Hi Edward23,
Good question .... I believe there's only one checking account that Square offers which is a Business Account. If I'm mistaken, a community member will probably provide some additional details. Looking back through all the FAQs concerning a Square checking account, in some cases it's just referred to a checking account and in other FAQs, it's referred to a Business Account. That may be where the confusion is - at least from what I can dig up. From our years of experience with Square, we have always had our own Business Account with our local bank because we are an LLC and that's what our legal support recommended. We never really had a need or requirement to set one up with Square. We normally receive our deposits or transfers within 2 days unless there's a holiday in between but, that's never been an issue.
There are pros and cons with a Square Checking Business Account. (At least from what I can find.)
Pros:
* It has no monthly fees, minimum balance requirements, overdraft fees, or foreign transaction fees⁸
* You can instantly access funds from your account with the instant deposit feature
* You can automatically transfer money between accounts, making it easier to manage multiple accounts
* You get free access to Square’s suite of business tools, like invoicing and analytics
* Mobile check deposit
* No credit checks
Cons:
* Only available to Square sellers
* You can only transfer earning into US bank accounts and debit cards
* Accounts receive a 1.5% fee for instant deposits from Square checking to other accounts
* ATM withdrawal limits
Although you can use a personal checking account, it a may be better to have a Business Checking Account with your own bank (assuming you are a registered business). It just simplifies things. As for the transfer of funds, it's not the best practice to mix business funds with personal funds however, that's an individual decision. You should keep your worlds separate, but that's just my thoughts.
jk
