Which Bank Does Square Use

What is Square?

Block, Inc., formerly Square, Inc., is an American financial services and digital payments company based in San Francisco, California.

The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010.

Which Bank Does Square Use?

Sutton Bank Square, Inc. is a financial services company; not a bank. Square Checking is provided by Sutton Bank, Member FDIC.

Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted.

Does Square work with any bank?

We currently support most U.S. banks. Credit cards, ATM, PayPal, or prepaid bank cards aren’t supported at this time.

You’ll need to link a supported bank account to your Square account to use instant transfers.

Is Square an actual bank?

Is Square a bank? Block, Inc. is a financial service company not a bank. It does not offer the Square Banking products directly.

Square Loans and Square Savings are provided by Square Financial Services, Inc., Member FDIC, a fully owned subsidiary of Square that has received an ILC bank charter.

Do I have to have a bank account to use Square?

Square requires a transactional bank account that allows for deposits and withdrawals (in case of refunds or chargebacks). Prepaid cards or online-only accounts, like PayPal, aren’t supported.

How long does it take for Square to verify bank account?

4 business days

Does Square automatically deposit?

After you activate a Square Point of Sale account and link a bank account, transfers are automatically sent per our Next Business Day schedule.

Square will group and send payments based on the time you choose to end your day.