{"id":4465,"date":"2024-10-15T10:42:54","date_gmt":"2024-10-15T15:42:54","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=4465"},"modified":"2024-10-15T10:42:55","modified_gmt":"2024-10-15T15:42:55","slug":"square-checking-account-review","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/square-checking-account-review","title":{"rendered":"Square Checking Account Review: Pros, Cons, & Requirements"},"content":{"rendered":"\n

When you\u2019re opening a business checking account<\/a>, choosing the right features and fee structures is key. Square, a popular financial payment processor, now offers Square Checking accounts. While Square, Inc. is a financial services company, their checking accounts are provided by Sutton Bank, Member FDIC.<\/p>\n\n\n\n

Square Checking offers several compelling benefits, including mostly fee-free accounts and seamless integration with Square point-of-sale (POS) systems. This makes it effortless for business owners to receive, transfer, and manage payments. Could Square Checking be the ideal solution for your organization? Find out by reading our in-depth review.<\/p>\n\n\n\n

<\/span>Square Checking Account Features<\/strong><\/span><\/h2>\n\n\n\n

These Square Checking<\/a> features make it stand out as a business banking partner:<\/p>\n\n\n\n

<\/span>Easy-to-Use Interface and POS<\/strong><\/span><\/h3>\n\n\n\n

You must be a Square POS user to open a Square checking account<\/a>. Because of this, you’ll already be familiar with Square’s intuitive, easy-to-use interface. By adding Square Checking, you can fund your sales instantly, and spend the money right away via your Square Debit Card. There\u2019s no waiting for transfers or processing times.<\/p>\n\n\n\n

<\/span>Digital and Physical Debit Cards  <\/strong><\/span><\/h3>\n\n\n\n

Square offers both digital and physical debit cards for all account holders. Add your Square Debit Card to Apple Pay or Google Pay to make purchases online, in apps, or in-store instantly. You can also get a Square Debit Card for everyday transactions. Owners can distribute up to five debit cards to their team, which allows them to make purchases from the business account. This helps streamline your spending and maintain control over your business\u2019s finances.<\/p>\n\n\n\n

<\/span>No Hidden Fees  <\/strong><\/span><\/h3>\n\n\n\n

Square Checking offers a business-friendly account with minimal fees. There are no monthly maintenance charges, minimum balance requirements, overdraft penalties or foreign transaction fees. The only costs you\u2019ll encounter are for specific transfer services and when processing payments through the Square POS system. This streamlined fee structure also allows you to manage your business finances more efficiently, keeping more money in your pocket.<\/p>\n\n\n\n

<\/span>Security Features  <\/strong><\/span><\/h3>\n\n\n\n

Square offers two-step verification to protect your account from unauthorized access with verification texts upon login. Debit card holders can easily lock and unlock their cards through the mobile app.<\/p>\n\n\n\n

<\/span>FDIC Insurance  <\/strong><\/span><\/h3>\n\n\n\n

A Square Checking account is FDIC-insured up to $250,000, ensuring your funds are protected.<\/p>\n\n\n\n

<\/span>Convenient Transfers  <\/strong><\/span><\/h3>\n\n\n\n

Square makes it easy to transfer money between accounts. You can automatically transfer funds daily to an external bank account for free, available the next business day. For a small fee, instantly transfer funds to your external bank account or set up a customizable schedule for transfers to external accounts.<\/p>\n\n\n\n

<\/span>Additional Features  <\/strong><\/span><\/h3>\n\n\n\n

Square Checking also allows users to issue and manage printable checks, directly from your Square Checking balance. It\u2019s also easy to organize and streamline outgoing payments. The app and website offer options to upload bills, take photos or forward via email.<\/p>\n\n\n\n

<\/span>Requirements to Open a Square Checking Account<\/strong><\/span><\/h2>\n\n\n\n

You can set up a Square Checking account in just a couple of minutes. To get started, sign up as a Square seller. Once that\u2019s done, opening your checking account<\/a> is straightforward. Simply head to the Balance applet in your Square Point of Sale app or Dashboard. Next, click on Square Checking. From there, select \u201cOpen account\u201d and follow the prompts to verify your information.\u00a0<\/p>\n\n\n\n

You\u2019ll also get to personalize your business debit card and confirm the shipping address for it. While you wait for your physical card to arrive, Square suggests adding your debit card to Apple Pay\u00ae or Google Pay\u2122. This allows you to start using your funds immediately. <\/p>\n\n\n\n

<\/span>Fees and Pricing<\/strong><\/span><\/h2>\n\n\n\n

Square Checking does not charge monthly maintenance fees, minimum balance requirements, overdraft fees or foreign transaction fees. However, certain transfers and payment processing through the Square POS system incur fees.\u00a0<\/p>\n\n\n\n

Here\u2019s a list of all the fees associated with a Square checking account:<\/p>\n\n\n\n