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Admin

Square Banking Q&A with Christina Riechers 🏦

Hey Seller Community! ✨We’re very excited to announce that on 9/16 at 2pm PST | 5pm EST, we’ll be hosting a Q&A with Square Banking's Head of Product, Christina Riechers!

 

Christina Riechers has been with Square for 6 years and is Square Banking's Head of Product. She was the founding Product Manager of the Square Debit Card, and before that, the first Product Manager of Instant Transfers. Christina is passionate about helping small business owners with cash flow products that give them more control over their finances to thrive in their business.  

 

christina riechers.jpeg

 

We will be selecting 10 of your replies for Christina to answer on recorded video. Joined with her on video will be our Super Seller, @Pesso, asking your questions. The video will then be posted on 9/16 for you all to see!

 

Please reply to this post with any questions you may have related to: 

 

 

For those of you who reply to this post with a question that isn’t selected for Christina to answer, we will do our best to answer all of your questions via text in the thread below. 

 

Some example questions include: 

 

  • Why did you start Square Banking?
  • What do you hope Square Banking can provide Square sellers?
  • What are the advantages of using Square Banking over a traditional Business Bank account?
  • Can I deposit and write checks with a Square Checking Account?

 

Note on account-specific questions: For your privacy and security, we are not able to address issues related to specific account status details in our public forums. If you need account assistance, please contact our Customer Success team and they'll be able to take a deeper dive.

Isabelle ✨ she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 1 of 47
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Verified Answer

Re: Square Banking Q&A with Christina Riechers 🏦

Thank you SO much to everyone who participated in this Q&A by asking a question for our Square Banking's Head of Product, Christina Riechers! 

 

We selected 10 seller-asked questions from this Q&A, which were asked by our Super Seller @Pesso, and answered by Christina Riechers in the video below!




We will do our best to answer the rest of the questions via written reply directly in the Q&A.

 

A note on question #8 regarding transfers and limits: 

 

Christina answered based on our current spending limits. For more information on spending limits, take a look hereIf you're just looking to withdraw funds from your Square Checking or Savings account, there is currently a $50k per day limit for Square Savings. Square Checking has no withdraw limits. See further instruction within the thread below. 

 

Disclaimer:

 

Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC.  Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries.  Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc.

 

All loans and Savings accounts are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

 

Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Accounts are FDIC-insured up to $250,000.

 

46 REPLIES 46

Question regarding the capital loans… myself and countless others are confused as we paid previous loans off early but never received another offer for funding even with an increase in sales. 

also I believe there to be a problem with the square card ordering system. I have ordered 3 and never received any of them. 

Message 43 of 47
1,181 Views

Hi i would like to know what i have to do to become eligible again . It doesn't make since to me why we were eligible 8 times in a row with way larger loans then our most recent one like 10 times larger not to mention that we paid of not 1 but 2 loans during the pandemic so why were we not eligible this time around and please don't tell me that its the algorithm that decides because if that were the case then we would still be eligible please we have been nothing but loyal to square so pkease don't tell me that its a computer that decides or that the algorithm requirements where not meet.

Message 44 of 47
1,151 Views
Admin

Thank you SO much to everyone who participated in this Q&A by asking a question for our Square Banking's Head of Product, Christina Riechers! 

 

We selected 10 seller-asked questions from this Q&A, which were asked by our Super Seller @Pesso, and answered by Christina Riechers in the video below!




We will do our best to answer the rest of the questions via written reply directly in the Q&A.

 

A note on question #8 regarding transfers and limits: 

 

Christina answered based on our current spending limits. For more information on spending limits, take a look hereIf you're just looking to withdraw funds from your Square Checking or Savings account, there is currently a $50k per day limit for Square Savings. Square Checking has no withdraw limits. See further instruction within the thread below. 

 

Disclaimer:

 

Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC.  Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries.  Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc.

 

All loans and Savings accounts are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

 

Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Accounts are FDIC-insured up to $250,000.

 

Isabelle ✨ she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 45 of 47
1,365 Views
Super Seller

Thanks @Isabelle_ @Pesso  and Christina for putting this together.  Good information moving forward!

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.
Message 46 of 47
994 Views

I dont have a square card. Therefore, I now realize that my transfers are being put on this card and not directly into my bank account. Can you please help?

Message 47 of 47
927 Views