🏦 New: Square Banking

[isabelle]

Sell, save, spend and borrow—as fast as you need to. 

We’re thrilled to announce the launch of Square Banking, your new suite of banking services built specifically for small businesses. With Square Banking, your payments, business banking accounts, and cash flow are all synced together seamlessly—making accessing and managing your money faster, easier, and even automated. 

Square Banking is breaking from the long-standing and often unfair conventions in the financial industry, including getting rid of outdated fees and long applications to better serve small businesses. 

• $0 opening deposit
• $0 minimum balance  
• $0 monthly account fees  
• $0 overdraft fees 
• 0 credit checks

Learn more about Square Banking at squareup.com/banking.

Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC.

What Square Banking services are available? 

Square Banking includes the following banking products:

• Square Checking 
• Square Debit Card 
• Square Savings 
• Square Loans 

More about Square Checking: 

• Square Checking is a free business checking account that is integrated with Square payments, providing instant access to Square sales for free - no more waiting on bank transfers. 
• No recurring fees
• No minimum balance requirements 
• No complex applications or credit checks required - it takes 2 minutes to sign up
• Pay bills with account & routing numbers
• FDIC insured balances up to $250,000

More about Square Savings:

• Earn a high yield 7x the national average with 0.5% APY* (annual percentage yield), guaranteed through 12/31/2021
• No monthly fees, no minimums, and no hidden fees
• FDIC insurance up to $250k
• Automatically save with every sale
• Create folders to organize your money for any goals you have in mind 
• Transfer from your Square Checking account and/ or link external accounts
• Sign up online in minutes from your existing Square account
• Manage everything for your business through your Dashboard or Point of Sale
• Please note, Square Savings is only available to Sole Proprietorships at this time.

More about Square Loans:

• Become eligible for a loan between $300 - $250K automatically by processing payments on Square. 
• Automatically pay off loans with a percentage of Square sales.
• Get your funds as quickly as the next business day.
• No ongoing interest—just one flat fee.

Loans are subject to eligibility and approval. 

Have any questions about Square Banking? Feel free to ask in the comments section or check out our FAQs!

Legal Disclosure:

* Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Annual percentage yield (APY) of 0.5% will apply until 12/31/2021, after which the APY in-effect at that time will apply and may change. No minimum deposit is required to open an account, and no minimum balance is required to obtain any advertised APY. We will not charge monthly fees. Certain fees may apply for optional, premium features that may reduce account earnings. Savings accounts will be FDIC-insured up to $250,000.

Square, Inc. is a financial services company, not a bank. All loans and savings accounts are issued by Square’s banking affiliate, Square Financial Services, Inc., a Utah-chartered Industrial Bank, Member FDIC, located in Salt Lake City, Utah. A minimum payment of 1/18th of the initial loan balance is required every 60 days, and full loan repayment is required within 18 months. Actual fee depends upon payment card-processing history, loan amount and other eligibility factors. Loan eligibility is not guaranteed. All loans are subject to credit approval.  Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Accounts are FDIC-insured up to $250,000.

[willow33]

can you use square to login to plaid?

[tnev83]

Can we please have secondary debit card? 

[BodyandSoul]

Isn’t this just the Square debit card but with new name (Banking)? It’s not a bank (Financial Services), nor “checking”-since we can’t write checks. The “savings” account option is only available to Sole Proprietors. And ACH transfers to other banks takes 2-3 days (with a fee). Until the above is changed to be more like a true bank, this won’t work for our business. Concerned that future Square Capital offers will only be loaded onto the Square Bank account, thus requiring the Square debit card. Hoping that is not the case…

In concept, I like the idea. Our business is 100% credit card based & having everything go through one bank would be convenient. But we have vendors that we pay by check ( and our lease…). Having 100% of our operating capital tied up to a debit card (only one card per location-which also needs to change), just won’t work at this time for us. Also, we need the ability to move money via ACH. We maintain separate bank accounts for taxes, savings, etc.

[BlackAngelDsgns]

I set mine up yesterday, and they do provide a routing and account number so that you can do ACH. Checks and additional cards would be great additions too, but at least the ACH is there for now.

[BodyandSoul]

@BlackAngelDsgns thanks for the info. Is there an option on the checking to link an external account for ACH? From the Square info above, it looks like the Savings account has that feature. But checking ACH takes 2-3 days with a fee. Just wondering..thanks 😀

[BlackAngelDsgns]

Yes, you link your debit card for deposits into the account and a bank account for ACH withdrawals out of the account. It's basically the same as how they transfer your sales, instant transfer has a 1.5% fee but if you wait the 1-2 business days it is free.

[BodyandSoul]

Ok, thank you for the info 😀

As long as I have an option to transfer out funds to my bank so I can physically write checks, this might work for us. Thanks!

[BlackAngelDsgns]

Happy to help! 😁

[rosamaria]

I followed the link to open an account and it seems like it automatically opened an account but I can't even tell for sure if I did. And then it displays an image of the debit card with the account holder name but I can only see the last 4 digits of the debit card. I click to reveal the number, put in the passcode and then image goes blank. I can't tell what the account number is on the debit card nor any other information. How can I even tell if I successfully opened an account? Ive been going around in circle for an hour.

[rosamaria]

I tried again today and even after plugging in the verification code, the banking site doesn't display my debit card information. The window with the image of the debit card goes blank and nothing displays.

[Bevpaganucci]

"pay bills with routing and account numbers" OK but my landlord for my business requires paper checks. Does the checking account come with paper checks? how do we deposit cash? Unless these are resolved, this wont work for many businesses.

[Minion]

The cash/ and non check deposit option hopefully is their #1 feature to incorporate or find a work around on.  

As for paper checks, having an account and routing number you should be able to use something like Deluxe E checks .  I use them now with my current local bank since I don't need order a huge book it serves the purpose for the dozen checks i write a year, may be able to help with one of the two issues.

[paigenicole0920]

Will the savings account feature eventually be available to LLC business accounts? Will we be able to order checks like we can at other banks? Use an ATM to deposit cash from clients versus having to deposit into my BofA account then add funds to square?

These I think would be great features to look into.

[rosamaria]

As far as I can tell the debit card is now a checking account without any "application" for us to complete if we already have. Square account. Is that correct? Our sales go straight into our Square account and as always we can leave it there and spend it using the debit card OR we can transfer it to a different bank. Doe that sum it up? Has anything really changed other than our debit card is now a "checking" account with a debit card? I can't even find a checking account number.

[Minion]

@rosamaria what you said it is the same as I gather and assume of this. As for account information, I believe IIRC it you click on the card details it will show the option to show account details, maybe that will show the info. I don't have a card to verify.

[Samurai]

Can I use the account and routing # with other payment processors (ex, PayPal, Amazon Pay) to transfer money into Square Checking?

[BodyandSoul]

We need to have the Square Checking (card & account) in another owner's name. Square still hasn't addressed the ability to change the owner's name on the Square account. It's an ongoing request (for years), in another thread, by many Square vendors. Square: Maybe now is the time to finally correct the problem? It's a simple request, as many companies change ownership. Creating a new account just isn't a viable option..

[911PcDoc]

why can't I get direct deposits for my business deposited to my new square Business checking account? 

it won't accept deposits to "Business Name" only "Personal Name"

that is not business checking!

[JustinC]

@911PcDoc Our Support Team can give you guidance. Reach out here. 

[911PcDoc]

this was the response to the phone call about this last week!

" It was great speaking with you earlier today and I wanted to reach out with an update for you on the ACH acceptance. 
 Square today can only accept direct deposits in the name of the account holder. We know that the company name, but unfortunately due to our compliance obligations with our banking partners, we must reject any names that don't match.
 At this time we are unable to change it and are working towards that change in the future. "

again this makes it a Personal account and not "Business" if I cant get ach in the business name!

[911PcDoc]

this was the response to the phone call about this last week!

" It was great speaking with you earlier today and I wanted to reach out with an update for you on the ACH acceptance. 
 Square today can only accept direct deposits in the name of the account holder. We know that the company name, but unfortunately due to our compliance obligations with our banking partners, we must reject any names that don't match.
 At this time we are unable to change it and are working towards that change in the future. "

again this makes it a Personal account and not "Business" if I cant get ach in the business name!