Closed Bank

[AminNikmehr]

Recently, I reopened my Square app after 4 years. However, I've been using an unavailable and close bank account that has been remained in my school app since 2019. I just corrected the bank account with the new one but what will happen to the funds deposited to the wrong account? Will I get a refund or redirection of bonds to the right account?

[Minion · Accepted solution]

HI @AminNikmehr 

So if I'm understanding your question correctly, you transferred money from your Square account to a linked bank account that no longer active, but have updated your bank accounts to a current one, correct?

In this case, the funds should get returned back to your Square account , since the bank account that was listed is not active.  I am unsure of the timeline that it will take for that to happen, but I would assume it would be within 7-10 business days.  Once the funds are returned to your Square account, you can initiate another transfer to the correct bank account.