Square Inc. said late Tuesday that it planned to change the rate of its same-day transfers for sellers to 1.5% per transfer. Square stock fell less than 1% in the extended session. In a blog post, Square said that it was charging the new fee because the company has launched "a variety of fast and free transfer options." The change goes into effect Tuesday for all sellers new to instant transfers and Feb. 7 for existing instant transfer customers. Earlier Tuesday, BofA Merrill Lynch upgraded Square to a buy rating from the equivalent of a hold and increased its price target to $75 from $70. Square stock rose 3.2% and closed at $64.59, as the S&P 500 index gained 0.3%. Read More...
Square Inc. said late Tuesday that it planned to change the rate of its same-day transfers for sellers to 1.5% per transfer. Square stock fell less than 1% in the extended session. In a blog post, Square said that it was charging the new fee because the company has launched “a variety of fast and free transfer options.” The change goes into effect Tuesday for all sellers new to instant transfers and Feb. 7 for existing instant transfer customers. Earlier Tuesday, BofA Merrill Lynch upgraded Square to a buy rating from the equivalent of a hold and increased its price target to $75 from $70. Square stock rose 3.2% and closed at $64.59, as the S&P 500 index gained 0.3%.
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