Square Capital: What are the advantages/disadvantages of linking your bank account?

[Fatfox]

What are the advantages / disadvantages of linking your bank account with square?  I dont know if I want them knowing all of my business.  Is there an up side?

[Regina_B · Accepted solution]

Hi @Fatfox ! If you are asking about the linking option in the Square Capital application flow, eligible merchants currently have the option to link their business’s bank account to increase their existing loan offer size. When you link your business’s bank account in connection with your loan offer through Square Capital, you are providing access to bank transaction data and other bank information. Merchants who link their bank accounts agree to Square Capital’s Additional Terms of Service, which provide additional details about what bank information is collected and how it may be used. We encourage you to review these terms if you have not already done so. 

[Cmyart_74]

Why do they ask you to link your bank account now? Are they not just getting repayment through everyday transactions anymore? Basically will they debit my account for repayment now?

[ashc]

Hey @Cmyart_74! Welcome to the Community.

The bank account has to be linked so we have somewhere to send the funds when you're approved for a Capital loan.

Whether they take it out of your transactions or your linked bank depends on your arrangement made with them. 

[EstCo]

Where can you find Square Capital Additional Term & Service Agreement?

[RobynR]

Hey @EstCo,

Thanks for being a member of the Community.

You can find the Square Capital Additional Term & Service Agreement here.

Please let me know if I can assist with anything else.

[cruggeri]

This reply was created from merging an existing thread: Square capital: Have you ever had to update your info and relink your bank account?

I am trying to find out if anyone else has ever had to update their information and re-link their bank account when an offer is given and you accept it. And how long has it taken for you to receive the money once all of that is done. I have received more in the past and i didn’t have to do that and it was almost instant in the approval.

[Helen]

Hi @cruggeri! I've added your post to this thread where the Capital team has shared more information about linking your bank account to Capital after you've received an offer.

And to answer your question about when you'll receive your funds - if approved, funds will be deposited into your linked bank account (the one that is attached to your Square account) within 1 to 2 business days. 

Let me know if you have any other questions! 

[Salikas]

Hi, I want to link my bank account which is a credit union. It is not on the list of banks. How can I accomplish this?