Square debit card and checking review
Get instant access to your business revenue, but you'll likely always pay for ATMs withdrawals.
finder.com’s rating: 4.0 / 5.0
★★★★★
Square’s checking account and debit card give business owners instant access to their point-of-sale revenue. But you can’t deposit cash or checks, and if you frequently use ATMs, expect to pay fees to the owners of those machines.
$0 per month
Fee
$0
Minimum deposit to open
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
Expert review
Square‘s checking account and debit card are best for business owners who currently use Square‘s hardware and software at their point of sale. It lets you streamline your business finances, especially when you use a Square savings account too.The debit card links directly to your point of sale, so you can instantly access your revenue to pay for your business expenses. If you use your card with other Square sellers, you’ll also receive a 2.75% discount.
But you can’t deposit cash or checks into the account, and you’ll likely always pay owner fees when you use ATMs. Plus, the limits on ATM withdrawals are relatively low.
If you currently use Square‘s tools to run your business, this account is an excellent option. Otherwise, compare other business checking accounts to find the one that’s right for you.
How do I open a Square Checking account?
You must have a Square account to open a Square Checking account. If you don’t have an existing Square account, you can create one for free by signing up at squareup.com. Once you have a Square, you can sign up for a Square debit card and checking account by following the below steps.
- Navigate to squareup.com.
- From the navigation menu, select Products then choose Manage money and Checking.
- Select Open my account, then sign in with your username and password.
- Tap or click Get started.
- Verify your owner name and business name, then select Next.
- Personalize your custom Square debit card by selecting a signature style, then select Next.
- Enter or confirm your mailing address, then select Ship card.
- Finally, create a PIN to use the card at ATMs.
Eligibility
You must satisfy certain eligibility requirements to open a Square Checking account.
- At least 18 years old
- US mailing address
- US-based bank account
- Square account
Required information
You must provide the following information when opening a Square Checking account and debit card.
- Full legal name
- Date of birth
- Social Security number or Individual Taxpayer Identification Number
- Driver’s license or a government-issued ID
- Business name and category
4 benefits of a Square card
The Square checking account offers these benefits for business owners.
- Eliminates the need for bank transfers. The Square card is linked to your point of sale, so you can instantly access your balance. It’s also an easy way to keep track of the cash coming in and out of your business.
- No fees. The debit card is free and there’s no minimum balance requirement. There also aren’t any service fees, overdraft fees or ATM fee charged by overdrafts, ATM or service fees charged by Square.
- Personalized debit card. Customize your card for free with a laser-etched signature, which can be made up of English or foreign characters.
- Discounts for supporting Square sellers. Use your Square card at any other Square seller, and you’ll score 2.75% off your purchase.
4 things to watch out for
Square aims to make business banking a breeze, but it falls short in some areas.- ATM limitations. You can only withdraw $250 from an ATM per transaction, and the daily withdrawal limit is $1,000. Also, you can’t withdraw more than $1,000 in a week, or more than $2,000 in a month.
- Spending limits. You can’t spend more than $10,000 in a single transaction or more than $25,000 per day. The weekly limit is $50,000, and the monthly spending limit is $150,000. Some business owners may need more spending power.
- No ATM network. Square doesn’t charge fees for ATM withdrawals, but it doesn’t have any ATM partners. This means you’ll likely always pay a fee to the ATM owner when using an ATM.
- Limited payment options. There’s no way to deposit cash or checks into your Square Checking account.
Square‘s ATM network and fees
Square doesn’t have any of its own ATM, and it isn’t partnered with any regional or nationwide ATM networks. You can use your Square debit card at any ATM that accepts Mastercard, and although Square won’t charge you a fee, the owner of the ATM likely will.Square Checking reviews and complaints
Square is accredited by the Better Business Bureau (BBB), and boasts an A+ rating based on its handling of 5,009 complaints in the past three years. But customer reviews on the BBB’s website tell another story. The BBB has registered 385 reviews for Square on its site, which give the company an average rating of 1.07 out of 5 stars. Many of the complaints mention unexpected charges, unjustified account closures and slow responses from the customer support department. Several reviewers also complain about their inability to speak with a Square representative, despite the fact that the company has a toll-free number and a live chat feature on its website.On TrustPilot, Square has a 4.7-star rating based on 3,250 reviews. These reviews are overwhelmingly positive, with customers praising the platform’s security measures and the attentive and speedy customer service. Many said Square is simple to use, and especially ideal for small businesses.
Compare Square with other checking accounts
Compare other business checking accounts based on their fees, ATM networks and interest rates.
How do I deposit or withdraw my money?
Currently, you can’t deposit cash or checks into your Square Checking account, but there are a few other ways to move money into and out of it.
Deposit options
- Sales. Revenue from your business sales is instantly available to spend with your debit card.
- Incoming ACH transfers. Load money into this account from another bank using your routing and account numbers. Transfers typically take 2 to 3 days, but you can pay a 1.5% fee for an instant transfer.
Withdrawal options
- ATMs. You can withdraw cash from any ATM that accepts Mastercard. Square doesn’t charge any ATM fees, but the owner of any ATM you use probably will.
- Payroll. If you have employees, you can elect to pay them directly from your Square Checking account.
- Outgoing ACH transfers. Send funds to a linked external bank using your account and routing number. Transfers usually take 2 to 3 days, but you can pay a %1.5 fee to move the funds instantly.
How to contact Square customer service
There are a few ways to contact a Square representative if you have questions or need help with your account.
- Call 855-700-6000 on weekdays from 6 a.m. to 6 p.m. PT.
- Submit a secure a message via Square‘s website, and you can expect a response in 24 to 48 hours.
- Communicate directly with a live Square agent during business hours.
- Find answers to most of your questions by browsing through Square‘s Seller Community forums at sellercommunity.com.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
