If your bank account verification was unsuccessful, you’ll see an alert on Bank Account in your online Square Dashboard.
Why Can’t I Link My Bank Account?
There are a few different scenarios that can cause bank verification to fail:
Non-transactional Bank Account
Square requires the ability to credit and debit funds from your account, in the event of a chargeback or refund. A non-transactional account does not allow funds to be debited.
Bank Account Typo
Carefully enter your bank account information. Typos in your BSB or account number can cause your verification to fail.
Square will deposit then withdraw an amount less than $1.00 from your bank account as part of our verifcation process. You’ll need at least $1.00 in your bank account before you restart the bank verification process as our verification deposit and withdrawal may process simultaneously.
Bank Verification Cancelled
If you click Cancel Verification after entering your bank account information, the bank verification process will be cancelled. To restart the verification process, you’ll need to re-enter your bank account information.
Multiple Signatures Required for Direct Debit or Withdrawal Authorisation
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 deposited 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.
Learn more about linking your bank account.