Where to find the bank account settings in Square
To change your bank account on Square, log into your Square account on a web browser—the mobile app does not have this option. Go to the Account & Settings menu, usually found in the top right corner or in a sidebar menu. Select Banking or Bank Accounts depending on your account type. You will see a list of any bank accounts already connected to your Square account.
If you are using Square Cash (the peer-to-peer payment app), the path is slightly different: tap your profile icon, then Settings, then Banking. The steps to add or change an account are the same from there.
Key Takeaways
- You must use a web browser to change your bank account; the Square mobile app does not support this change.
- Square allows you to add multiple bank accounts and choose which one receives transfers, so you do not have to remove the old one first.
- Changing your bank account takes effect on your next scheduled transfer, which usually happens within one to two business days.
- You will need your routing number and account number from your new bank to complete the change.
- If a transfer fails because the bank account information is wrong or outdated, Square will retry for several days before holding the funds.
Adding a new bank account without removing the old one
Square lets you keep multiple bank accounts on file at the same time. This means you can add a new account and set it as your default without deleting the old one. In the Banking section, click Add Bank Account or Add Account. Enter your routing number and account number from your new bank, then confirm the account type (checking or savings).
Square will verify the account by making two small test deposits to your new bank account, usually within one to two business days. You will need to confirm the amounts of these deposits back in your Square account to complete verification. Once verified, you can set this account as your default for receiving transfers.
Removing an old bank account
If you want to delete a bank account from your Square account, go to the Banking section and find the account you no longer need. Click the three-dot menu or Remove button next to that account. Square will ask you to confirm the removal.
You cannot remove a bank account if a transfer to that account is currently pending. Wait for the transfer to complete or fail before you can delete it. If you have set up recurring transfers or payouts to a specific account, removing that account will pause those transfers until you assign a new one.
What happens to money already in transit
If you change your bank account while a transfer is already scheduled or in progress, that transfer will still go to the old account. Square processes transfers on a set schedule—usually daily or weekly depending on your account type—and does not redirect money mid-transfer.
Your next transfer after the change will go to your new bank account. If you need the money urgently and a transfer to the old account is about to happen, contact Square support before the transfer processes. They may be able to cancel or redirect it, but this is not may provide.
Fixing a failed transfer to a wrong bank account
If you changed your bank account but Square sent money to the old one by mistake, or if the account information was incorrect, the transfer may fail. Square will attempt to retry the transfer for several days. If the retry fails, the funds will be held in your Square account and marked as a failed transfer.
Log into your Square account and look for the failed transfer in your transaction history. You will see an option to retry the transfer to your new bank account or contact support for help. If the money was sent to the wrong account at another bank, you will need to contact that bank directly to request a reversal, as Square cannot retrieve funds sent to an account you no longer control.
Timing for when the change takes effect
Changes to your bank account take effect on your next scheduled transfer, not immediately. Square typically processes transfers once per business day, though the exact timing depends on your account type and when you made the change. If you change your account on a Friday afternoon, the new account will receive the next transfer on Monday or Tuesday.
You can check when your next transfer is scheduled by looking at your Transfers or Payouts section in Square. The date shown there will tell you when money will move to your newly added bank account. If you need to move money faster, some Square account types offer instant transfers for a small fee, though these still require a verified bank account.
Why Square might reject your new bank account
Square verifies bank accounts by sending two small test deposits. If those deposits are rejected or if you cannot confirm the amounts, the account will not be verified. This usually happens because the routing number or account number was entered incorrectly, or because the account is closed or frozen.
Double-check that you entered the correct routing number for your bank—this is a nine-digit code specific to your bank's location, not your account number. If you are unsure, log into your bank's website or call the bank directly to confirm. If the account is at a credit union or smaller bank, make sure you are using the routing number for that specific branch, not a national routing number.
Frequently Asked Questions
Can I change my bank account on the Square mobile app?
No. You must use a web browser to change your bank account. Open Square.com, log in, and go to Account & Settings, then Banking. The mobile app does not have this feature.
How long does it take for a new bank account to be verified?
Square sends two small test deposits to your new account, which usually arrive within one to two business days. Once you see them in your bank account, log back into Square and confirm the amounts. Verification is complete once you confirm, and your account is ready to receive transfers.
What if I accidentally changed my bank account and need to change it back?
You can add your old bank account back to Square the same way you added the new one. If it was recently removed, Square may still have it on file and verification may be faster. Your next transfer will go to whichever account you set as your default.
Will Square charge me a fee to change my bank account?
No. Changing your bank account is free. Square only charges fees if you use an instant transfer option, which moves money faster than the standard one to two business day window.
What happens if I change my bank account but forget to update my default?
If you add a new account but do not set it as your default, transfers will continue going to your old account. Make sure you click the option to set your new account as the primary or default account for receiving transfers.