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cncoleman

Question about deposits and Square Card

Hi-

If I were to get the square card - 1. Is it recommended to get one and 2. If I get a card will the money from deposits stay on my square account and not directly deposit into my linked banked account. 

Message 1 of 9
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8 REPLIES 8
ADCLP

Re: Question about deposits and Square card

I just received my square card. Once activated are there any fees involved with using this card-Monthly, individual use or otherwise?  Also, will all payments be applied to squate card in lieu of being depisited into linked bank account? 

Message 2 of 9
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GlassDale Super Seller

Re: Question about deposits and Square card

There are no additional fees associated with using the Square Card - you've already paid your fees when your credit/debit sales were posted.  Once your card is activated, your funds will remain in your Square account until one of two things happens:

  1. You use your card in payment for goods/services,
  2. You manually request a transfer to your linked bank account.
Message 3 of 9
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cmusicshop

Re: Question about deposits and Square card

Not OP but curious.  So, the funds no longer automatically deposit into your bank the next day?  Is there still a 1% to have the money transfered over to your regular account as it is now with an instant deposit?  Or can you request the balance or part of the balance be transferred the next day as usual?

Message 4 of 9
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GlassDale Super Seller

Re: Question about deposits and Square card

There will still be the 1% extra fee if you use Instant Deposit.  You can still use the free deposit options as well.  Here's an excerpt from Square's Card page:

 

Transfer Funds to Your Account

Once you’ve activated your Square Card, your deposits will switch from automatic to manual. Funds you earn will accrue in your Square balance, to ensure that you always have funds to spend with your card.

You will still be able to transfer your funds from your balance to your linked bank account at any time, either Next Business Day (free) or with Instant Deposit (1% fee).

To transfer funds out of your Square balance to your linked bank account:

  1. Open your Square app > tap Deposit to Bank.
  2. Enter the amount you’d like to transfer.
  3. Choose a deposit speed. You can use Next Business Day Deposit (free) or Instant Deposit (1% fee).
  4. Tap Deposit > confirm deposit.

And here's the link to Square's overall Card site where you'll find answers to all your Card-related questions.

Good luck!

Message 5 of 9
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cmusicshop

Re: Question about deposits and Square card

Thanks, you're a peach for posting that!

Message 6 of 9
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GlassDale Super Seller

Re: Question about deposits and Square card

It's my pleasure to help out.  Come back here anytime you need help, and you'll find a lot of people with lots of knowledge who are willing to help out.

Message 7 of 9
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bsams0859

Re: Question about deposits and Square card

I am having the same problem with the square card. Instead on the funds staying on the card it went into my bank account.

Message 8 of 9
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TRCoffee

Re: Question about deposits and Square card

I got really excited about this card until I found out it would turn off automatic deposits. I hope they add that capability in the future. Perhaps they could let you set an amount in the Card "account" and they could replenish it as needed. 

Message 9 of 9
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