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Loans: Can a Square loan be deposited into my Square account and not my bank account?

Can I have a square loan be deposited into my square account? Not my bank account 

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Admin

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Hi @Tonethebarber, I'm very sorry for the confusion but right now when you receive a Square loan the funds will be deposited to your linked bank account: the funds won't be available to spend with your Square Card.

 

I've updated this thread and member of the Loans team is going to email you too.

 

I agree it would be really useful to have those funds available to spend with your Square Card and we'll let you know if this is possible in future. 

 

Apologies again! 

️ Helen
Seller Community Manager

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Community Team

Best Answer

Hi @BIZCREDIT, 

 

Thanks for the question. 

 

If you have an active Square Loan offer and you would like to have the option of depositing your funds into your Square Checking account, you will first need to open a Square Checking account. Once you have opened your account, you will see the option to deposit your loan funds into your Square Checking account on your Square Loan application. Upon approval, your loan will be deposited instantly into your Square Checking account.

You can open a Square Checking account directly from your Square app or from your online Square Dashboard.

 

From the Square app

  1. From your Square app, go to Balance > Checking > Get started.
  2. Verify that your name and business name matches the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owner.
  3. Personalize your Square Debit Card
  4. Enter a shipping address to receive your physical Square Debit Card
  5. Set a PIN for your account.

From Your Online Square Dashboard

  1. Go to the Balance section of your online Square Dashboard.
  2. Select one of your locations under Locations
  3. Select the gear icon > select Square Checking.
  4. Select Get started.
  5. Verify that your name and business name match the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owners.
  6. Personalize your Square Debit Card
  7. Enter a shipping address to receive your physical Square Debit Card
  8. Set a PIN for your account.

After opening your Square Checking account, your Square Debit Card is immediately available to use digitally via Apple/Google Pay or by viewing the card number in the Square app or online Square Dashboard. Your physical Square Debit Card will arrive in 7-10 days.

 

 

 

Vickie
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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Super Seller

I believe if you have a Square Card activated your Square loan will go to your Square balance account until you manually start a deposit.  Is that correct @Helen ?

 

edited: as Helen has updated with the correct answer.

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So i have a similar question...I've had my square card activated for about a week and it works great . Today I got a square loan and it was approved and then a while after I got an email that said the money has been sent and will be deposited in my account in 1-2 business days. Why did it do that rather than go to my square card? Or am I just being impatient and it will be in my square card balance soon? @Helen 

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Admin

Best Answer

Hi @Tonethebarber, I'm very sorry for the confusion but right now when you receive a Square loan the funds will be deposited to your linked bank account: the funds won't be available to spend with your Square Card.

 

I've updated this thread and member of the Loans team is going to email you too.

 

I agree it would be really useful to have those funds available to spend with your Square Card and we'll let you know if this is possible in future. 

 

Apologies again! 

️ Helen
Seller Community Manager

Did you find help in the Seller Community? Mark a Best Answer to help others.
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How long before loan shows in bank account 

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Square Community Moderator

Hi @Kerrie72

 

Thank you for taking the time to reach out to us! 

 

If you’re approved, you’ll receive funds in your linked bank account within one to two business days. Should any issues arise, we’ll contact you during this timeframe.

 

If you have any questions, please feel free to contact us

James C
The Square Banking Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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Glad you asked this question, I can here to see if this was possible.

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Why are Square Loans deposited into bank account instead of Square  Card?

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Square Community Moderator

Hi @deb8!

 

I moved your post to an existing thread in the Community that goes over this. 

 

Check out Helen's answer above for more details. 

Ashley C
Community Moderator, Square
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Beta Member

Can square loans now be put into my square checking account to use with my square card?

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Community Team

Hi @Bizcredit,

 

Appreciate you taking the time to post. 

 

If you choose to deposit your loan into your Square Checking account, upon approval your loan will be deposited instantly. Once your Square Loan is deposited into your Square Checking account, you can spend the funds using your Square Debit Card or account and routing number. You can also manually deposit your money into your linked bank account at any time.

 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Jules
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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Beta Member

So how do you pick your square account?

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Community Team

Best Answer

Hi @BIZCREDIT, 

 

Thanks for the question. 

 

If you have an active Square Loan offer and you would like to have the option of depositing your funds into your Square Checking account, you will first need to open a Square Checking account. Once you have opened your account, you will see the option to deposit your loan funds into your Square Checking account on your Square Loan application. Upon approval, your loan will be deposited instantly into your Square Checking account.

You can open a Square Checking account directly from your Square app or from your online Square Dashboard.

 

From the Square app

  1. From your Square app, go to Balance > Checking > Get started.
  2. Verify that your name and business name matches the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owner.
  3. Personalize your Square Debit Card
  4. Enter a shipping address to receive your physical Square Debit Card
  5. Set a PIN for your account.

From Your Online Square Dashboard

  1. Go to the Balance section of your online Square Dashboard.
  2. Select one of your locations under Locations
  3. Select the gear icon > select Square Checking.
  4. Select Get started.
  5. Verify that your name and business name match the account owner’s name on the Square account. For security reasons, Square Checking will only be issued to the account owners.
  6. Personalize your Square Debit Card
  7. Enter a shipping address to receive your physical Square Debit Card
  8. Set a PIN for your account.

After opening your Square Checking account, your Square Debit Card is immediately available to use digitally via Apple/Google Pay or by viewing the card number in the Square app or online Square Dashboard. Your physical Square Debit Card will arrive in 7-10 days.

 

 

 

Vickie
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.
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