Why is Square only transfering on Monday? I have it set for next day payment?

[LaBreaMike]

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

I have my transfer schedule set to "Next Business Day", but all weekly transactions come through (in separate payments) on Monday. Could it be my bank (Wells Fargo) or are others experiencing this? Either way, this is unacceptable.

[Valentina]

Hey @LaBreaMike - sounds like we'll want to take a look at your Close of Day settings!

Depending on your time zone, there is a time at which a transfer will revert from Next Business Day to Second Business Day on your schedule. The closer to the East coast you are, the earlier your Close of Day time will need to be in order to receive those funds on the next business day. Payments taken after 5 PM PT/8 PM ET will be available in your bank account by the second business day.

Additionally, transfers may be delayed around any major bank holiday because when you see your funds in your account is largely dependent on your bank's processing times. As yesterday was Thanksgiving, and today is also considered a banking holiday by some institutions, this could affect your schedule. Please reach out if you'd like us to take a closer look. 

[LaBreaMike]

Thanks! looking back at the past few weeks, I am getting nothing until the next Monday. For instance, if I am due $1,500 for Tuesday's sales, $2,000 for Wednesday's sales, $3,000 for Thursday's Sales, and $4,000 for Friday, I receive zero deposits during the week. On the next Monday I have, in rapid fire succession, one deposit of $1,500, one deposit of $2,000, one deposit of $3,000 and one for $4,000. Considering Wells Fargo's reputation, I wouldn't be surprised if this something they are doing, but I would really appreciate it if this could be confirmed.

[Valentina]

That definitely sounds off, especially if you've had a chance to look at your deposit schedule. Your schedule shows when we will be depositing funds - check the Arrives in Bank column.

If you see days other than Monday in this column, but are not seeing the funds arrive in your bank until Monday, I recommend reaching out to our support team. They'll be able to confirm when Square is actually sending your deposits, so you can better pinpoint the issue here.

[DannisAnderson]

I’ve just recurved a payment 3 hours ago on a Sat. It shows the transaction but the money has not appeared. There is no pending transaction either. It says completed. Can someone best advise?

[nika]

Thanks for your post @DannisAnderson. 

Check out @Valentina's answer here for an explanation as to why your deposit was likely not showing right away. 

Feel free to ask any additional questions you might have here as well!

[Somuchfail]

I'm not sure how it's legal, but they do this to us as well, and our weekly deposits are regularly over 25K. 

They're probably leveraging our funds for other investments before depositing them.

[RobynR]

Hey @Somuchfail,

Thanks for reaching out to the Community.

With Square’s standard transfer schedule, transfers are initiated Monday - Thursday evening for payments taken Monday - Thursday, and will arrive in your linked bank account in one to two business days. Payments taken on Friday will be sent Sunday night and will arrive in your bank account on Monday (or Tuesday if Monday is a bank holiday).

You can learn more about Next Day Transfer here.