FSNB

Herbert McKinnie

I am writing this complaint on behalf of my experience with FSNB Bank of Fort Sill, Oklahoma. I am self-employed minority-owned business owner, and my current bank FSNB Bank refuse to accept my PPP loan deposit because I do not have a business account, but instead a checking account with their financial institution. When I spoke to Customer Service, they stated that, “their decision to reject my deposit six (6) hours later was based on the memo description of the transaction”, which was CAPITAL PLUS PPP LOAN ACH Entry Memo. When asked if the description was labeled something different like “Jack and Jill went up the hill personal loan” would they have accepted, their answer was YES because it is stated a personal loan versus business loan. Which, confused me further because what authority are, they determining a person’s need for getting money. Then, they stated “it was a Federal Reserve policy that they could not accept business loan transactions via personal accounts.” This is when the conflicting stories began between the FSNB team members of their knowledge of company’s policies regarding clients who are business owners who operate out of a personal account for business/ personal needs. According to, Federal Reserve SR 20-10: Small Business Administration and Treasury Small Business Loan Programs, Federal Reserve has issued a letter to financial institutions about several forms of relief programs available to Small Businesses affected by COVID-19, like the CARES ACT encouraging participation in the Federal funded program that will help Small Business owners like myself with aid. In addition, the federal CARES ACT who set up the PPP loan program does not require business owners to have a separate business account before or after the established date of the program. Basically, a business account is not needed per the requirements for a self-employed business owner to receive funding from the CARES ACT- PPP loan program. Also, the bank can accept my funding under the federal law without a business account. As a self-employed, small business owner I am extremely frustrated with FSNB Bank Customer Service/ Management Team on how they blatantly lied to me about the reason for rejecting my deposit, which sat in my account for approximately six (6) hours before being rejected. First, I was told it was a bank policy, in which that could not provide me proof with a written document, and then I was told it was a Federal Reserve policy, which is clearly not true based on Federal Reserve SR 20- 10 Supervision & Regulations letter cited above. Overall, the bank’s refusal to accept my deposit is solely based upon their preconceived notions of me as an account holder, as well as undocumented policy of a self-employed business owner must have a business account in order to accept Federal funding administered by the United States Government. Signed, Frustrated Account Holder of FSNB Bank A Minority-Owned Small Business Owner

Lori Thirlaway

All staff very professional and very nice. And always helpful

Michella Chambliss

Extremely rude tellers.