Why am i seeing .01 deposits but no withdrawls for my verification on linking my bank account

[Cwhitten23]

Why am i seeing .01 deposits but no withdrawls for my verification on linking my bank account

[Chad]

That sounds really odd @Cwhitten23.

Have you checked with your bank to see if there are any withdrawal limitations on your account? 

[VictorianNails]

I am new to square and I have been seeing $.01 in my account and they never deposit the rest. So I’ll receive a email saying the sent a deposit for a bulk amount and only see one cent. Please help me out if you ever got to the bottom of this. Thanks so much! 

- Confused 

[Joe]

Hi there, @VictorianNails - I think we can help clarify here!

This .01 is a small amount that we send over to your bank account to complete connected verification. This is an initial step in our bank verification process, which allows us to ensure that we can communicate with your bank. The entire verification process can take up to 4 business days to automatically complete. If you see this amount multiple times, that can be an indication that your bank is having a hard time verifying with Square. 

You can absolutely accept payments while your bank account is being verified. Any payments you accept during this time will remain in your Square balance until the bank verification process is complete. At that time, Square will send all funds in your Square balance to your bank account within 36 hours.

You can learn more about this process and find troubleshooting here.