Set up a checking account and debit card
About Square Checking and Square Debit Card
Square offers a suite of financial and banking products, including Square Checking, Square Savings, and Square Loans. Square developed these banking tools to provide integrated banking services designed for small businesses that process payments with Square.
A checking account gives you instant access to your sales with Square that you can spend on your debit card or with your account & routing numbers. You can create digital checks to email or print and deliver to recipients, make cash deposits, and manage your bills.
After opening a checking account, your debit card is immediately available to use digitally via Apple Pay or Google Pay, or by viewing the card number in the Square POS app, Square Dashboard app, or Square Dashboard.
If you have been approved for a Square Loan, you can also access and spend your loan funds through your debit card.
Before you begin
When signing up for a checking account, select your business entity type based on the document you use to file your taxes:
S Corporation: Form 1120S
C Corporation: Form 1120
Limited Liability Company (LLC) or Partnership (Limited or General): Form 1065
Publicly Traded Company: If your business is publicly traded on the stock market, regardless of the entity type you use for tax purposes
Keep in mind these additional details regarding a checking accounts:
For security reasons, a checking account can only be issued to the Square account owner.
A checking account is required in order to receive a debit card.
Your checking account and debit card don't have recurring account fees, minimum balance fees, overdraft fees, or any other recurring fees.
Your physical debit card will arrive in 7-10 days after opening an account and you can use your debit card anywhere Mastercard® debit cards are accepted, including in person, online, and at ATMs.
The maximum ATM withdrawal amount is $500-$3,000 per transaction, $1,000-$3,000 per day, $1,000-$7,000 per week, and $2,000-$10,000 per month.
Eligibility for a checking account requires verifying your information. If your information isn’t able to be verified, you won’t be able to sign up for a checking account, but you can still take advantage of Square’s other transfer options.
Square account holders can have up to five debit cards on one account, and additional users, such as managers or other staff, can be invited to use these additional cards and spend from the checking account balance. Additional debit cards come at no cost. Only Square account owners can take most actions on these cards, such as locking or canceling the debit card, viewing transactions, and managing notifications.
Open a checking account
- Sign in to Square Dashboard and go to Banking > Balance.
- Select a business location from Locations.
- Click the gear icon and click Square Checking > Get started.
- Verify your business information and that your name and business name matches the account owner’s name on the Square account.
- Personalize your debit card and provide a shipping address to receive your physical debit card.
- Set a PIN for your account.
- Open the app and tap Balance > Enable checking.
- Verify that your name and business name match the account owner’s name on the Square account.
- Personalize your debit card and provide a shipping address to receive your physical debit card.
- Set a PIN for your account.
- Open the app and tap Balance > Checking > Get started.
- Verify your business information and that your name and business name matches the account owner’s name on the Square account.
- Personalize your debit card and provide a shipping address to receive your physical debit card > Next.
- Set a PIN for your account and tap Complete sign-up.
Upload application documents
Square may request personal or business information to verify you or your business in order to open a checking account. If your information cannot be verified or if additional information is needed, we’ll contact you through Square Dashboard and email to request more information.
Complete the request in full with all required information. The application won’t be reviewed if the request is incomplete. You have 14 days from the date of your submission to complete the information request. If you do not provide all of the requested information on time, your application will be canceled.
- Sign in to Square Dashboard and go to Notifications or click the Notifications icon.
- Select Complete Your Square Checking Application > Continue.
- Click Upload the requested items.
- Upload any requested items to start the application review process.
Activate your debit card
- Sign in to Square Dashboard and go to Banking > Balance.
- Select a business location from Locations.
- Click the gear icon and select Square Checking > Activate physical card.
- Enter the confirmation code sent to the email address associated with your Square account.
- Once your account has been verified, enter your debit card CVV and expiration date.
- Open the app and tap Banking.
- Select your checking account from Locations.
- Tap Activate physical card and enter the confirmation code sent to the email address associated with your Square account.
- Once your account is verified, connect your Square Reader and swipe your debit card or enter your card details manually.
- Open the app and tap More > Balance > Square Card.
- Tap Activate physical card and enter the confirmation code sent to the email address associated with your Square account.
- Once your account has been verified, either connect your Square Reader and swipe your debit card, or enter your card details manually.
Your new debit card will come mailed in an envelope that contains a unique QR code. To activate your card with the QR code:
- Open the envelope containing your debit card and scan the QR code with the camera on your mobile device.
- Tap the link that appears and follow the steps to provide your card details.
- You’ll receive a unique activation code on your device. Enter the activation code in the notification that appears on your screen.
Review withdrawal and spending limits
If you’re using your debit card to withdraw cash, the maximum amount you can withdraw at an ATM is:
- $500 - $3,000 per transaction
- $1,000 - $3,000 per day
- $1,000 - $7,000 per week
- $2,000 - $10,000 per month
When withdrawing funds from an ATM, the ATM may state your balance as $0.00, which is incorrect. You can check your available funds from the balance section of the Square POS app. Square does not charge you any ATM fees, but ATM providers may charge you a fee when you make withdrawals.
The per transaction limit when using a physical debit card varies from as low as $500 per transaction up to $10,000 per transaction. The maximum you can spend is:
- $10,000 per transaction
- $25,000 per day
- $50,000 per week
- $150,000 per month.
Note: Daily limits reset at 5:01pm PST (12:01am UTC), weekly limits reset on Sunday at 5:01pm PST (12:01am UTC), and monthly limits reset at 5:01pm (12:01am UTC) on the last day of each month.