Loans: Can a Square loan be deposited into my Square account and not my bank account?

[Paularene1955]

Can I have a square loan be deposited into my square account? Not my bank account 

[Helen · Accepted solution]

Hi @Tonethebarber, I'm very sorry for the confusion but right now when you receive a Square loan the funds will be deposited to your linked bank account: the funds won't be available to spend with your Square Card.

I've updated this thread and member of the Loans team is going to email you too.

I agree it would be really useful to have those funds available to spend with your Square Card and we'll let you know if this is possible in future. 

Apologies again! 

[VanKalkerFarms]

I believe if you have a Square Card activated your Square loan will go to your Square balance account until you manually start a deposit.  Is that correct @Helen ?

edited: as Helen has updated with the correct answer.

[Tonethebarber]

So i have a similar question...I've had my square card activated for about a week and it works great . Today I got a square loan and it was approved and then a while after I got an email that said the money has been sent and will be deposited in my account in 1-2 business days. Why did it do that rather than go to my square card? Or am I just being impatient and it will be in my square card balance soon? @Helen 

[Helen · Accepted solution]

Hi @Tonethebarber, I'm very sorry for the confusion but right now when you receive a Square loan the funds will be deposited to your linked bank account: the funds won't be available to spend with your Square Card.

I've updated this thread and member of the Loans team is going to email you too.

I agree it would be really useful to have those funds available to spend with your Square Card and we'll let you know if this is possible in future. 

Apologies again! 

[Kerrie72]

How long before loan shows in bank account 

[JamesC]

Hi @Kerrie72, 

Thank you for taking the time to reach out to us! 

If you’re approved, you’ll receive funds in your linked bank account within one to two business days. Should any issues arise, we’ll contact you during this timeframe.

If you have any questions, please feel free to contact us. 

[Tritter82]

Glad you asked this question, I can here to see if this was possible.

[deb8]

Why are Square Loans deposited into bank account instead of Square  Card?

[ashc]

Hi @deb8!

I moved your post to an existing thread in the Community that goes over this. 

Check out Helen's answer above for more details. 

[Bizcredit]

Can square loans now be put into my square checking account to use with my square card?

[jules72]

Hi @Bizcredit,

Appreciate you taking the time to post. 

If you choose to deposit your loan into your Square Checking account, upon approval your loan will be deposited instantly. Once your Square Loan is deposited into your Square Checking account, you can spend the funds using your Square Debit Card or account and routing number. You can also manually deposit your money into your linked bank account at any time.

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

[Bizcredit]

So how do you pick your square account?

[vickie_ · Accepted solution]

Hi @BIZCREDIT, 

Thanks for the question. 

If you have an active Square Loan offer and you would like to have the option of depositing your funds into your Square Checking account, you will first need to open a Square Checking account. Once you have opened your account, you will see the option to deposit your loan funds into your Square Checking account on your Square Loan application. Upon approval, your loan will be deposited instantly into your Square Checking account.

You can open a Square Checking account directly from your Square app or from your online Square Dashboard.

From the Square app

1. From your Square app, go to Balance > Checking > Get started.
2. Verify that your name and business name matches the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owner.
3. Personalize your Square Debit Card
4. Enter a shipping address to receive your physical Square Debit Card
5. Set a PIN for your account.

From Your Online Square Dashboard

1. Go to the Balance section of your online Square Dashboard.
2. Select one of your locations under Locations
3. Select the gear icon > select Square Checking.
4. Select Get started.
5. Verify that your name and business name match the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owners.
6. Personalize your Square Debit Card
7. Enter a shipping address to receive your physical Square Debit Card
8. Set a PIN for your account.

After opening your Square Checking account, your Square Debit Card is immediately available to use digitally via Apple/Google Pay or by viewing the card number in the Square app or online Square Dashboard. Your physical Square Debit Card will arrive in 7-10 days.

[Woeitseric]

I have a loan offer and would like to have the funds deposited to a different account on my account but it doesn’t allow me to pick which account the square loan will go into

[Sammie_C]

Hi @Woeitseric!

Thank you for your post!

You can view or edit your bank account anytime. To do so:

1. Sign into your online Square Dashboard.
2. Click Account & Settings > Business information > Bank accounts.
3. To edit your account, click Change Bank Account.
4. Enter your Square account password to start the new bank verification process.
5. Add your new bank account information and click Verify. The name you add for your bank account doesn’t have to be the name on the actual account – add anything that will help you identify this account.

We’ll then send a confirmation email to the address associated with your Square account, which you’ll need to click within the next 24 hours to confirm this change. This link needs to be clicked within the 24 hour window, or your new bank account will not verify and the previous bank account will remain linked.

Keep in mind that only one bank account can be linked to a Square account at a time. If a new bank account is added, it will replace the previous once it’s verified. This means that Square will automatically send funds to your linked bank account until a new account is completely verified. It can take up to 4 business days to complete the verification process for a new bank account, so if you’d prefer that we didn’t make any more transfers to your old account, just let us know.

Learn how to link and edit your bank account. If you’re using a supported iOS or Android device, you can also update your bank account from the Square app.

Let us know if you have any other questions!