Monies held without explanation

[makingtuk]

I'm spanking new to Square, only recently received my Square reader. But was preparing to add online sales to the mix and did not want to setup a separate payment processor. Looking for understanding and guidance, I visited a Square social media group and was reading their threads. One of the initial three threads was quite disturbing and when I asked for more information to clarify, the Group admin closed the discussion.

Paraphrasing the thread...I've had monies currently held by Square in an off-shore account for in excess of 150 days; still no explanation as to why and no one at Square support will discuss. What are my options short of law suit? 

Has anyone in this community had a similar experience?  How and why might this happen? Is a law suit the only way to recover the loss?

[TheRealChipA]

Hi @makingtuk.  Actually, if someone linked an offshore account to Square, they were in violation of Square’s explicit terms outlined in this Help article.  Only US transactional account banks (or a similar account in your country if not US) are accepted by Square at this time.  Most likely the thread you saw was from someone who tried to do that and got flagged either by Square, or Visa/MC, or even by federal banking authorities.  That’s probably why the group admin closed the thread.  Also, a lawsuit wouldn’t recover the loss, since the OP of that thread did something clearly not allowed.

As long as you have a US transactional bank (or a similar account in your country if not US) attached to your Square account, then you should have nothing to worry about.  Most likely the OP of that thread was using an off-shore account in a country different from their business.

[makingtuk · Accepted solution]

That is crystal clear and simplistic to boot...Thanks a lot!