How to change your bank account in Square
Log into your Square account on the web or mobile app, go to Settings, then Payouts, and select Edit next to your current bank account. You can then add a new bank account and set it as your default for deposits. Square will verify the new account by depositing two small amounts (usually under $1 each) into it within one to two business days. You confirm those amounts in your Square dashboard to complete the verification. Once verified, you can remove the old account if you no longer need it.
The process takes a few minutes to start, but the full verification can take up to five business days. During that time, your payouts will continue going to your old account unless you manually pause them. Square does not automatically switch your deposits to the new account until verification is complete.
Key Takeaways
- You change your payout bank account through Settings > Payouts > Edit on the web or in the Square mobile app.
- Square verifies new accounts by depositing two small amounts and asking you to confirm the exact dollar figures in your dashboard.
- Verification typically takes one to five business days, and your payouts stay on the old account until the new one is verified.
- You can remove your old bank account once the new one is active, but keeping it as a backup is optional.
- If verification fails, check that the account number and routing number match your bank records exactly.
Why you might need to change your bank account
You may change your payout account because you closed the old bank, switched banks, or opened a new account for business purposes. Some people add a second account to split deposits between personal and business banking. Others change accounts after a data breach or fraud alert on their original account.
Square lets you add multiple accounts and switch between them, so you are not locked into one destination. This is useful if you want to test a new bank before fully switching, or if you need to route deposits to different accounts at different times.
Step-by-step: adding a new bank account
On the web: Sign in to your Square Dashboard. Click the profile icon in the top right, then select Settings. Click Payouts in the left menu. Find your current bank account and click Edit. Click Add Bank Account at the bottom of that section. Enter your bank name, account type (checking or savings), account number, and routing number. Click Save.
On mobile: Open the Square app and tap the profile icon at the bottom right. Tap Settings. Scroll to Payouts and tap Edit next to your bank account. Tap Add Bank Account. Fill in your bank details and tap Save.
After you save, Square sends two deposits to the new account. Check your bank statement or online banking portal for these deposits within one to two business days. The amounts are random and usually between $0.01 and $0.99 each.
Verifying your new account
Once the two test deposits appear in your new bank account, return to your Square dashboard. Go to Settings > Payouts and find the new account you added. Click or tap Verify. Enter the exact dollar amounts of the two deposits in the order Square asks for them. Click Confirm.
If you enter the amounts correctly, Square marks the account as verified immediately. If you enter them incorrectly, you can try again. Square gives you up to 10 attempts before the verification expires. If it expires, you can start over by adding the account again.
Once verified, the new account becomes your default payout destination. Any deposits Square owes you from that point forward go to the new account. Deposits that were already scheduled to the old account before verification will still go there.
What happens to your old bank account
Your old account remains in your Square settings even after you add a new one. Square does not automatically delete it. You can leave it there as a backup, or you can remove it by clicking Delete next to the account name in your Payouts settings.
If you delete the old account and later need to use it again, you can add it back and go through verification a second time. There is no penalty for removing and re-adding accounts. However, if you have pending payouts scheduled to the old account, Square will not send them to the new account automatically—you may need to contact Square support to reroute them.
Timing: when deposits switch to your new account
Square processes payouts on a schedule that depends on your account type and transaction history. Most accounts receive daily or weekly payouts. If your payout is scheduled for tomorrow and you verify your new account today, that payout may still go to the old account because it was queued before verification completed.
Payouts initiated after your new account is verified will go to the new account. If you need a payout to go to a specific account on a specific day, contact Square support at least 24 hours in advance to confirm the timing.
Troubleshooting verification problems
The most common reason verification fails is a mismatch between the account number or routing number you entered and what your bank has on file. Double-check both numbers against your bank statement, a check, or your bank's website. Routing numbers are nine digits; account numbers vary by bank but are usually 10 to 12 digits.
If the test deposits do not arrive within two business days, your bank may have rejected them. This can happen if the account is frozen, flagged for fraud, or closed. Contact your bank to confirm the account is active and accepting deposits. Then ask Square support to resend the verification deposits.
If you entered the deposit amounts incorrectly three times in a row, wait 24 hours before trying again. Square temporarily locks the verification process to prevent brute-force guessing. After 24 hours, you can attempt verification again.
Frequently Asked Questions
Can I have multiple bank accounts in Square at the same time?
Yes. You can add up to 10 bank accounts to a single Square account. Only one is your default payout destination, but you can switch between them in your Payouts settings. This is useful if you want to split deposits or test a new bank before fully switching.
What if I close the old bank account before removing it from Square?
Square will attempt to send payouts to the closed account and they will bounce back. Your deposits will be held temporarily while Square tries to resolve the issue. Contact Square support immediately with your new account details so they can reroute pending payouts and prevent delays.
Do I need to pause my payouts while I change accounts?
No. Square does not pause payouts automatically when you add a new account. Your existing payouts continue to the old account until the new one is verified. If you want to stop deposits temporarily, you can pause payouts in your Payouts settings, but this is optional.
How long does the whole process take?
Adding the account takes a few minutes. Verification takes one to five business days, depending on how quickly your bank processes the test deposits and how soon you confirm the amounts. Plan for up to a week if your bank is slow.
What if Square sends the test deposits but I can't find them in my bank account?
Check your bank's pending transactions or hold queue—some banks show deposits as pending for 24 hours before they clear. If they do not appear after two business days, log into your bank's website or call your bank to confirm the account is active. Then contact Square support to request a resend of the verification deposits.