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For anyone who may have not used their Square app in a little while, the latest software update has introduced a new “feature.”

For an additional 1.5%, they will transfer money to your bank account instantly, rather than waiting for the typical 1-2 business days for free. Which is well and good but if you don’t want to pay the fee and are fine with the slight transfer delay, you must now toggle this option OFF.

Go into the POS app> More>Settings>Account>Transfers. The toggle for “Allow Instant Transfers” will be turned on automatically.  Flip the switch, and you should be good.

 

Edited to add: When I went in to check  mine  after finding a reference to it on facebook, There was no notification of this update like they normally do for new features. I can also not find any references on their website for the update at a quick search. Which means if it’s there, they buried it. This is dodgy!!

 

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12 hours ago, Callie Beller Diesel said:

For anyone who may have not used their Square app in a little while, the latest software update has introduced a new “feature.”

For an additional 1.5%, they will transfer money to your bank account instantly, rather than waiting for the typical 1-2 business days for free. Which is well and good but if you don’t want to pay the fee and are fine with the slight transfer delay, you must now toggle this option OFF.

Go into the POS app> More>Settings>Account>Transfers. The toggle for “Allow Instant Transfers” will be turned on automatically.  Flip the switch, and you should be good.

 

Edited to add: When I went in to check  mine  after finding a reference to it on facebook, There was no notification of this update like they normally do for new features. I can also not find any references on their website for the update at a quick search. Which means if it’s there, they buried it. This is dodgy!!

 

Thanks.  I know that Venmo and I think Paypal both have this feature but you can choose at the time of use.  I haven't used my Square for awhile, so I will check it out. 

r.

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5 hours ago, rox54 said:

! Is this posted on Facebook's Clay Buddies

I’m not on that one, so I don’t know how much business stuff they discuss. Check with the mods, but it can’t hurt to spread the word. I found the reference on S#$% Overheard at Art Festivals.

I put the same notification in a few Canadian craft groups I’m in that are more business oriented. A lot of people have been finding the option turned on, but there have been a small handful that said it wasn’t there yet. It could be a glitch, or it could be the apps not updating yet. Still a good thing to double check. 

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  • 1 month later...

Thank you for the warning. I just followed your instructions, and turned it off. One more thing though: if you scroll down from the setting you provided, you can see "transfer speed".  "Same day" transfer at 1.5% is there as an option, you have to turn it on.  And, one strange thing, even though the "Instant transfer" was not turned off on my account until now, I am still waiting for the money from Saturday show.  Go figure.

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I do not care when the funds transfer as long as they do transfer. Square user for a really long time and had very few issues. I now wish I took them up on that stock offer before the IPO as an early user. Its gone thru the roof since then.That was years ago. Now the world uses them.

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  • 2 months later...
On 6/13/2021 at 12:29 AM, Callie Beller Diesel said:

For anyone who may have not used their Square app in a little while, the latest software update has introduced a new “feature.”

For an additional 1.5%, they will transfer money to your bank account instantly, rather than waiting for the typical 1-2 business days for free. Which is well and good but if you don’t want to pay the fee and are fine with the slight transfer delay, you must now toggle this option OFF.

Go into the POS app> More>Settings>Account>Transfers. The toggle for “Allow Instant Transfers” will be turned on automatically.  Flip the switch, and you should be good.

 

Edited to add: When I went in to check  mine  after finding a reference to it on facebook, There was no notification of this update like they normally do for new features. I can also not find any references on their website for the update at a quick search. Which means if it’s there, they buried it. This is dodgy!!

 

This absolutely scared me.   I ran out to the studio (after mid night here) to check.    Have 2 of the small square terminals and thankfully, it was turned off.  Maybe the phone app is on?  

We use square multiple times every day.   If something like this went on for a year,  I would be throwing a couple thousand dollars out the window.     I'll be sure I check this every week to make sure it hasn't gotten "turned on".  What a horrible feature.  Thanks for posting.   I need to start reading again to make sure I don't miss something really important ... like this.

 

Edited by DirtRoads
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@DirtRoadsI had initially posted this in June, and I used my Square all summer without the feature being reactivated after I turned it off the first time. I think they probably got a complaint or two about it! There was a flurry of activity around it when it first came out, and I haven’t heard anything about it since.

It may have been a glitch in the rollout, it may have been something less well intentioned, I haven’t found any information since indicating it was one or the other.

If you’re concerned about software updates and would like to know what’s in them, turn the automatic update on your phone off. You’ll still get prompts to do it so that you don’t miss important stuff, but you can have a look at what is being introduced before you make the changes. For large OS updates for instance, I usually leave it a week or two before I install it. Gives them a chance to find and patch the errors.

 

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