anyone have experience with square and closed bank accounts?

GerryDavid

So a couple of months ago I changed bank accounts, and closed my account at Bank A, and opeend an account at Bank B. The problem is it never occured to me to update my square profile and later charged someone's card and the money was sent to Bank A which my account is closed.

Is the money lost? I wont have time to go to that bank until next week, I was just wondering if anyone here has any ideas? It was for $130 so not chump change but it could have been much worse.

the profile in square has been updated.

Cygnus Studios

We did that once on a wire transfer. Do not wait, time is not on your side. If the previous bank bounces the money back to the clients credit card, you'll have to start a new transaction.

I suggest that you contact square first and see if they can reroute the money. It's possible (depending on the time elapsed) that they may be able to handle the transaction. The prior bank can do it, but more than likely they are going to charge you a service fee (like a wire transfer).

Glort

Seems to me the banking system in the US is a Nightmare!

A friend is trying to send me some money from the US and the hassle is laughable. If I want to send him money, it's simple and straightforward. His bank can't send it to mine, they need to go through all these middle men and extra BS Complication and fees. For me I just need the basic info, acc no, name BSB and account no and that's it. Any bank in Oz is the same.
Seems like a kid can remodel his lemonade stand and call himself a bank in the US because anything other than the most straightforward transaction is routed through 3rd parties with all the hassel and complication that involves.

The mucking around my friend also has with setting up accounts to take credit cards is also amazingly complicated to what I had to do. I would have thought that the US would have had the most straightforward, streamlined banking system of all and the ability to move money anywhere in this day and age would be a no brainier.

It's very clear that's not the case.

The other thing I read is that there are a lot of places that wont even take cash for a lot of payments over token amount for fear of counterfeiting.

Sorry, but I'm glad I don't have to deal with all these things that those in the US do! I'm not patient enough for all that!