What are Square’s faster deposit options?
To get your money faster than one to two business days, you have two options: Instant Deposit and Scheduled Deposit. Instant Deposit is available to send your eligible balance on-demand, 24 hours a day, 7 days a week. Scheduled Deposit is available to automatically send your eligible funds to your linked bank account at your close of day. You can set Scheduled Deposit as your preferred deposit option for any day of the week, and still trigger an Instant Deposit anytime you need funds on-demand.
Are there any deposit limits?
Instant Deposit has a minimum balance of $50 after Square’s fees, and a maximum deposit size of $2,500.
Scheduled Deposit has a minimum balance of $1 after Square’s fees, and a maximum individual transaction size limit of $2,500. If your balance exceeds $2,500 but does not include individual transactions greater than $2,500, you’ll receive multiple deposits from Square.
Funds that are not eligible for Instant Deposit or Scheduled Deposit will be sent to the bank account linked to your Square account in one to two business days.
Note: New sellers start with a limit of one instant deposit per day of up to $500. As you run and grow your business with Square, a higher daily deposit amount may become available. Instant Deposit may not be available for sellers using Square APIs until they have sufficient account history.
Supported Debit Cards with Instant Deposit
We currently support most U.S.-issued Visa or MasterCard debit cards. Credit cards, ATM, PayPal, or prepaid bank cards aren’t supported at this time. You’ll need to link a supported debit card and bank account to your Square account to use Instant Deposit.
We use a variety of card networks to send funds. For every debit card, both the card network and bank must be set up to receive funds instantly. Unfortunately, we can’t confirm if a card is supported until an attempt to link it to Square has been made.
However, we’ve had strong link success with the following banks to date:
- Bank of America consumer (personal) banking*
- Citizens Bank
- Huntington National
- Navy Federal Credit Union
- PNC Bank
- TD Bank
Note: Bank of America Business Debit Cards (debit cards issued for Business Checking Accounts) are not supported at this time.
If you’re having trouble linking your debit card, review our Instant Deposit FAQs.
Why is my debit card unsupported?
If you see an Unsupported Card error, the debit card you’re attempting to link may not be supported by the transaction networks Square uses to instantly send deposits. For every debit card, both the card network and bank must be set up to receive funds instantly. Unfortunately, we can’t confirm if a card is supported until an attempt to link it to Square has been made.
While we work to support additional cards, we encourage you to try linking a different debit card if you have one. Keep in mind, you’ll want to keep your debit card changes minimal to avoid additional delays.
Why is Instant Deposit or Scheduled Deposit unavailable?
This is due to one of the following reasons:
- You haven’t linked a bank account to Square, or your bank account hasn’t completely verified. Link a bank account or check your verification status from your online dashboard.
- You haven’t linked a debit card, you haven’t confirmed your debit card, or you’re attempting to link an unsupported debit card.
- Your current balance is below the minimum amount (after fees): $50 for Instant Deposit and $1 for Scheduled Deposit.
- Your current balance is greater than $2,500. You can send up to $2,500 per Instant Deposit.
- You have at least one single transaction greater than $2,500. Square cannot send transactions greater than $2500 via Instant Deposit or Scheduled Deposit.
- You’re new to Square and you’ve already sent one instant deposit of up to $500 today.
- Your deposit may have been impacted as a result of a regular account review. We periodically review accounts to ensure customer security. Instant Deposit will become available when this review has been completed.
- You’re using Square APIs to take payments and do not have sufficient account history.
If my instant deposit was sent on a weekend, an evening, or after my close of day, when will it arrive?
Instant Deposit utilizes your debit card so funds are sent instantly, even on nights and weekends, regardless of your regular deposit schedule.
Note: Any money not sent instantly will be sent to your bank account in one to two business days.
What should I do if my deposit fails to send?
For Instant Deposit, try sending your deposit again at the end of the day or wait for your funds to be sent via Square’s Next Business Day schedule. For Scheduled Deposit, funds that are not sent automatically will be sent to your linked bank account in one to two business days.
Can I deposit funds from multiple payments in a single instant deposit? What about for Scheduled Deposit?
Yes! You can deposit a balance of up to $2,500 from multiple payments with Instant Deposit.
With Scheduled Deposit, you can deposit your entire day’s balance as long as no individual transaction is greater than $2500. If your balance is greater than $2,500, your same day deposits will be simultaneously sent in more than one batch.
Can I set up automatic, instant deposits?
Yes! With Scheduled Deposit, you can schedule your funds to directly deposit to your linked bank account at your close of day on any day you choose. You can set up Scheduled Deposit from your Dashboard.
Where can I see a summary of my instant or scheduled deposits?
Your complete deposit history, along with any instant or scheduled deposit fees, is available to view and download from the Deposit Report in your Dashboard. Read more about viewing your deposit history.
If I qualify for free processing, will deposit fees be covered by that program?
No. Square’s Free Processing program only covers card processing fees and not the 1% fee for Instant Deposit or Scheduled Deposit.