Question about transfers and Square Card

[cncoleman]

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 transfers stay on my square account and not directly transfer into my linked banked account. 

This post was updated by moderator in 2020 to reflect a name change - deposits are now called transfers.

[ADCLP]

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 transferred into linked bank account? 

[GlassJudy]

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.

[cmusicshop]

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 transfer?  Or can you request the balance or part of the balance be transferred the next day as usual?

[GlassJudy · Accepted solution]

There will still be the extra fee if you use Instant Transfer.  You can still use the free transfer 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 transfers 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 Transfer (1.5% fee).

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

1. Open your Square app > tap Transfer to Bank.
2. Enter the amount you’d like to transfer.
3. Choose a deposit speed. You can use Next Business Day Transfer (free) or Instant Transfer (1.5% 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!

This post was updated by moderator in 2019 to reflect a name change (deposits are now called transfers) - also updated in 2020 to reflect price change.

[cmusicshop]

Thanks, you're a peach for posting that!

[GlassJudy]

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.

[Gbuchanan]

I transferred $650 in my account yesterday. But not all of it went through. Only $627 transferred. Then when I went to transfer it into my other bank account it went down to $617. And I know it takes a small amount for instant transfer but where the heck is the other money that never even went through?! This is the third time square has done this. 

[Joe]

Hi there, @Gbuchanan - so sorry for the trouble here.

We're not able to answer account specific questions here on the Seller Community due to it being a public platform. However, our Support Team is standing by waiting to assist!

Reach out whenever you get a chance and we will take a look into this for you.

[bsams0859]

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

[TRCoffee]

I got really excited about this card until I found out it would turn off automatic transfers. 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. 

[Casie]

The section to update this is no longer showing in line or through the app. There’s only show the card linked for instant transfer. 

[Valentina]

Hi there @Casie! If you are not seeing Close of Day options within the Transfers section of your app, and instead only see which card you currently have linked for Instant Transfer, that means you have an active Square Card. 

I've moved your post here so you can follow the directions @GlassJudy provided for transferring funds from your Square balance to your linked bank account Next Business Day instead of instantly. Additionally, if you'd like to revert back to receiving transfers directly to your bank account at the end of the day, follow the directions here to do so!

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]