Are you having a problem getting your funds even after a reserve fund should have been released?

[eateat]

My account has a reserve placed on it.  I accept that, but the reserve was due to be released today and I still don't have the funds available.  I have called and emailed and Account Services won't contact me.  

[TheRealChipA]

Hi @eateat.  I’m not sure where geographically you are located.  But “released today” usually means when today’s deposits would normally be made.  Funds that hit our bank accounts “today” are usually yesterday’s funds.  So “today’s” funds would hit our bank accounts tomorrow or even the next day, depending on your bank’s policies regarding ACH deposits.  Check your online bank statement tomorrow morning, and if the funds aren’t in transit then, call Square Customer Success then.  I’m confused about them “not calling you back.”  I’ve always gotten a human being when I called them, but things could be crazy now for all I know.

I’m sorry you’re dealing with these delays and hope you can clear them up quickly.

Regards,

[Jules17]

Hi @eateat, @TheRealChipA -

Thank God I found this thread, because I was starting to think I was losing my mind.

i am also a very small business in the same position as you, Eat - grudgingly accepting the reserve while I build up a rep or whatever. But I am finding Square's CS reps completely clueless. I do not do *any* in-person transactions as I am a marketing professional; therefore, I know nothing of ACH deposits...I just do all instant transfers. 

So I was "assuming" - just another lesson in what happens when you do that, I guess - that the money would be there when I logged in at 9 this am. Worst case, maybe lunchtime. When that did not prove to be the case, I gave them a call. First rep I talked to said she did not know but would be happy to "escalate" my question for a reply w/i 24-48 hrs (i don't count that as escalating); second rep said I should expect it on December 27th (processed in April).

That's when I freaked the heck out.

I went to @squaresupport and started a convo in DM. It's been open for almost 4 hours now while they "check into it."

Are you guys telling me I will eventually actually see this money?

[TheRealChipA]

Hey @Jules17.  I’m a little confused, so I need to ask.  Is your situation that you’ve had a reserve that you know has been released?  Or are you having problems with daily transfers not showing up in your bank account? You’re comment about “instant transfers” makes me think I’m not understanding exactly what you are asking about.

[TheRealChipA]

@Jules17 Also, I’m asking for a little clarification on the December 27th thing.  To me that sounds like whatever Square has reserved and is holding won’t be released until that date.  If so, then there will be no funds transfer until that date.

[Jules17]

Hi @TheRealChipA 

Chip! thanks so much for stepping into the void!

so I have monies that are scheduled (as per Square) to be released today, monies scheduled to be released tomorrow, more on Saturday, more Sunday, and so on and so on. 

this is after being held for 90 days just as in Eat's case.

OMG this is too hard. I'm just gonna attach a screen shot with the amounts redacted.

i also thought that the money would show up in my *Square balance* when released, and that I would then transfer it over to my bank...but I hear you telling me that it will go directly to my bank?

When I said "instant transfer," what I meant was that I typically only use the instant transfer function to get my funds out of Square and into my bank account. - as opposed to ACH transfer - so I am unfamiliar with their timing on how ACH transfers typically show up and I did not build that into my cash flow planning. 

on the December 27th thing thought I was closing my account. Also, he clearly was not looking at the schedule that Square had set up for releasing the funds to me. Finally, I believe there was a language issue.

 

He ended up saying "well, if that's when we told you we gonna release the funds, that's when you gonna get them." Not reassuring.

I'm so sorry that I was so confusing in my initial post. I can't tell you how much I appreciate any enlightenment you can provide.

[TheRealChipA]

@Jules17 Trust me, I understand frustration and angst, especially where money is concerned! Don’t give it a second thought.  Now….

Money released today = Square will initiate an ACH transfer to your bank tonight.  Depending on your bank’s policies, it will take 1-3 business days to post to your account.  My bank posts it the next business day and it shows up as a pending deposit that is 100% available for me to use.  But that is my bank.  They are all different.  If you want to know their policies, just ring them up.  Most banks, especially the larger ones, are pretty good and posting as soon as they receive their ACH deposit bundle each night.

Lastly, I honestly don’t think Square has the immediate transfer option for reserve releases.  Even if they did, the amounts on those are usually large enough that 1.75% more taken out isn’t worth it.

I think you’ll be find and should see your first release in one or two business days.

[TheRealChipA]

@Jules17 It is also possible that you releases will first go to your Square balance. If so that will also happen tonight, but it will be immediate. I’m unclear which will happen for you. 

[Jules17]

Hey @TheRealChipA! I thought I would let you know that yesterday's release showed up in my Square balance right at 5:15. I was able to transfer it out, no problem. I went back to Twitter just to let support know that that's where it had ended up and I asked *them* where it was supposed to go - just to see. They said..."to your Square card." 

welp, I cancelled my Square card last week when I called to dispute a transaction (this is automatic, apparently, when you dispute a transaction). 

When I asked them could they just explain to me, out of curiosity, why this answer had been so difficult to get and had take. Four hours and about given me a heart attack along the way, the person tweeting at me just said how glad they were that everything was finally resolved.

if I ran my business like this I would not have a business.

since you obviously know what you're doing - does the left hand there internally EVER know what the right hand is doing? And why aren't they paying you a hefty consulting fee to straighten this all out?

I'm originally from WV, btw. Next time I'm in your neck of the woods, I will definitely plan a trip by to get some ice cream and bow down to you for saving my sanity!!! 🙂

[TheRealChipA]

@Jules17 I’m happy to hear that this is resolved. One less thing as a business owner to worry about it always good! Thank you for your kind words, and you are welcome. We in the Community are here to help when we can. 

If you do get this way I’d love to meet you. Just remember ice cream is seasonal in these parts! We close soon but reopen in the Spring. 

Be well and don’t hesitate to reach out here if you’re ever needing help again.