Connect Bank for Loan

[SS3]

Hello,

As I was looking at my new loan offer, I saw (for first time) a tab that says Connect A Bank. It says to connect your business bank account to help Square learn more about your business. No more info or explanation. What exactly does this mean?

Is someone from Square going to be watching my account activity?

Can someone please give more info about what this means, the reasoning behind it, how it works, implications, etc. I couldn't find any info.

Thank you!

Michelle

[Kacey13 · Accepted solution]

Hi @SS3, 

Thanks for your post!

Take a look at our announcement for more information regarding connecting a bank account. 

https://www.sellercommunity.com/t5/Square-Loans-Discussion/Share-your-bank-data-to-help-improve-futu... 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Kacee_l15 · Accepted solution]

How do we remove the account if we link it, and later need to change banking institutions? 

[Minion]

Hi @SS3 

I wasn't aware of this until I checked out that section of my account.  I'm guessing its a new feature ( which for funding purposes a normal feature to have for working Capital) Companies like Amex Blueprint (previously Kabbage ) have been using a feature like this for years. 

 By connecting your bank it will give Square ( probably not a person, but computer based algorithm) I'm assuming a better look at your overall account and potentially offer higher loan amounts based on your connected accounts. 

This can help improve offers for business who accept cash or checks that are not processed through Square , but are still being deposited into a business bank account. 

Again, I don't have any concrete info on this, I'm just assuming this is how it will be used. 

[SS3]

I appreciate your thoughts and input, Dan. 

Will anyone from Square come in with info?

[Minion]

I'll see if i can dig around and find anymore info on this or if they can confirm it!

Edit. I did just do a quick google search, and this is/was in beta and the option allows square to better provide offers for their customers of any size. 

[Minion]

I just wanted to drop back in with the announcement from Square here @SS3 .  If you have any further questions with maybe how they will use the data collected, that thread would be your best bet to post in.  Hope this helps.

Cheers

[SS3]

Thanks again! Appreciate the info and resources.

[Kacey13 · Accepted solution]

Hi @SS3, 

Thanks for your post!

Take a look at our announcement for more information regarding connecting a bank account. 

https://www.sellercommunity.com/t5/Square-Loans-Discussion/Share-your-bank-data-to-help-improve-futu... 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Kacee_l15 · Accepted solution]

How do we remove the account if we link it, and later need to change banking institutions? 

[Ccsla818]

That was my question I was trying to find an answer for you ever find out?

[Kacee_l15]

Yes-you have to contact Plaid Inc and request your info to be removed. It was a simple process. Very self explanatory on Plaid website. 

[Papacouture]

My bank is not supported to make the connection and I have tried a couplemof times. I live in a very rural area amd my bank selection is very limited and itmis unreasonable to drive an hour to use a different bank.

[Twpchair · Accepted solution]

Hello, I have a small rural Credit Union and they don’t allow 3rd party apps like plaid either. Security reasons only. So, I can’t either. There are a bunch on here as well. There is a link for bank statements to upload. I believe the Mod has it pinned!