Product: Money transfer, virtual currency, or money service

Formal Complaint Against Square XXXX  , Inc. for Fraudulent Misrepresentation, Deceptive Practices, Illegal Fund Holds, and Violation of Federal and North Carolina Laws I am filing this complaint against Square XXXX  , Inc., citing egregious violations of federal and state consumer protection laws, electronic funds transfer regulations, and truth in advertising statutes. Square Payments misrepresented their services multiple times, deceptively manipulated me into signing up, and illegally withheld my funds. These actions have caused devastating harm to my business, my livelihood, and my familys well-being. 
________________________________________ Summary of Facts XXXX. XX/XX/XXXX Pre-Signup Assurances ( Two Separate Calls ) : On XX/XX/XXXX, before signing up for a Square XXXX  account, I contacted Square support via phone. I explicitly asked whether, if I signed up that day, I would be able to send invoices, have them paid, and instantly transfer funds to my bank account the same day. I also inquired whether there would be any holds or further reviews. The support agent explicitly assured me there would be no holds or reviews, and I could instant transfer funds on the same day of signup, provided I paid the 1.75 % instant transfer fee. 

Later that same day, I contacted Square support again with additional questions before signing up. During this second pre-signup call, I once again asked whether I could instant transfer funds on the same day if I signed up. The second agent repeated the same assurance : I would face no holds or reviews, and instant transfer would be available the same day if I paid the instant transfer fee. 

2. XX/XX/XXXX Sign-Up, Invoice, and Fund Hold : Based on these two separate assurances, I signed up for a Square Payments  account on XX/XX/XXXX. I created and sent an invoice that was promptly paid the same day. However, when I attempted to perform an instant transfer of the funds to my bank account, Square refused, citing account holds. This directly contradicted the explicit assurances given by both pre-sales support agents. 

Square refused to acknowledge their misrepresentations, take responsibility for the lies, or rectify the situation. 

3. XX/XX/XXXX Third Assurance and Failure : On XX/XX/XXXX, I contacted Square via chat support to inquire about the account holds. I was informed that the holds had been lifted and that I could now send another invoice and perform an instant transfer without any issues. 

Based on this third assurance, I sent another invoice on XX/XX/XXXX, which was promptly paid. However, Square again refused to allow me to access my funds via instant transfer, contradicting their explicit assurances for the third time. 

4. Devastating Impact : Squares lies and repeated manipulation have caused irreparable harm to my business. I now lack the working capital needed to sustain operations, pay business expenses, or support myself and my family. We are facing financial devastation, with no access to food or basic necessities. 

Square continues to illegally withhold my funds, refuses to take responsibility for their fraudulent misrepresentations, and refuses to provide transcripts of the voice support calls or chat conversations, further obstructing accountability. 

Laws and Statutes Violated Federal Laws : 1. Electronic Fund Transfer Act ( EFTA ) 15 U.S.C. 1693 et seq.

1693c : Square failed to clearly disclose the true terms and conditions for electronic fund transfers, specifically regarding holds and instant transfers.

1693e : Square failed to process authorized instant transfers in a timely manner, violating the consumer 's right to control electronic fund transfers.

1693f : Square failed to provide a written explanation for the holds and refused to resolve the dispute promptly. 

2. Federal Trade Commission Act ( FTC Act ) 15 U.S.C. 45 Square engaged in Unfair and Deceptive Acts and Practices ( UDAP ) by : Misrepresenting their services and policies regarding instant transfers. 

Illegally holding funds and profiting from interest on withheld funds without disclosing this practice. 

3. Truth in Advertising 15 U.S.C. 52 Squares pre-sales assurances constitute false advertising, as they failed to deliver on the promised instant transfer services.

North Carolina State Laws : 1. North Carolina Unfair and Deceptive Trade Practices Act ( UDTPA ) N.C. Gen. Stat. 75-1.1 Squares repeated misrepresentations and fund holds are unfair and deceptive practices under 75-1.1. 

2. North Carolina Identity Theft Protection Act N.C. Gen. Stat. 75-60 et seq.

By retaining control of my funds without authorization, Square increases the risk of unauthorized access, violating my right to financial privacy under 75-63. 
________________________________________ Relevant Case Law Federal Cases : XXXX. Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX ( XXXX ) : XXXX was fined {$25.00} XXXX for failing to provide adequate disclosures and engaging in deceptive practices related to fund holds. This precedent underscores Squares similar violations of the EFTA and FTC Act. 

XXXX. XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX ( XXXX XXXX. XXXX ) : XXXX was found liable for arbitrarily holding funds and failing to resolve disputes, violating consumer rights under the EFTA. 
North Carolina Cases : XXXX. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX ) : Established that deceptive practices causing financial harm violate the UDTPA. 
XXXX. XXXX XXXX  XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX. XXXX, XXXX XXXX XXXX ( XXXX ) : Affirmed that financial institutions owe a fiduciary duty to act in good faith. 

Relief Requested 1. Immediate Release of Funds : Require Square to release all withheld funds without further delay. 

2. Investigation : Launch a formal investigation into Squares deceptive practices and violations of federal and state laws. 
3. Compensation for Damages : 1. Seek financial compensation for : Lost business revenue. 
Emotional distress and hardship. 
Punitive damages for deceptive practices. 
2. Regulatory Oversight : Enforce stricter oversight of Squares practices to prevent future violations. 

Square Payments actions constitute clear violations of federal and state laws, including the : EFTA, FTC Act, and UDTPA. 
Their repeated misrepresentations and illegal withholding of funds have caused significant harm to my business and personal life. I request immediate action to hold Square accountable and ensure compliance with applicable laws.