Crypto Dream

08/12 02:50

Torres says she received two Employee Retention Cr

Torres says she received two Employee Retention Credit (ERC) checks from the Treasury Department, a benefit her business was entitled to for retaining employees during the COVID-19 pandemic. But after she deposited the check, Bank of America abruptly froze her business account, cutting off her access to the funds.

“It’s money we’ve been waiting for years for, and we desperately need.”

Torres says she was forced to tap into her child’s college fund and borrow from family members just to keep her business afloat. She also says that the Internal Revenue Service (IRS) had verified the legitimacy of her checks with Bank of America, but the banking giant kept her account and funds frozen.

“I also sent several emails, never got responses. And I mailed documents, overnighted with signature and never got a response from those either.”

When Torres reached out to ABC7 to inform the media about her case, Bank of America immediately contacted her in an effort to resolve the issue.

According to the bank, the tax employer identification number (EIN) of Torres’s business was changed last year, but the IRS failed to make the update. The discrepancy led Bank of America to suspect that the checks were fraudulent.

“Due to a discrepancy in tax identification numbers following a change in ownership of the business, the Treasury Department reported to us that these deposited funds might be fraudulent. Our subsequent investigation revealed additional information, and we determined there was no fraud. We are working with the Treasury Department and the client to complete the transactions.”

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