Cross River Arvostelua 

They used people to profit off of PPP Loans. Everyone with an issue should report them to Small Business Administration (SBA) Office of the Inspector General (OIG).

SBA clarification states that "As long as a borrower submits its loan forgiveness application within ten months of the completion of the Covered Period (as defined below), the borrower is not required to make any payments until the forgiveness amount is remitted to the lender by SBA."

You should not have to pay them in advance of remittance by SBA. It's straight up fraud.

I would give them zero stars if I could!! Horrible experience getting my money out. It’s already been 2 weeks and don’t even have half of it out. I’m about to lose my dream home because escrow was already supposed to close but I can’t get my down payment to them because of this bank! They don’t even care and only send automated messages. They say to initiate transfers from my external accounts and then deny them. I regret ever doing business with this bank. Don’t do it! Put your money elsewhere!!

I don't even have an account with cross river bank and I just received an email saying is in that I am in default.

This is the Worst Bank known to Man. I was approved for ppp on 3/13, issued a loan number and money sent to my bank Pnc... I had closed my account with Pnc bank and reached out to cross river bank to let them know and make sure they would send to my other account and they agreed by sending over new account number form. I signed form with new account information and even uploaded my bank statement showing the account had been open for years. Thought all was great but then I never received money. I called over and over to to crb to make sure all was well with new account information. Keep in Mind of course my money had been sent out to Pnc bank on March 13th to my old bank and I just needed it to go to the right bank. For weeks I kept getting the runaround then suddenly I get a message I was denied.... how when u had already sent out the money but to the wrong account and I signed the form you as me too with new account information. I checked my sba account and it still shows active account Undisbursed as of 6/3/21 even after they have said I was denied. I will be getting an attorney. Not one thing is fraudulent about me applying I have all my documents in order. I want my money and according to the SBA I have a loan and CRB needs to give me my money. I see I’m not the only person going through this with CRB and of course they go dig up something from and underwriters to try to make themselves look good. My attorney will figure out what up with mine and all the others that are going through this as well. This has caused me to miss out on other opportunities to receive ppp because they so lazy I’m still in the system after numerous of lies that I would be out. I have or had no reason of denial and 3 months later still nothing. But when they sent to the bank in March I was approved. Make it make sense please!!!!

Worst bank ever. I received a PPP first draw loan from Cross River Bank before the SBA changed the rule regarding how the loan amount is calculated. My loan amount was based on net income (line 31 on my IRS Form 1040, Schedule C), but the SBA changed it to gross income (line 7 on Form 1040, Schedule C) after my loan was approved.

Cross River Bank has decided that they will not do anything for people who applied and were approved before the change, thus screwing people out of this money! According to the SBA, there is a SBA Procedural Notice that explains how lenders may allow people who applied for PPP early to receive the full amount they qualify for, but Cross River is refusing to help people acquire the full funding for which they qualify. Avoid this bank!

Like the rest of you I applied in Feb and I'm still waiting on documents to sign, I really can't believe they can get away with treating us like this. It's been over 65 days.

Can I change my account number after the application is approved

Same as the guy below. they did my round 1 good and then round 2 they held me up almost 1 month and then denied me for no reason. Told me to re-apply and good luck!

The worst customer service I have ever experienced. My application sat in the system as pending for weeks, I could not get a hold of anyone by phone or email, and finally today, my application was denied without any reason. Beware of Cross River Bank. Communication is non existent! Express your concerns on their Twitter page! Contact the BBB! Let it be known to all how horrible this bank is at communication!!

This company CRB is a complete fraud I was issued 2 PPP loans to have them rescinded 20 days after the Broker we used REVENUE-D had been submitting bad applications. Our application and paperwork were spot on with no errors prior to sending them over to REVENUE-D. After calling CRB and Filing a BBB complaint the response was vague. See Below
Matthew Steinman- REPLY to the BBB
Dear Ms. Croux:
We investigated the complainant’s allegations that Cross River Bank (“CRB”) falsely alleged that the complainant committed wire fraud and falsified documents for a Paycheck Protection Program (“PPP”) loan, and as a result, Chase Bank froze their accounts.
CRB is unable to provide additional information. We apologize for any inconvenience; however, the complainant must address the matter with their financial institution.
CRB is dedicated to excellent service and handles all complaints seriously. If there are further questions or concerns, then we welcome you to contact us.
Sincerely,
Mathew Steinman I CHIEF COMPLIANCE OFFICER
T 201 808 7165

I do not recommend this company for your PPP loan. Their system is frustrating and they lack service delivery. Nothing about receiving feedback was shared. Not a system that is fluent and effective.

I can't tell you how frustrated I am with this company... But I can tell you I'm not the only one. DO NOT apply for a loan here. According to the SBA, there are known issues with them, and people are being encouraged to submit complaints directly to the SBA. I applied for a PPP loan with them on the 17th. It took until the 21st to say that it was sent to the SBA. I was put in "waiting for SBA approval" on the 21st and have been there since. The SBA approved me and assigned the loan number on the 22nd. Now, 7 business days later, 10 calendar days, they are sticking with "the SBA is deciding on your loan". I spoke with the SBA and this isn't true. I checked with Cross River and it states 2-3 business days for a response. Customer service can't help. They repeat the same "large amount of applicants" script and tell you a manager will call. No one will. They tell you to submit a ticket... mine hasn't even been opened in 6 days. And you will be stuck. I can't apply any where else because my loan number has been issued. They are stating 5-7 business days to withdraw.. which may mean 2 weeks for them. Im just at a loss... my application # is 07C5C55A140044D0 I can't call in again and be asked to spell the name Emily 15 times again.

Update 4/2: Today, 16 days after applying, 12 days after SBA approval, a rep gave me the time to send me an email and say that my issue was at the SBA and they hadn’t assigned an etran. I wrote back with the eTran/loan number. He FINALLY took the time to look it up and stated that somehow my eTran number had been reported to a closed application..? He said he would do what he could. I haven’t heard anything since. I also am unable to get help elsewhere. At least they have finally taken the time to contact me. I hope no one else has to go through this.

My experience with them like many others here was a disaster and ending up with me not getting a loan through them. It was as though they had automated their process and it was filled with problems that made the entire experience horrible. At no time did anyone reach out to me to give me a status update or ask for additional information. They stopped having a phone number to call and it seems like there was only one person answering emails.

At first, they said my loan was approved by the SBA, but when I asked them how and when it would be funded, they did something that created a decline on their system. They sent me an automated email that stated they did not know what the problem was nor were their analysts able to determine what was wrong. They told me also to go try someone else.

I got several more emails from them where they were shouting about how many loans they got through, but it isn't so much the ones that were approved, but the people who they failed. This makes it look like, at least to me that this was a situation that they threw something together to make money and not really help people who were counting on their full support.

Very bad experience with Cross River. Applied for PPP-2 loan on Jan 20th. It was quite easy to load the docs and filled out the information. The application was shown as completed immediately and an email was received - encouraging to check back the status of SBA approval. Since then, it has been two months. Not sure what went wrong. There has been no follow up from Cross River. I sent two emails to ppp.support and received ticket# as if they were looking into the matter. Still not follow up. Also, went on their company webpage and sent an email, requesting help. No action. Not sure what is the status of my application. I feel like stuck here as a hostage. I hope they pay the damages if my application is not accepted. There would be no point telling me at the last minute if I didn't qualify. It feels like a fraud. I am a loyal quickbooks customer for 10 years and they promoted this company. Hope someone demands an answer from Cross River.

I am furious! I applied for a ppp loan draw 2 and they have been holding and saying the same thing for 2 months now SUBMITTED TO SBA FOR REVIEW!!! nothing as of today. I call them and its customer service that does not know anything!! why are you there? We only have until March 31 and no emails no calls anyting! I called SBA and they tell me contact your lender that they have the ability to find out what the status is with my applicaton. BUT no one at crossriver will go the extra mile to help and find out!!! And why is it on hold. I am beyond upset. What a poor customer service and you say you strive for the best! Negative !!!!!

This company is a ppp scam, they have been one of the worse experiences I’ve ever had. No communication, no information. The site didn’t work half the time, I truly believe their a scam company set up only to take advantage during this time. Same result as others, had my application never said anything get an email stating I’ve been denied. Trash!
C. Laughman

My second PPP application was rejected with a notation that the EIN did not match with the first PPP distribution - which other than an unlikely typo, seems really strange. And there is not mechanism to address. No way to contact them. Seems really fishy. In the meantime, a real opportunity cost as I could have gone through Chase or another real financial institution to get my second PPP application in on time.

Horrible! They don’t respond to you! I’ve been waiting on my documents, they responded at first then stopped.

Will not return my call. My file was claimed to be escalated but no response. I have three more days to sign the docusign however i need my correction made. Please reach out to me.

Ive gotten approval from sba and been waiting forever for my approval docs this process is so unprofessional