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Link and Edit Your Bank Account

Link your bank account from your online Square Dashboard or the Square app to have your money transferred instantly or on the next day, depending on your transfer schedule. You can link or edit your bank account details from your online Square Dashboard or your Square Point of Sale app.

Overview

  • Since all payments you accept will be processed in AUD, you must link an Australian bank account that operates in Australian currency.

  • We require a transactional bank account that allows Square to credit and debit money in the case of refunds or chargebacks.

  • The bank account linking and verification process usually takes a few minutes, but for some banks, verification can take up to 5 business days (excluding weekends and holidays). Square isn’t able to expedite the verification process.

  • You can also link multiple bank accounts to your Square account to disburse your payment balance and more easily switch bank accounts between your locations. Keep in mind that you can only link one bank account per location at this time. 

  • Square must be able to transfer and withdraw from your account.

  • You will need your account name, full Bank State Branch (BSB) and bank account number to link your bank account.

  • We don’t support prepaid cards or online-only accounts (such as PayPal).

  • If you have a multiple location business, each location can share a single bank account or you can link a unique bank account to each one.

  • To verify your bank account, Square will transfer and withdraw a small amount. Sometimes this transfer and withdrawal may process simultaneously, so you’ll need at least $1.00 in your bank account before you begin the verification process.

  • There must be only one signatory for your bank account. Square requires the ability to set up a direct debit on the account, in the event that you process a refund for a transaction we have already transferred to you. When Square tries to set up the direct debit, our request will fail as not all signatories will have authorised us to do this.

You can accept payments before linking a bank account. Any money you accept will remain in your Square balance until your bank account has been added and verified. Once verification completes, transfers will be sent to your account according to our standard transfer schedule.

Note: It can take up to 5 business days for the bank verification process to complete.

Add Your Bank Account

You can link your bank account from your online Square Dashboard or the Square app to start receiving your funds on any one of our transfer schedules. If you already have an account linked, you can change it at any time so you can receive your funds where you need them.

Add Your Bank Account Online

  1. Sign in to Account & Settings in your online Square Dashboard.
  2. Click on Add external bank account.
    • Enter the following details:
    • Account holder’s full name
    • Bank-State-Branch (BSB) number of your preferred bank account (found on your internet banking system or bank statement).
    • Account number
  3. Click Verify.

Note: Credit Unions often use an electronic account number for deposits from Square (BECS transactions), which can be different from the account number on your cheques. Please confirm that you’re using the correct account number to link your bank account to Square.

Add Your Bank Account In-App

  1. Tap the three horizontal lines > tap Setings.
  2. Tap Account > Bank Account > Link Bank Account.
  3. Enter your Square account password to continue.
  4. Enter the following details:
    • Account holder’s full name
    • Bank-State-Branch (BSB) number of your preferred bank account (found on your internet banking system or bank statement).
    • Account number
  5. Tap Continue > tap Done
  6. Check your email address for a verification email to verify within 24 hours. If there is no verification email in your inbox, check your spam/junk folder.

You can always revisit these settings in the Square app to cancel your verification, view the verification status or view the estimated completion date.

Once you have verified multiple external bank accounts to your Square account, you can change the linked bank account for each of your locations. To do so:

  1. From Account & Settings in your online Square Dashboard, click Bank Accounts.

  2. Under All locations, click the linked bank account next to the location in question.

  3. From the dropdown menu, select the verified bank account you want to add to that location. If you do not see the bank account you want to link, select Add external bank account and complete the bank verification process.

  4. Click Update linked account > Done

Note: You can only have one linked bank account per location at this time. If you are changing your bank account, you will need to enter your Square account password and check your email for a confirmation from Square. Click the link within 24 hours to confirm the bank account change. If you don’t click the link in the email to verify you intended to add or change your bank account, the update won’t save and you’ll need to enter your information again.

Once your bank account is linked, you can expect to see transfers according to the standard transfer schedule. Learn more about Square’s transfer schedule options.

Note: If you’re using instant transfers, make sure you update your linked bank account in your transfer settings to prevent funds from being sent to a previous account.

Check Your Bank Verification Status

Once you’ve entered your bank information, Square will credit and debit a small amount to and from your account (resulting in no difference to your balance). This is not a charge, but simply Square sending a verification transfer to confirm we can both send and retrieve money in case of refunds.

The entire bank verification process can take up to 5 business days, and we’re unable to expedite the process at this time. To check your bank verification status, visit your online Square Dashboard

If you receive an email confirming your bank account has been successfully verified, transfers will be sent to your account with no additional action needed on your part. 

If you receive an email stating your bank verification is pending, you’ll need to wait up to 5 business days for verification to automatically complete – weekends and holidays excluded. During this pending period, you can continue to take payments. Funds will remain in your Square balance until your account is verified. 

Edit Your Bank Account

You can edit your linked bank account from your online Square Dashboard or via the Square app.

Add bank in-app

  1. Tap ≡More from your Square app or tap the down arrow on your Square Register.
  2. Tap Settings > Account.
  3. Tap Transfers.
  4. Enter the required bank account information.
  5. Tap Link.
  6. Verify your bank account via the email sent to the email address associated with your Square account.

Edit bank in-app

  1. Tap ≡More from your Square app or tap the down arrow on your Square Register.
  2. Tap Settings > Account.
  3. Tap Transfers > Change Account in the instant transfer section.
  4. Enter your bank information.
  5. Tap Link.

Add bank from Square Dashboard

  1. Go to Banking > Balance in your online Square Dashboard.
  2. Go to Transfer settings and click Add a bank.
  3. Enter and save your account information.

Square will send an email to the address associated with your Square account. If you can’t find the email, check your spam and junk folders or resend the email from Transfer Settings > Transfers.

Edit bank from Square Dashboard

  1. Go to Balance > Transfer Settings in your online Square Dashboard.
  2. Click Change Account.
  3. Enter and save your bank information.
  4. Verify your bank via the email sent to the email address associated with your Square account.

Confirm Your Bank Account Change

When you update your bank account, we’ll send a confirmation email to the address associated with your Square account. Make sure you click on the link in the email within 24 hours to begin the bank verification process. If you don’t see this email after editing your bank account information, check your spam folder or other email filters.

If you don’t click the emailed link within 24 hours, it will expire and you’ll need to re-enter your new account details. To do so, repeat the steps above.

Until your new bank account is verified, we’ll continue to send transfers to your currently linked account. If you’d like to completely unlink your current bank account, contact Square Support. This will allow your funds to remain in your Square balance until your new account is verified. 

Having trouble linking your bank account? Try these bank account troubleshooting steps.

Learn more about: Square

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