Consumer complaint received 2023-02-09
Company: Block, Inc.
State: NY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
My name is XXXX XXXX I am a Square User with email address XXXX This company is holding my funds since XX/XX/XXXX and is claiming that they are using section 12 of Square payment Terms to hold my money and in this letter I will explain to you why this section doesn't come in as to my case. 

Going through section 12 of Square Payment Terms, it reads the following " You may not have access to your funds if your Square Account is being investigated, youre involved in a dispute, or for legal reasons ''. 

This section mentions about 3 things here which are : 1. Accounts XXXX investigated for high risk transactions 2. Disputes 3. Legals Reasons Explanation Why I haven't breached Square section 12 Payment Terms are ; 1. The first Square payment terms in section 12 talks about investigation for high risk transactions. In my own case, my account is deactivated and a period of 90 days hold policy to cover chargebacks in case of any was placed on my account. Since then there is no transactions coming in to be seen as high risk. 
My account has also been on hold with Square for over 12 months and all my funds are intact, then it means there is no risk to be investigated. 

2. In terms of Disputes, I want to draw Square attention that all the disputes in my account were finalized and closed many months ago and as such, Square doesn't supposed to hold my funds in pretext of saying they want to cover chargebacks. 
3. There is no legal case in regards to my Square account. 

Square also mentioned that card payment agreement doesn't allow them to release my money to me in case f disputes I want Square to know that Fair Credit Billing Act of XXXX The Act states that creditors are to give consumers 60 days to challenge certain disputed charges. 

In regards to my case, it's over 9 months Square has held my funds and all disputes on my accounts were finalised and closed months ago, and there are no further chargebacks XXXX on my account. 

Hence I do not see reasons Square should hold my funds till this time. 

In section XXXX of Square payment terms, it says Square has the right to terminate and close account and section XXXX of Square payment terms explains what Square would do when accounts are closed. I will quote the section XXXX Section XXXX of Square payment terms says : " XXXX of your Square Account will cancel any pending transactions. Any funds that we are holding in custody for you at the time of closure, less any applicable Fees, will be paid out according to your payout schedule, subject to the other conditions in these Payment Terms ''. 

It says any funds that SquarXXXX are holding would be paid to account owner after investigation. And Square has stated that the investigation means chargebacks and other disputes. 

In my case, there is no current active disputes or chargebacks and I deserve to have access to my money held by Square. 

I want Square to release my money immediately and tender an apology for holding my money for over 12 months

Company response to consumer: Closed with explanation