Have you noticed an SQ charge on bank statement? If so, you might wonder what it is and why it’s there. Understanding these charges can help you keep track of your spending and avoid any confusion.
What Is SQ Charge on Bank Statement?
An SQ charge on bank statement typically refers to a transaction made through Square, a popular payment processing company. Square provides small businesses, freelancers, and even individuals with the ability to accept credit card payments. When you make a purchase from a business that uses Square, the charge might appear as “SQ” followed by the business name or a short description.
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Why Did You Get an SQ Charge on Bank Statement?
You might see an SQ charge when you’ve purchased something from a vendor using Square’s services. These charges are common in small businesses, such as coffee shops, craft fairs, food trucks, or online stores. Even some professionals, like hairdressers or personal trainers, use Square to accept payments.
For example, if you bought a cup of coffee at a local café that uses Square, the charge might appear as “SQ *CaféName.” This is completely normal and simply reflects the payment made to the business.
How to Identify the SQ Charge?
If you don’t recognize the SQ charge on bank statement, don’t panic. There are a few steps you can take to identify the transaction:
- Review Your Recent Purchases: Think back to the day the charge appeared. Did you buy something from a small business, a pop-up shop, or an event? The charge could be related to that purchase.
- Check the Business Name: Sometimes, the name on the statement may not match the name of the business exactly. Small businesses may use a parent company name or a personal account for processing payments. If you’re unsure, check with the vendor directly.
- Contact Square: If you’re still uncertain about the charge, you can contact Square’s customer support. They may help you identify the charge by looking up the transaction using details like the amount and date.
What to Do If the Charge Is Unauthorized?
If you’re confident that you didn’t make the purchase, the charge might be unauthorized. In this case:
- Report It to Your Bank: Contact your bank or credit card issuer immediately. They can help you dispute the charge and possibly reverse it.
- Monitor Your Account: Keep an eye on your bank statements for any further unauthorized charges. It’s essential to catch these early to prevent more significant issues.
- Consider Freezing Your Card: Some banks allow you to temporarily freeze your card while investigating suspicious activity. This can prevent further unauthorized charges.
Conclusion
An SQ charge on bank statement usually means you’ve made a purchase through Square. It’s commonly seen with small businesses and freelancers. If you’re unsure about the charge, take steps to identify it by reviewing your recent purchases or contacting the business. Always report any unauthorized charges to your bank to protect your account. Understanding these charges can give you peace of mind and keep your finances in check.
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