thread Re: Connect Bank for Loan in Banking With Square

Connect Bank for Loan

SS3 — Sat, 20 Sep 2025 12:29:10 GMT

Hello,

As I was looking at my new loan offer, I saw (for first time) a tab that says Connect A Bank. It says to connect your business bank account to help Square learn more about your business. No more info or explanation. What exactly does this mean?

Is someone from Square going to be watching my account activity?

Can someone please give more info about what this means, the reasoning behind it, how it works, implications, etc. I couldn't find any info.

Thank you!

Michelle

Re: Connect Bank for Loan

Minion — Fri, 18 Aug 2023 10:57:26 GMT

Hi @SS3

I wasn't aware of this until I checked out that section of my account. I'm guessing its a new feature ( which for funding purposes a normal feature to have for working Capital) Companies like Amex Blueprint (previously Kabbage ) have been using a feature like this for years.

By connecting your bank it will give Square ( probably not a person, but computer based algorithm) I'm assuming a better look at your overall account and potentially offer higher loan amounts based on your connected accounts.

This can help improve offers for business who accept cash or checks that are not processed through Square , but are still being deposited into a business bank account.

Again, I don't have any concrete info on this, I'm just assuming this is how it will be used.

Re: Connect Bank for Loan

SS3 — Sun, 20 Aug 2023 03:55:49 GMT

I appreciate your thoughts and input, Dan.

Will anyone from Square come in with info?

Re: Connect Bank for Loan

Minion — Sun, 20 Aug 2023 11:04:09 GMT

I'll see if i can dig around and find anymore info on this or if they can confirm it!

Edit. I did just do a quick google search, and this is/was in beta and the option allows square to better provide offers for their customers of any size.

Re: Connect Bank for Loan

Minion — Tue, 22 Aug 2023 00:08:55 GMT

I just wanted to drop back in with the announcement from Square here @SS3 . If you have any further questions with maybe how they will use the data collected, that thread would be your best bet to post in. Hope this helps.

Cheers

Re: Connect Bank for Loan

SS3 — Tue, 22 Aug 2023 01:23:10 GMT

Thanks again! Appreciate the info and resources.

Re: Connect Bank for Loan

Kacey13 — Tue, 22 Aug 2023 20:48:30 GMT

Hi @SS3,

Thanks for your post!

Take a look at our announcement for more information regarding connecting a bank account.

https://www.sellercommunity.com/t5/Square-Loans-Discussion/Share-your-bank-data-to-help-improve-future-offers-and/td-p/677943

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Re: Connect Bank for Loan

Kacee_l15 — Thu, 07 Dec 2023 21:00:49 GMT

How do we remove the account if we link it, and later need to change banking institutions?

Re: Connect Bank for Loan

Ccsla818 — Tue, 23 Jan 2024 01:32:00 GMT

That was my question I was trying to find an answer for you ever find out?

Re: Connect Bank for Loan

Kacee_l15 — Tue, 23 Jan 2024 03:13:12 GMT

Yes-you have to contact Plaid Inc and request your info to be removed. It was a simple process. Very self explanatory on Plaid website.

Re: Connect Bank for Loan

Papacouture — Thu, 05 Dec 2024 12:03:24 GMT

My bank is not supported to make the connection and I have tried a couplemof times. I live in a very rural area amd my bank selection is very limited and itmis unreasonable to drive an hour to use a different bank.

Re: Connect Bank for Loan

Twpchair — Thu, 05 Dec 2024 13:24:11 GMT

Hello, I have a small rural Credit Union and they don’t allow 3rd party apps like plaid either. Security reasons only. So, I can’t either. There are a bunch on here as well. There is a link for bank statements to upload. I believe the Mod has it pinned!