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Business bank account review

Square Checking

Business checking inside the Square ecosystem, provided by Sutton Bank, with no monthly fee, no minimum balance and free cash deposits at participating retail stores through the Square POS app.

By SquareParent company: Block, Inc.
Not enough data to score
Square also offers: POS systems, Card processing, Online ordering, and 4 more

What we like

  • $0 monthly fee, $0 minimum balance and $0 opening deposit, with no per-transaction fee in the terms' fee schedule.
  • Cash deposits at participating stores such as Walgreens, Dollar General and 7-Eleven carry no fee.
  • Square card sales are generally in the account balance right after each payment is processed.

What to watch

  • Cash deposit limits are set by each store and shown only in the Square POS app; Square does not publish them.
  • Square is not a bank: the money sits in a pooled account at Sutton Bank, and FDIC coverage is pass-through, with conditions.
  • No branches and no ATM network of its own; the terms do not accept cash or incoming wires delivered to the bank.
  • The balance pays no interest, and the bank can change the terms without prior notice.

How the score breaks down

RTC ScoreNot enough data

Methodology v1.0.0

We could verify less than 60% of what we score, so we don't rank it.

Data completeness56%

We could verify 56% of the scoring data

Strongest points
Fee to close the account, How easy the monthly fee is to avoid, Open online
Weakest point
Owner with an ITIN and no SSN

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%No data
  • Where you can deposit cashWeight 10%2.0 out of 10
  • Cash deposit limitWeight 10%2.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%Weakest0.0 out of 10
  • Fee to close the accountWeight 10%Strongest10.0 out of 10
  • How easy the monthly fee is to avoidWeight 8%Strongest10.0 out of 10
  • Accounting software it connects toWeight 6%No data
  • Open onlineWeight 5%Strongest10.0 out of 10
  • Outgoing domestic wire feeWeight 5%No data
  • Mobile check depositWeight 4%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$0/moSource: Square (opens in a new tab)
How to avoid the monthly feeNo monthly feeSource: Square (opens in a new tab)
Transactions included a monthN/ASource: Square (opens in a new tab)The fee schedule in the terms lists no per-transaction fee.
Each transaction over the included onesN/ASource: Square (opens in a new tab)Square Checking does not charge per transaction.
Outgoing domestic wireUnconfirmedSource: Square (opens in a new tab)The terms and the product page do not describe outgoing wires; the terms say incoming wires are not accepted. Money goes out by debit card, ACH, Bill Pay, printable check or transfer to an external account.
Minimum opening deposit$0Source: Square (opens in a new tab)
Other feesInstant and same-day transfers to an external account cost a fee per transfer that the product page does not state (minimum $25, maximum $10,000 per transfer). No fee for ATM withdrawals, foreign transactions, overdrafts, card use, replacement cards or account closure; third-party ATM operators may charge.Source: Square (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: Square Support Center (opens in a new tab)
Where you deposit cashRetail stores (e.g. Green Dot)Source: Square Support Center (opens in a new tab)Only at participating stores, with a barcode from the Square POS app (not from Square Dashboard). The terms say cash delivered to a Sutton Bank branch is not accepted.
Cash deposited free each monthN/ASource: Square Support Center (opens in a new tab)Square charges nothing for cash deposits; how much you can deposit depends on each store's limits, which you see only in the app.
Cash deposit limitHas limits it doesn't publishSource: Square Support Center (opens in a new tab)Limits are shown per store in the Square POS app (Banking > Checking > Add money > Cash deposit).
Most cash a monthNot publishedSource: Square Support Center (opens in a new tab)
Bank and deposit insurance
Data pointValue
Who holds the moneyA fintech, through a partner bankSource: Square (opens in a new tab)
Bank that holds the depositsSutton Bank, Member FDICSource: Square (opens in a new tab)Square deposits the funds in a pooled account at Sutton Bank, held as your agent (terms, section 5).
Most FDIC coverage offered$250,000Source: Square (opens in a new tab)Pass-through coverage: it depends on Square keeping accurate records, and anything else you hold at Sutton Bank counts toward the same limit.
Requirements to open
Data pointValue
What the owners must giveThe terms ask for the owner's name, date of birth, address, email and Social Security number, plus the legal entity name, EIN and beneficial owner information. A sole proprietor must be a U.S. citizen, or a legal resident with a U.S. tax ID number, at least 18; an entity must be a U.S. business with an EIN.Source: Square (opens in a new tab)
Owner with an ITIN and no SSNThe bank publishes that an SSN is requiredSource: Square (opens in a new tab)The terms list the Social Security number among the information you must provide and do not mention an ITIN. They also accept a sole proprietor who is "a legal resident with a U.S. tax ID number", without saying which number.
Open onlineOnlineSource: Square (opens in a new tab)You need a Square seller account first.
Day to day
Data pointValue
Mobile check depositYesSource: Square (opens in a new tab)
ATM withdrawalsWithdraw with the Square Debit Card at ATMs bearing Mastercard, Maestro or PULSE. Square has no ATM network of its own and charges no ATM fee; the ATM operator may charge. Withdrawal limits range from $1,000-$3,000 a day to $2,000-$10,000 a month, depending on the account's age and history.Source: Square (opens in a new tab)
Accounting software it connects toNo data
Interest on the checking balanceNo interest: the terms say the balance does not pay interest.Source: Square (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the account$0 one-timeSource: Square (opens in a new tab)
Minimum termMonth to monthSource: Square (opens in a new tab)No minimum term: you can close the account at any time by calling Customer Service.
Closing clauseYou can close the account at any time by calling Customer Service, and closing costs $0. The bank can also close or suspend it at any time; the remaining balance can be sent to you by check.Source: Square (opens in a new tab)
Right to change feesThe bank can add to, delete or amend the agreement at any time without notice, subject to the law, by posting the new version on Square's website; using the card means you accept it (terms, section 40).Source: Square (opens in a new tab)
Language
Data pointValue
Business pages in SpanishYesSource: Square (opens in a new tab)The Square Checking page exists in Spanish for the U.S. Square notes that some content may have been translated with AI. Spanish in the app and in Square Checking support was not confirmed.
Support in SpanishNo data

More about Square Checking

How we score