Added money to square declined and is not refunded to originating bank.

[Kristyza]

I transfered 6500 from chime to square, and square declined the transfer. Chime states the transaction successfully went through while square is showing declined. My money has not been returned from square to chime. The transaction took place on a Wednesday after business hours, from chime to square. Not through add funds on square dashboard.

[TheRealChipA]

Hi @Kristyza.  

If a Chime employee told you the transaction “successfully went through” they need to be re-trained. What they should have said was that the transaction to Square was initiated successfully, and that the funds were on their way.  

Unlike credit cards, ACH transactions act more like checks and are not authorized in real-time, which means transactions can be rejected (similar to a bounced check).  If a transfer is unsuccessful, it can take 2-4 business days for Chime to receive the funds back and notify you of the failure.

That’s both the beauty and dark side of ACH transfers.  The fees are smaller to do them, but when something goes wrong it can take a while for everyone involved to be informed and for funds to get back to the originating bank (Chime in this case).  So since you sent the funds Wednesday night, today is technically only the second business day.  I’d expect Chime to receive the funds back no later than Tuesday or Wednesday and to notify you then.

Best,