My transfer was sent to a closed bank account, what do I do?

[Gegil]

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

My bank account got hacked and had to close it down. Square told me that if my bank account was closed. That they would contact me and resend it to my new account.  That never happened. I stumbled upon the sizable amount because I never saw it transferred into my bank!

Now I'm having to re-contact and redo all my information with Square again! It's been a month and the money has not been deposited. Not good business. What do I do? I keep emailing square and they keep giving me excuses. Is there a phone number I can call? Cant seem seem to find that anywhere.

[Chad · Accepted solution]

Hello @Gegil, sorry to hear about the trouble. I would be happy to provide some clarification. 

If your deposit was sent to a closed bank account one of three things will happen:

1. Your deposit bounces back to Square. In the event this happens you will need to link a new bank account (account & routing number) so we can deposit your funds. Not to be mistaken with linking a new debit card for instant deposit. It can take up to 5 business days for a bank account to link. Also it can take up to 7 business days for the funds to be returned to Square. 
2. Bank accepts the deposit and issues a check. In some cases your bank may cut you a check for the deposit and mail it to the address on file. 
3. Bank keeps the Account Open. The bank may keep your account open for some time, specifically for situations like this. 

If your bank account is closed it is your responsibility to update your account information. Square assumes your linked bank account is open and active until your bank notifies us of a closure. 

If you would like to give us a call check out the thread on customer codes & phone numbers. 

If you have any other questions please I'd be happy to help. 

[MW01772]

I have a similar question. I have the same bank account, but at some point the bank changed the account numbers. I can't remember if I verified the bank account before or after the change. I need my Square tomorrow for an event, so I don't want to take the chance of verifying now.

I made a test charge yesterday when I realized the problem, thinking that if the bank account number is okay, I should see that money in there soon, but I realize it could take a few days.

[Chad]

Hey @MW01772, sorry I didn't see your post earlier. You should have seen the $1 dollar come into your account by now. If not you will just need to edit your bank account information on your Square Dashboard! 

I hope your event went well! 😀

[MW01772]

@Chad Thanks for the response! Actually, it did turn up in my bank account, but not until after the event. BUT, everyone paid cash at the event anyway, so it wouldn't have been a problem, LOL!

I didn't see it in my bank account until after I reverified, but no problem. I'm glad I did, and now I'm reassured that if something like that happens again, it will all work out.

Thanks!

[Blouang]

There is no way to notify square to close the bank account before or after the funds have been deposited into closed bank account. 

My email from square states " If this bank account is closed, you can update it here. "

When I try to update it to delete the bank account- it only takes me to "verify my new account" which is opposite of what needs to be done.

[Helen]

@Blouang If you need remove your bank account from your Square account please call our CS team directly.

I'm sorry for the confusion caused by the email you received and I'll escalate your feedback to the relevant team. 

[Amahle]

Hello,

I need to know if a transfer can be replaced. Funds got sent to a bank that is now closed. I thought I put it where I can manually set up a transfer, but I see that wasn’t successful. How do I get my funds back? Please help

[Joe]

Hi there, @Amahle 👋 Thanks for posting here for the first time on the Seller Community! We are happy to have you. 

For a detailed answer to your question, I would take a look at this post from Chad. It should be able to help clarify with some next steps. 

Let me know if you have any follow-up questions! We are here to help. 

[Brianb123]

My new account has been verified and it’s been 13 days no money . How long does this process take ? 

[Joe]

Hi there again, @Brianb123 - thanks for reaching out to us here on the Seller Community. So sorry for the trouble with your Transfer here.

I've gone ahead and merged your post into an existing thread of Sellers who were also having this same issue in regards to funds sent to a closed account. Take a look at this Best Answer from Chad for more insight.

Let us know if you have any further clarifying questions! We are here to help.

[amanda131]

I am also wondering this, it's been 19 business days and I've had multiple calls back and forth with Square support and my bank and still nothing has been resolved.

[tazetoys]

how do I link my new debit card to my new account

[Ria]

Hello @tazetoys Take a look below on how you can Link and Edit Your Bank Account

1. Open the app and tap More from the navigation bar at the bottom of your screen.
2. Tap Settings > Account.
3. Tap Transfers.
4. Key in the required debit card information.
5. Tap Link.
6. Verify your bank account via the email sent to the address associated with your Square account.

Let me know if this helps. 

[CampaignT]

How do I recover funds that has been deposited into a closed account. I linked a new bank account to have funds deposited there but it has been verified yet. I have sent an email to the support center & I keep calling the number but it keeps hanging up.

[Helen]

I'm sorry to hear your funds were deposited to a closed account @CampaignT!

I've moved your post here so you can see Chad's post above, which outlines what will typically happens in these cases.

If you have any questions about your account please do email or call our Support team. They'll be happy to check the status of your deposit, and unlink your old bank account from your Square account. 

[Starrstylin]

My account was closed I sent Funds to closed account. If change account how long it would take for funds in account 

[Chad]

Hey @Starrstylin, (Great name choice) some other sellers had a similar question. Check out my answer on the first page for the next steps! 😀

[wuhbecca]

This reply created from merging an existing thread: "I closed my bank account but forgot to add/verify new bank account. Did I lose payments?" The author has been notified via email.

I switched from Bank of America but forgot to actually change the accounts over on the app. Will I lose the payments I received while it was still linked to that closed account? Or is there a way to get the money to this new account? 

[colapgl]

Thank you to everyone that assisted. It’s all resolved satisfactorily. Thanks again 

[Helen]

@colapgl Sorry to hear about the trouble. Please go ahead and call our Support team. They'll be able to check on the status of this refund and help you with your deposit.