The Financial System Isn’t Working For Entrepreneurs: My Banking Nightmare (Part 2)

As a serial entrepreneur on what I call the “Edison route to success” (failure after failure until you breakthrough), I’ve faced countless challenges. But nothing compares to the frustration of dealing with financial institutions that seem designed to work against small business owners. Today, I’m sharing two more experiences that have cost me over $2,000 in lost funds and wasted time.

Zelle and the Vanishing $2,000

The Timeline:

• I cashed out a life insurance policy to fund my unicorn store (I haven’t been able to get investment from any other source)
• I attempted to send money to my friend Rick, who also is creating a unicorn store, via Zelle on Friday
• The transaction was rejected, and the funds reappeared in my account immediately
• I sent money to another friend as a test, and that transaction worked fine
• I successfully sent Rick $2,000 on Sunday using his phone number 
• I sent another $2,000 on Monday, which was rejected due to “suspicious activity”. He’s been a Zelle customer since 2021 and a Chase customer for a dozen years.
• Unlike Friday’s rejection, the money has NOT been returned to my account. It’s in the digital banking ether earning interest for someone.
• I have the Zelle debit removing the balance from my account but don’t have the corresponding credit to give it back. Where’s my money????

Where’s My Money?

The question is simple: Where is my $2,000? It’s not in my account anymore. It’s not in Rick’s account. But it’s somewhere in the banking system, earning them interest while my business suffers.

I completed all their security measures. I did the 2FA authentication through my phone. I followed every protocol. Yet they STILL REJECTED the transaction “due to suspicious activity” AND they are still holding my money hostage.

Banking Then vs. Now

As a former bank teller (1993-1995), I recall how these transactions used to work. If you deposited a check from one account to another at the same bank, the funds would be released overnight. The only exception was if there was suspicion of illegal activity like “smurfing.”

What changed? Banks discovered they could generate significant profits by holding onto your money for days, earning interest on billions in “floating” deposits while customers wait.

Zelle, ironically, was supposed to solve this problem with instant transfers. Instead, it’s created a new way for banks to implement arbitrary “holds” on our money under the guise of “suspicious activity” – with even less accountability than before.

The X Factor: When Only Public Shaming Works

I’m not even bothering with their customer service phone lines or email systems. Experience has taught me those are black holes designed to wear you down until you give up.

Instead, I’m going straight to X (formerly Twitter). Because apparently, the only way to get these financial institutions to actually do their job is to publicly shame them where everyone can see. It’s 2025, and somehow tweeting at a company is still more effective than using their actual customer service channels.

The Real Cost to Entrepreneurs

These aren’t just inconveniences. For small business owners and entrepreneurs, these delays and inefficiencies can mean:

• Inability to pay vendors or employees on time
• Lost opportunities due to cash flow constraints
• Accumulating fees and penalties
• Countless hours wasted on administrative tasks and contacting customer service rather than growing our businesses

What Can We Do?

I’m continuing the #WheresMyMoney campaign to bring attention to these issues. If you’ve experienced similar problems with financial institutions, I invite you to:

1. Share your story on X with the hashtag #WheresMyMoney
2. Tag the financial institution responsible
3. Demand better service and more transparent policies

Financial institutions need to understand that entrepreneurs are the backbone of the economy. We deserve systems that work for us AND more importantly WITH us, not against us.

As I prepare my public X post tagging Zelle and Chase, I’m reminded that the sad truth is I’ll probably get my money back within hours of posting publicly. Not because they care about doing the right thing, but because they care about their public image.

The fact that I have to leverage social media to get back what’s rightfully mine speaks volumes about the broken system we’re all forced to navigate.

Stay tuned for updates on this ongoing saga. And remember, when they ask “Where’s the suspicious activity?” – the real answer is “Inside your banking system.”