but most of the time the paperwork can be found online. State of Florida even provides the EIN on their website.


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## Moey (Jul 15, 2020)

TRugen said:


> I am not sure about your state, but here we can with just a social security number as long as it's a sole prop or single member LLC. Business paperwork is required (articles of incorporation, partnership agreement, etc) but most of the time the paperwork can be found online. State of Florida even provides the EIN on their website.


All that paperwork is required for Corporation, or LLC reported to IRS as corporation. You don't need EIN for single member LLC which IRS treats as LLC. In case IRS treats your LLC as corporation, then you have to provide them the documentd and they will give you an EIN. If you have no EIN, you lose money on taxes and deductibles. LLC alone is useless for tax purposes, it only gives you protection.


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