thread Re: Square checking vs. linking your own bank in Banking With Square

Square checking vs. linking your own bank

MelAsanaSoap — Sat, 20 Sep 2025 13:23:37 GMT

Just setting up my account and wondering about linking my bank account vs. Square's own checking account. What are pros and cons?

Re: Square checking vs. linking your own bank

Minion — Wed, 21 Sep 2022 10:40:44 GMT

Hi @MelAsanaSoap

I don't use Square checking, so i'm not sure of all pros/con but here are some that I think maybe still relevant based on others experience.

Square Checking Pros:

Instant access to funds
Free debit card
No monthly fees
No minimum balance required
Straight forward sign up process
Access to account tools all in one place
No Chexsystem check?

Square Checking Cons:

may be tough to get in touch with Customer Service
monthly statements are in csv format (maybe this has changed)
No personal connection with institution
If you have account problems/it could freeze up your banking until issue is resolved?
No options for a BLOC or Business Credit Card

A few questions for you though also that could make a difference in your decision

Is your business a full time business or a side business for you?

Who is your local banking institution you use, and how long have you been established with them?

Do you plan to grow your business in the future, or are you content with where it is now?

Re: Square checking vs. linking your own bank

MelAsanaSoap — Wed, 21 Sep 2022 11:13:11 GMT

Thank you very much! This is very helpful.

Re: Square checking vs. linking your own bank

Doran — Thu, 22 Sep 2022 18:19:21 GMT

The statements come in a PDF now. But other than that this Pro/Con list is pretty spot on.

I use both Square checking/Savings and a tiny local bank.

I LOVE Square savings and use it for a ton of projects and auto saving.

Square checking I keep a balance in and use the Square card when I need to but I've had issues transfering Paypal and other payments into it. Plus I have two small local venders that only accept checks so I use my local bank for that.