#bruno-connect-holdfunds

1 messages · Page 1 of 1 (latest)

restive socketBOT
silver crown
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Hi there! Platforms usually set automatic payouts for their connected accounts, though you could always opt for manual payouts.

dull bone
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Is the retention period the maximum period that money can stay in the connected account before being sent to an external account?

last seal
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this depends on the account's country. For the US you can hold funds for a year I think but other countries have different rules. That is best discussed with our support team though: https://support.stripe.com/contact

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bruno-connect-holdfunds

dull bone
last seal
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I don't understand what you're asking unfortunately. You seem to quote something I don't get. I have no idea what you mean by "retention period"

dull bone
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Forgive me, I translated it incorrectly, the correct term is "holding period"

last seal
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then yes that refers to the money that sits in a Stripe account's balance before being paid out

dull bone
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perfect so thank you very much!! 😁

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and then if time passes, go back to the account that controls the connected accounts, right?

last seal
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not really, nothing happens, but you might get in trouble compliance wise. So don't do that

dull bone
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After the holding period is over, the money is transferred to an external account.

last seal
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nothing is done automatically, it's on you to action this if you hold the funds

dull bone
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So I believe I didn't understand what the 'holding period' is and what can be done during it. Can you try to explain it? It's not clear to me from the documentation

last seal
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You can hold funds for a certain period legally, that's all. You are not allowed to go above that maximum period. Like you can in the product, we won't automatically move the money, but then you are not compliant
So really you need to properly keep track of the funds you hold and make sure they get paid out in time