Square Bank??

[SRTM]

I've heard that square is trying to turn into an actual banking institution. Does anybody know a timeline on this? My business account is through Azlo, which is closing down, and I am trying to determine if I should wait for square banking or just open up a new account with a brick and mortar local bank. Immediate access to my funds is a big advantage to waiting for square, so I'm crossing my fingers on this one. 

[FoxandThistle]

I requested my Square debit card this week and they have partnered with a bank, who's name escapes me now, for this so I don't know if this is their first step into banking or not.  If all you need to do is process sales and pay bills then maybe this will work for you?

There is a limit to how much money you can move at any given time but I think it is like $10,000.

[nika · Accepted solution]

HI @SRTM- No word on becoming a banking institution. But @FoxandThistle's recommendation of using the Square Card might work for you. 

And yes you're right on target @FoxandThistle! The spending limit of the Square Card per transaction is $10,000. 💯

[SRTM]

Unfortunately, I need something with a routing/account number and check deposit capability to receive COVID business relief money (as I've been closed 75% of the past year), so a real bank account is the immediate necessity. Thanks for the feedback, though! 

[FoxandThistle]

That would make a difference.  You didn't state that in your original post.

[SRTM]

I just kinda assumed it was implied that a real bank account (which is what I asked about) would have routing/account numbers...

[FoxandThistle]

ok. My 'real bank' is my square card/account, hence my confusion.

[GSolon]

Now Square ¨Checking¨ is like a bank https://squareup.com/help/us/en/article/7602-what-is-square-banking