Why is my savings inaccessible

[Tra2]

I moved Money frim my square checking to my square savings yesterday on a Saturday, now the money is inaccessible and says it’s being transferred  to square financial inc ? No one on chat can answer my question and the phones wnt be answered til tommorow so two days with missing several thousands of dollars 

[TheRealChipA]

Hi @Tra2.  That is odd, indeed.  Usually transfers between Square accounts are instantaneous.  I don’t see any outage reports for Square Banking, so that’s probably not it, either.  Unfortunately you will have to wait until Monday to contact Support on the phone — not chat.

I do have a question.  Does your Savings balance screen at least show that transfer as “pending?”  If so, that is pretty normal.  The funds are there, just not posted in your savings ledger yet.  If not, that message you mentioned is not one I am familiar with.  Can you post a screen shot with any sensitive information masked?

Lastly, just in case there is a Square Banking issue, I’ll tag the Square Moderators who will weigh in if they know anything I’m not seeing on the status board.

@Kassi_@RSosebee1@_Violet@MayaP@RobynR@Summer2024@Ellie_@Katie_SQ@Laurie_@Sineaid@Sammie_C

[Sineaid · Accepted solution]

Hi @Tra2,

Thanks for your post, and welcome to the Community!  

I can understand your concern here, so its great to see you’ve already had some reassurance from a fellow Seller - Thanks @TheRealChipA!

As Square Savings accounts are provided by Square Financial Services Inc, it would not be uncommon to see a reference to this entity. 

As Chip touched on already, depending on how you’ve added the funds to your savings balance, you may find that they are pending and not reflected as available to transfer back out until the next day. Typically automated savings contributions pending after 5pm, will be deposited the next day. 

You can see pending transactions, past deposits, withdrawals, and interest earned if you head over to the Recent Activity section of your Savings Dashboard. 

1. Sign in to Square Dashboard and go to Banking > Balance > Savings.

2. On the Overview page, select the Savings folder.

3. In the Recent activity section, select View all activity.

You can also view your savings account balance from the Square Dashboard app. However, access to your Square Savings account through the Square Dashboard app is view-only.

If you’ve requested to transfer savings out of your account, you’ll also see the expected completion date when you click into the transfer out request on the recent activity breakdown. It’s worth keeping in mind that transfers out of your Square Savings to a linked bank account, generally take 1-2 business days to process. It takes one business day if the transfer is initiated before 3pm CST, or two business days if it is initiated after 3pm CST.

If you're not seeing your balances reflected as expected within the time frames noted above, I'd recommend getting back in touch with support on 1-855-700-6000, during our Business Banking teams opening hours (Mon - Fri, 9am - 5pm). They'll be more than happy to take a closer look at it for you.