Hi @SAPB. Speaking from experience assisting other sellers with issues like this, there are a couple of problems that could be yours. In order to open a Square Savings account, Square is required by Federal Law (the Patriot Act) to verify our eligibility to open an FDIC-insured bank account, which is what our savings accounts are. This means that a request is sent to the IRS and/or the SSA to verify business EINs and/or business owners’ social security numbers. If either of those is rejected by the IRS or SSA, then it’s game over for now.
As of the last time I checked, Square can not attempt to verify the information again once it has been rejected. The IRS and SSA don’t allow it. However, it is my understanding that Square is trying to leverage the information that third party identity verification companies have to get around this limitation.
In the meantime, it would be wise to verify all of your personal and company information on your Square account. Be sure that your SSN is correct and that it matches your name with the Social Security Administration EXACTLY. One common reason this check fails happens when people change their name (like when they get married) and forget to change it with the SSA. This causes a mismatch and SSA will reject Square’s request.
Also, make sure that your Employer Identification Number (EIN) is correct on your Square account, and that it matches the EXACT name (spelling, too) of your company as registers with your state.
I wish I could help you more, but for now I’m pretty sure that you will have to wait. Hopefully Square can find a solution soon for those who were initially rejected by the IRS/SSA and are now in limbo.
Best of luck,
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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