I received the following message from Square this past Friday:
"I’m reaching out to let you know that we’ve detected some unusual activity on your Square account. We’ve suspended deposits from your Square account to your bank account until we can connect with you on the phone. You’ll still be able to process payments using Square in the meantime—however, the funds will just be held in your Square account.
Give us a call at your earliest convenience. You can reach us at 855-700-6000 between 6:00 a.m. and 6:00 p.m. PT, Monday through Friday.
If there’s a bit of hold time, you’re welcome to use the callback option so you don’t have to wait. We’ll keep your place in line and give you a call."
So on Friday I called and they escalated the issue and said it would take 1-2 business days. Called again on Monday just for any status update, but this time the Square rep had me go through a password reset process and said he had escalated the issue and again 1-2 business days. Tried to get a status update on Wednesday as well, but this time it was wait 3-4 business days.
Square is holding roughly $7k worth of deposits. They have not stopped me from processing transactions with Square, but they also won't release the money for deposits. I'm not exactly sure what triggered this as the only last action I took was that someone had paid with Bitcoin and then when I went to withdraw the Bitcoin to my personal wallet then it took my store's location off of Bitcoin and also blocked my card transactions.
Does anyone have experience with this process and know how long it should roughly take because 1-2 business days does not seem accurate 😕
