Squareup doesn't hold funds based on frequency, amount or the type of transaction. Customers can choose to transfer their funds out of their Square balance into their linked v bank account. All Square merchants deal with standard deposit schedule. In the schedule, expect the funds to be deposited within 1-2 business days and 36 hours after the transaction.
So, if the funds are still not deposited in your bank account by then, you should contact Squareup customer support for assistance. The Squareup funds instant deposit may not be available at the moment if you haven't linked your bank account. Consequently, if the bank account is not verified, it may take longer for the funds to be deposited into the account until the verification is done.
Therefore, you may experience a delay in having your Squareup funds deposited to your bank account depending on the status of the account and whether it's verified or not. To avoid this, start by linking your bank account and checking if it's verified. To know if the bank account is verified, check the verification status on the Squareup online dashboard.
How Long Do I Have to Wait for My Bank Account to Be Verified?
In order to avoid delays in depositing your Squareup funds to your bank account, ensure the account is verified. The verification process can take 5-business days. Customers can check the verification status by looking at the Squareup dashboard.
1. Go to Squareup accounts & settings
2. Click bank account
3. Check the incoming email on the verification status
If the account is not verified, it means that your funds will not be deposited into the bank account. Your next step is to ensure the verification is completed. Contact Squareup customer support to get the necessary assistance. Follow the prompts and wait for the 5-business days for the verification to be completed.
To verify your bank account, follow the steps below;
1. Check the account the next business day after linking
2. Look for two deposits of $1 on the bank statement
3. Visit run payroll by going to the Square dashboard
4. Enter your small deposits into the fields on the verify bank deposit section
5. Click submit
When depositing Squareup funds into a newly opened bank account that is less than 30 days old, your bank will hold the funds for 9-days before making the money available to the customer. If the account is not verified, you can wait for longer. Therefore, the fact that the money is not deposited into your bank account instantly doesn't mean that something is wrong or the transaction didn't go through, it may mean that the process is still taking its course.
Can I Use a Squareup Funds Without a Bank Account?
Absolutely no. Squareup needs a transactional bank account which allows withdrawals and deposits. This helps in case you have refunds and chargebacks. Therefore, prepaid cards and online-only accounts such as Paypal are not supported. You need to have a bank account and ensure its verified and linked to Squareup to be able to use your funds in any way you see fit.
Customers with multiple separate or business accounts can only link one bank account to their Square up.
After thousands of Square customers came to GetHuman in search of an answer to this problem (and many others), we decided it was time to publish instructions. So we put together Why Are My Square Funds Not Deposited to My Bank Account? to try to help. It takes time to get through these steps according to other users, including time spent working through each step and contacting Square if necessary. Best of luck and please let us know if you successfully resolve your issue with guidance from this page.
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