Bank Account FAQ
Accepting payments is the core of running your business with Square, so it’s imperative to Square that we get you your money quickly. Below are the most common questions from merchants when linking or editing their bank account with Square. Please review the information below if you’re having trouble linking or editing your bank account.
How do I see which bank account I have linked to Square?
View your linked bank account from your online Square Dashboard. We’ll also send you an email confirming any transfers, which will include the last three digits of the account we sent funds to.
How do I edit my bank account?
Can I accept payments with Square before I have a linked bank account?
Yes! You’ll be able to accept payments through your Square account while you’re waiting for your bank account to verify. Any payments you accept during this time will remain in your Square balance until your bank account is linked. Once the verification process is complete, Square will send all funds in your Square balance to your bank account within 36 hours once the account has been linked.
What if I’m updating my linked bank account?
We’ll continue to send transfers to your currently linked account until your new bank account is verified. If you’d like to unlink your current bank account, contact us. This will allow your transfers to remain in your Square balance until your new account is verified.
Can I link a prepaid bank account to Square?
No. Square requires a transactional bank account that allows for transfers and withdrawals (in case of refunds or chargebacks). Prepaid cards or online-only accounts, like PayPal, aren’t supported.
Can I link a foreign bank account to my CA Square account?
No, the bank account linked to the Square account needs to be set up in Canadian dollars, have an account number, transit number and appropriate institution number, which is usually listed at the bottom of your bills.
What is Square’s bank linking process?
You can choose to link a transactional bank account to your Square account during account creation or at a later time from your online Square Dashboard. Once you provide Square with your bank information, we’ll verify that the bank account is transactional, which will allow for transfers and withdrawals to the account. Learn more about linking your bank account.
How long will it take to receive my first transfer?
The bank account linking can take up to 4 business days. After your account is fully verified, we’ll send funds according to Square’s next business day transfer schedule. Learn how to check your bank verification status.
What is Square’s transfer schedule?
With Square’s transfer schedule, card payments are usually sent to your bank account next business day at 8 p.m. PT. If you’ve set a custom close of day time, or accepted payments on Friday or Saturday, funds are sent the Monday after. Learn about Square’s transfer schedule.
Why don’t I see a recent transfer in my bank account?
If your bank account is linked and completely verified, you should see balance transfers in your bank account within 1 business day. If you recently set a customised close of day schedule, you should see balance transfers in your bank account within 2 business days. Check your online Square Dashboard to see if we’ve sent your transfer, or read more about locating transfers.
Why did my bank verification fail and what should I do about it?
Bank verification can fail for a number of reasons:
Your bank account is non-transactional and we can’t transfer to or debit from it.
There was a typo entered when you input your bank information. If you sent funds to a typo’d bank account, contact Square Support.
How do I link different bank accounts to each of my business locations within a single Square account?
Visit Locations in your online Square Dashboard.
Select a location. Under Bank Accounts, click Change Bank Account and enter the requested information or select from the list of previously linked bank accounts.
Click Verify Account.