thread Re: Question about the new Square Checking Account. in Archived Discussions (Read Only)

Question about the new Square Checking Account.

MPG — Wed, 04 Aug 2021 23:46:41 GMT

Do I have to Unlink my current bank account under "Account and Settings" and add the new Square Account and Routing number? Square says the funds are instantly available when payments are processed, but they don't mention if the account is already linked or if you have to add the account under "Bank"... There is no how-to anywhere. If I leave my current bank account linked, will funds still be deposited to it automatically, or will they now stay in the Square checking account until I transfer it? I just signed up for the new bank account to simplify my accounting, but I don't do high volume payment processing, I've received cash all week so I'm still not sure how it works. I can't remove my current bank unless I add a new one. I don't want funds to be deposited to it automatically anymore, I want them to stay in square's account until I decide to make a transfer.

Re: Question about the new Square Checking Account.

Minion — Thu, 05 Aug 2021 00:20:46 GMT

Hey @MPG

You'll leave your current external bank account info linked to your account as is.

You can access Square Account and Routing number under Accounts & Settings > Business > Transfers and then view them under Account Details.

I'm not 100% certain on if the auto transfers stay intact once you "created" the Square checking since I normally manual transfer anyway, but I'm going to go with a hunch that automatic transfers are turned off once you have the Square Checking.

Re: Question about the new Square Checking Account.

MPG — Thu, 05 Aug 2021 01:35:03 GMT

Thanks @Minion !

I didn't even think of checking under "Transfers".. I just did.. and I THINK it looks different than it used to? I can't remember.. but there is no option to turn the nightly transfers off, and I'm pretty sure there used to be. Now it's just Account Details for the checking account, Add Money from an external account, and an Instant Transfer to a linked bank account option.

You may be right.

Re: Question about the new Square Checking Account.

Minion — Thu, 05 Aug 2021 10:03:37 GMT

You're Welcome

Yeah I'm pretty sure that's the way it switches to once you activate square checking.

So in our situation, you'll be all set to go and you can simply do manual transfers to your external account when needed.