But for the people who don't have such access I'll summize it by saying that if you need to transfer more than $50,000 you had better have a "real" bank because Square, Block and Sutton's "Shadow Accounts" have limits!
Yes, that's right! Square / Block / Sutton Bank TURNED AWAY our companies loan deposit, and then tried to blame it on someone else for days while they sat on the money, before sending it back!
I can't express the amount of stress that followed that little stunt, but let's just say I was not very happy!
In fact, it may be the reason for the new "shadow banking" disclaimer that is now posted on Square
What this means is their checking accounts aren't really checking accounts at all... rather funded pre-paid accounts with a $50,000 max limit for transfers both in and out of the account!
Most people wouldn't ever think there would be a limit on the amount of money you could transfer into an account... maybe a limit to how much you could take out without advance notice, but never for incoming transfers - right? WRONG!
Square - Block issued Sutton Bank checking accounts aren't even checking accounts... you can't write a check with a Square / Block - Sutton Bank shaddow account!
But they still call it a checking! LOL
This is somewhat old news to many here in the V8 Cafe, but the reason I have waited to re-post a public thread about this is because I wanted to see just how deep the rabbit hole went with Square / Block - Sutton Bank... or should I say Jack Dorsey and Twitter! Because let us never forget, that as a good customer of Square we have never been late or broken any of our promises with them...
Yet Square "blocked" us on Twitter sometime in early 2021! Mind you, this is back when Jack ran Twitter AND Square!
Why did Square block us?
Because back in early 2021 we posted a public thread about how Square likes to take advantage of it's customers by giving them VERY POOR loan amounts to be repaid in SHORT ORDER at VERY HIGH interest rates! We would literally pay off loans in 1/3 of the time only to have them reward our swift re-payment with another loan offer that is sometimes LESS than the one you just paid off early! At the time this really bothered me so I spoke up about it on Twitter!
Just take a look for yourself!
This is what angered me the most! Because Jack was busy dumping all of Square profits into BitCoin, when the pandemic hit they had nothing to loan to their customers! In the photo above they claim that our business "experienced a drop in sales"... NO SHIT! It was a few months into the start of a global pandemic! And yet Twitter would smugly plaster all over their forums how they were there to "Help" during the pandemic! It was all BS...
And now, every since we called out Jack Dorsey, Twitter, and Square for their shortcomings they have quit sending the company offers for credit all together!
It's not hard to see why Jack Dorsey failed at Twitter, but my main concern is with Square! Clearly Jack Dorsey and Square have been using their "shadow banking" information to prevent our company from getting credit! However insiginficant that dollar amount, they have still clammed up! I have been checking and waiting for them to make even some rediculously small dollar amount loan to the company but they have not! If you ask me, Jack Dorsey and Square / Block prey on the venerable! Meanwhile Jack Dorsey continues to administer the same kind of selective blackballing that he did on Twitter with his new company Block!
Instead of Jack Dorsey and Square / Block putting all them profits back into the companies that helped them become rich, the blockhead dumped it all into Bitcoin! HEY JACK! Your companies should have been loaning all that money back to businesses that paid you timely, and NOT into Bitcoin! But the dumb fucker thinks everyone is as stupid as he is! And he continues to do this! Jack tries to come off like he is some hero for the minority and under-funded businesses when in reality he is nothing but a loan shark! Preying on minorities and people who have no other options for credit! It really does not matter what color, or minority group you are... Jack and his Square / Block will rip you off equally with their shrinking loan amounts! So a word to the wise for Square customers, "Don't even BOTHER to pay your Square advances off early!" they wlll just give you some small dollar amount the next time to ensure they keep getting the max APR! After all they use all your sales to figure out the best way to cheat you! Just like they did with me!
Yes, we are still a Square customer! But just because we intend to hold this miserable POS to account!
BEWARE!
-- Edited by SELLC on Wednesday 20th of July 2022 04:39:47 PM
I might also mention that although I have some issues with Jack Dorsey and Square, the service - at least in terms of it's core card processing service, has been VERY RELIABLE and is one of the main reasons I have stuck with them.
A lot of people might have been wondering in the back of their heads "Why don't you just find another card merchant?" and the truth is, at the time I set up my Square there were very little options outside of traditional big bank services that were much more costly and geared more towards big business with expensive equipment fees. Square is good about not charging you a monthly fee for the service, and offering free or low cost card reading equipment so that is a feather in their hat.
My issues are mostly with Jack Dorsey and how he works behind the scenes at his companies to ensure that even his own customers are silenced... like when Square blocked me on Twitter for speaking up about their loans. It wouldn't be long before Twitter would ban me all together so that I could not use the platform to speak my truths and opinions. I'm not sure how much of Twitter and Square that Jack actually programed himself but I know he likes to pretend that he wrote every last code for these companies.
And of course, it can not be understated that Jacks obsession with BitCoin is a personal one... to have taken so much of Twitter and Square's money and stuck it into BitCoin, rather than loaning it back out to its customers; that's just wrong. In this regard Jack is more of a liability to his companies at this point than an asset.
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What is to give light must endure burning -- Viktor Frankl
And it's worth mentioning how Square loans work also...
Whenever Square "offers you a loan" there will be a flat "Fee" based off the amount of the loan... this "Fee" is the cost to borrow the money with payments to be taken as a percentage of your daily card processing proceeds. I think at one time we were almost at 20% of our transactions being applied to the loan and fees. There are set minimum payment amounts per the contract of the loan in the event you don't process enough to repay that minimum. This is the most unfair part of the loan, or "advance" as they like to call it. This is because per the terms of the loan you can not control how much a month will be paid on the loan, every one of your incoming card payments will have your percentage deducted, regardless if your minimum payment has been met!
The way these loans work is that the flat fee is what you are going to pay for the advance, regardless if you take it to term or pay it off in a week...
And remember above when I said, "Whenever Square offers you a loan"? That means that they only really do loans at their own discretion... I think this is because they like to have a few years of your sales before they can formulate a dollar amount and timeframe for repayment that will see them being paid back in short order so they can collect the fee... there is no option to only make the minimum payment amount, so that right there tells you that Square really has no intention of encouraging any of the loans to mature... they know that with the flat fee formula the sooner they are paid back, the better return on their investment in terms of APR's...
If you look above at the screen shot photo of our loan amounts you'll see we had a great year in 2019! You'll also see that in 2019 we paid off several loans from Square in short order! Not by choice mind you, but rather because we had NO CHOICE but pay the 15 or so percent loan payments every time we processed a credit card, even if our monthly minimum had been met! And the fact that Square just kept loaning small piddly amounts was only to ensure that 15+% off the top of all card sales kept rolling in! In other words, they want to keep you down.
It's also important to realize that this loan repayment percentage is just that... the percentage that goes towards your advance. It does not include processing and or instant deposit fee's which adds in a few more percent of your daily card processing totals to go into Squares pocket... Square also offers other services where they charge the customer based on the percentage of sales such as Square Invoicing and online POS services. At the end of the day some people could see as much as 25% or MORE of their daily sales taken right off the top and into Squares pocket! And to sit there and have to watch that idiot Jack Dorsey on Twitter plow all this money into BitCoin, rather than their loyal paying customers businesses really didn't sit right with me! In fact, it pissed me off!
Am I wrong?
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What is to give light must endure burning -- Viktor Frankl
And as much as I'm at odds with Jack Dorsey right now, I still agree that the CCP is torturing it's people in the name of COVID.
It's just a shame that Jack doesn't see that his business methods are no better than that of the CCP!
Of course it could all be one big ruse... where as China is getting their foot in the door with Twitter, by way of Musk... while Dorsey just gets a fat paycheck and plays along like he doesn't know what's going on...
No one should forget that the CCP bankrolled Musk's Tesla when it's shares sunk to $600 awhile back... China infused a massive injection into Tesla...
I have always said these guys were slippery... Perhaps I should just let it go and move on? Twitter is just a waste of time, and Square is only good if you're just using their basic service without any loans or other percentage taking extras...
But I did want to document these ponderings, because Twitter and people like Jack Dorsey are working hard every day to ensure people like me are unable to express my thoughts on their platforms... they are really no better than the CCP and need to be brought down themselves.
Guess that is the whole point of this thread...
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What is to give light must endure burning -- Viktor Frankl
