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Square Card = Bank Account?

I didn't realize having a Square Card meant I can no longer schedule regular balance transfers to my bank account, and so I will be cancelling my card. (It was clear the auto transfers would be stopped, but nothing said they couldn't be started up again.)

 

Before I cancel the card however, I'm wondering if obtaining a Square Card may have somehow created a pseudo bank account (since it's a debit card issued by a bank).

 

My concern is that obtaining a Square Card may have resulted in my info being sent to the various credit reporting agencies, and therefore canceling the card may negatively affect my credit. If that is a possibility, I'd hope Square could contact the agencies and ask for the "hard-check" or whatever was involved to be removed.

Message 1 of 13
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Square Community Moderator

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@DaoDeJing-

 

Bummer!  Sorry to hear the Square Card didn't workout for you, Not to worry - cancelling your Square Card doesn't affect your credit with it being a debit card, so your info was never sent to credit reporting agencies. 

 

I hope this helps! 

Justin
Community Moderator, Square
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Message 2 of 13
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Square Community Moderator

Best Answer

Hey! I'm taking over this thread for @Isabelle_ 

 

This is a common issue when sellers deactivate their Square Card - sometimes the deposit format stays in the Manual state and doesn't automatically switch over to the Automatic state like you would expect. We are completely able to fix this for you, but it does involve us talking with you over the phone to verify some information before making changes to your account.

 

I have sent a case over to our Customer Success teams and asked them to do an outbound call, then email you with your customer code to ensure you can call in and ask for your deposit status to be moved to Automatic again. 

 

I appreciate your patience in this and you should be hearing from us shortly! Thank you!

AshleyK
Community Moderator, Square
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Message 11 of 13
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Square Community Moderator

Best Answer

@DaoDeJing-

 

Bummer!  Sorry to hear the Square Card didn't workout for you, Not to worry - cancelling your Square Card doesn't affect your credit with it being a debit card, so your info was never sent to credit reporting agencies. 

 

I hope this helps! 

Justin
Community Moderator, Square
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Message 2 of 13
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(deleted by author; accidental double-post)

Message 3 of 13
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@JustinC 

 

I cancelled my Square Card, and have waited a few business days to give things a chance to settle. But I still cannot find a way to reestablish automatic transfers to my bank account. Can you help me get things working again?

Message 4 of 13
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Admin

Hey @DaoDeJing-

 

Stepping in for Justin here. 

 

When you deactivated your Square Card, there's a step that asks you if you'd like to Switch Back to Regular Deposits to return to Square’s standard next day deposit schedule. Did you see this option?

 

Let me know. 

Isabelle she/her

Seller Community Manager, Square

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Message 5 of 13
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No, that option did not appear. I carefully looked for it, as I was apprehensive about the cancellation procedure not operating as I was hoping. All I saw after confirming the cancellation was an option to order a replacement card.

 

I also then waited a couple of business days and checked throughout all of the dashboard options under the Balance category. Didn't see anything.

 

Just checked again. All I can find is an option to link my debit card for instant transfers.

Message 6 of 13
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Admin

Thanks for your quick reply @DaeoDeJing. 

 

Sorry about this. When did you deactivate your Square Card? What method do you see for your most recent deposit here?

 

 

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 7 of 13
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I believe I deactivated the card on December 31st, but I might be wrong and it could have been January 1st.

 

I see nothing on any page that refers to method, but all of my transactions are listed as "next business day" under Type.

Message 8 of 13
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Admin

Hi @DaoDeJing-

 

Okay, Next Business Day is our regular deposit system. Sounds like it has reverted back to regular deposit automatically when you deactivated your Square Card.  

 

To confirm, please contact us tomorrow. Thanks for your patience! 

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 9 of 13
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No, it did not default to automatic deposits.

 

Despite being labeled as "next business day" (just like all the automatic transfers were, before I ever got the square card) these most recent transfers have all had to be done by hand by me.

 

Since your last comment I've refrained from doing any manual transfers just to be sure, waiting 4 business days. But no transfers are happening; funds from last weekend are still sitting in my Square dashboard. It gives me the option to manually transfer funds, but again I find no option which lets me get the automatic transfers going again.

Message 10 of 13
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Square Community Moderator

Best Answer

Hey! I'm taking over this thread for @Isabelle_ 

 

This is a common issue when sellers deactivate their Square Card - sometimes the deposit format stays in the Manual state and doesn't automatically switch over to the Automatic state like you would expect. We are completely able to fix this for you, but it does involve us talking with you over the phone to verify some information before making changes to your account.

 

I have sent a case over to our Customer Success teams and asked them to do an outbound call, then email you with your customer code to ensure you can call in and ask for your deposit status to be moved to Automatic again. 

 

I appreciate your patience in this and you should be hearing from us shortly! Thank you!

AshleyK
Community Moderator, Square
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Message 11 of 13
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Thank you! Everything is working now. 😄

Message 12 of 13
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Beta Member

I would like to go through the same process. If square does not have a function to auto transfer, then having this account / card is really just another whole step we have to take to manually transfer funds.

 

Why not allow transfers of a % amount of daily sales to our existing bank accounts so we can transition into our square balance / bank accounts?

 

I did not realize it cancelled my auto deposits until checking my bank account and realizing we were approaching critical levels of cash flow. 

 

I think this is an interesting idea for square, but you all need to think about how businesses are already operating and why we NEED or WANT to have an account....

 

All it is at this point is extra work and a headache now because nothing was clear from the start. Please don't reply with sorry it didn't work out for you, it's really sideways to have that said when we are the product and the pitch wasn't even calculated or straight to us.

 

 

Message 13 of 13
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