Recent Banking Events FAQ
The California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB) on Friday, March 10, 2023, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the institution. On Sunday, March 12, the New York Department of Financial Services closed Signature Bank and appointed the FDIC as receiver of the institution. Access to deposits for both SVB and Signature customers resumed on Monday, March 13.
For Square sellers that banked with either of these institutions, we have compiled the following information to address questions you may have about your Square account.
Accessing your Square Funds
Block, Inc. is a financial services company, not a bank. Banking services are provided by Square’s banking affiliates, Square Financial Services, Inc. or Sutton Bank; Members FDIC. Savings accounts are provided by Square Financial Services, Inc. Square Checking is provided by Sutton Bank. Accounts are FDIC-insured up to $250,000. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues.