Has Square always placed a two day hold on credit card receipts?

[hlgilbert]

I do not normally handle this so perhaps it has always been this way, but I took a large credit card charge. The next day it was still not in my bank account so I checked square. It was in my Square account but I did not see anything about when it would transfer. I saw that one could transfer instantly to a debit card so I signed up, only to find it was still a two day hold.  Then I saw where I could transfer it to the company checking account and did but it still says a two day hold. Has it always been that way?  I do understand why. When I was with a credit card company we made a lot of money on the float, holding money for a day or two before sending it along. 

[Candlestore]

@hlgilbert ;

With Square you can setup Automatic Next Day transfers.  The Next Day is Working Days so weekend and Holidays can effect these transfers.  Which I see you are posting this on a Saturday evening.  Here is more about Square Transfers : 3807-deposit-options-with-square 

The other issue you state its a Large amount, this could also be the reason for the Hold since it might be more than you usally process for 1 credit card transaction.  This sends up some red flags, and sets off the Fraud protection for banks and possibly Square.

Now you can also go back to the Transaction and dig through it on a computer in Square Dashboard to see if Square has a Deposit ID for that Transaction.  If Square does, the deposit may have been issued by Square, but not accepted yet by your bank.  I have had this show on a Saturday evening or Sunday morning, and nothing at my bank.  Come monday my bank now shows Pending Deposits from Square, Saturday and Sunday sales.  If on Monday you still have no Deposit or Pending Deposit at your bank for the expected amount call Square, their number is below for Customer Support.

[hlgilbert]

Thank you! It was only about $7,000.

[Candlestore]

@hlgilbert ;

The amount probably is not the issue unless most of your other transactions are alot less.  Then it might seem unusual to Square.  I get a few transactions of $500 to $600, which is a high amount for me, so if my account showed a $7000 transaction, Square may hold my account to or a partial amount.  But I think its more a case of this all happening on a weekend or after banking hours.