Square Checking FAQ

As soon as you open a Square Checking account any automatic nightly transfers to a linked bank account will stop. Instead, your sales will be instantly available in your Square Checking account. You are still able to initiate a transfer to a linked bank account at any time with next day transfers for free or instant transfer for a fee.

Some businesses (e.g. gas stations & hotels) will place a temporary charge on your payment card to ensure that your Square Checking balance has enough funds to cover your purchase.
This pre-authorization happens the moment you use your card and will be reflected on your balance and card spend report until the merchant clears the pre-authorization. Most pending authorizations clear within five days, but in rare cases, it can take up to 14 days to clear.

Before you file a dispute:

• Ensure the payment has reached your account and isn’t pending or voided.
• Check if a pending authorization was placed on your card. Some merchants (e.g. gas stations) will place a temporary hold on your card to authorize your purchase. This temporary hold will be higher than the actual transaction amount, typically $75 or $100. We call these transactions pending authorizations. These pending authorizations can take up to 14 days to clear.
• Contact the merchant to try and resolve your concerns. If you’ve done business with this merchant, we aren’t able to pursue a dispute before you attempt to resolve the issue with the merchant directly.
  If you notice a transaction you didn’t make or have a question about a transaction in your history, you will need to report a dispute. To do so, access our Dispute Form to begin the process.

Refunds can take up to 10 business days to post to your account from the date the merchant issues the refund. As soon as Square receives the refund, the funds will automatically appear in your available Square Checking balance.
If the credit does not post to your Square Checking balance within 10 business days from when the merchant issues the refund, please contact Support with documentation of the merchant’s issued refund.

Eligibility for Square Checking requires us to verify your information. If your information is not able to be verified, you won’t be able to sign up for Square Checking, but you can still take advantage of Square’s other transfer options.

FDIC insurance is a form of insurance provided by the Federal Deposit Insurance Corporation (FDIC) that protects depositors from loss in the unlikely event that an FDIC-insured depository institution fails. Please review the FDIC Deposit Insurance website for additional information. 

Yes, Square Checking is provided by Sutton Bank, member FDIC. Square Checking is FDIC-insured up to $250,000 per customer.

Please note that FDIC insurance does not protect your Square account from unauthorized access. To keep your Square Checking account safe, set up 2-Step Verification on your Square account.

Yes. If you have a Square Checking account, you’ll be prompted to choose the destination of your loan funds when applying for a Square Loan, either to a linked external bank account or to your Square Checking account. Once approved, you’ll be able to spend your loan funds through your Square Debit Card.

If you only have an external bank account linked to your Square account and you do not have a Square Checking account, your loan will be deposited into your linked bank account within 1-3 business days upon approval.

If you only have a Square Checking account, you will be prompted to deposit your loan funds into your Square Checking account instantly. You will be able to spend your loan funds through your Square Debit Card.

Yes. You can transfer funds instantly for free between Square Checking accounts under the same Square seller account. Click Transfer on the Checking balance screen from your Square Dashboard or Point of Sales app and follow the step-by-step instructions.

Yes. In addition to mobile check deposits and instant transfers, you can make cash deposits into your Square Checking account. When you make a cash deposit at a participating retail location, the cash is instantly available in your Square Checking balance so you can spend your funds with your Square Debit Card, use Square Bill Pay, and more.

Learn more about cash deposits with Square Checking.

You can pay recurring bills, utilities and other expenses by going to the biller’s website and entering your Square Checking information. To get started:

1. Click Banking > Balance from your online Square Dashboard.
2. Under the “Do more with your money” header, click Pay bills.
3. A confirmation code will be sent to your email. Enter the code, then click Continue.
4. Choose to pay a bill with a debit card or via bank transfer, then follow the prompts.

To pay a bill with Square Checking via the Square Point of Sale app:

1. From the navigation bar, tap ≡ More > Balance > Pay bills.
2. A confirmation code will be sent to your email. Enter the code, then tap Continue.
3. Choose to pay a bill with a debit card or via bank transfer, then follow the prompts.

Not at this time.

Yes, you can use the balance in your Square Checking account to create and issue checks to recipients for things like rent or other business expenses. You can create checks from either your online Square Dashboard or your Square Point of Sale app, and once the check is created, you can download and print it to deliver to your recipient or email a PDF copy.

Keep in mind that the ability to create recurring check payments is not currently available. Once a check is created, the issuer is responsible for delivering the check to the recipient, as Square does not mail or deliver check payments at this time.

Note: You have a maximum check payment amount of $10,000 per day and a maximum of 10 checks generated per day. If you cancel an outstanding check, it will take up to one business day for those funds to be returned to your bank account.

You can see step-by-step instructions on how to create digital checks and manage your Square Checking account in our Support Center.