Square Checking & Debit Card review
- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
This business account gives you instant access to your revenue, but you'll pay for ATM withdrawals.
Square’s free business checking account and debit card offers instant access to your Square point-of-sale funds. There are no monthly fees, opening deposit, overdraft, minimum balance requirements or foreign transaction fees. In addition, if you use your card with other Square sellers, you’ll receive a 2.75% instant discount. But you can’t deposit cash, receive or send wire transfers, and if you frequently use ATMs, expect to pay fees to the machines’ owners. Also, the debit card can't be connected to any peer-to-peer payment apps, but you can add it to Apple and Google Pay.
Best for: Business owners who use Square’s point-of-sale system.
Pros
-
Use your Square POS funds right away
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$0 opening deposit and no monthly fees
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0% foreign transaction fee
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Up to 2.75% discount on other Square POS
Cons
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No cash deposits
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No ATM network or branches
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Doesn’t work with peer-to-peer payment apps
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No wire transfers
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Requires Square account
Who is Square best for?
Square’s checking account and debit card are best for business owners who already have or plan to use Square’s point-of-sale (POS) system for their business. The debit card links directly to your Square POS, so you can instantly access your revenue. But since Square doesn’t have an ATM network, it’s not ideal for those who withdraw cash daily — you’ll likely pay operator fees each time you use an ATM.
If you currently use Square’s tools to run your business, this account is worth considering. Otherwise, compare other free business checking accounts.
What we like about Square
Square is a fintech company with banking services provided by Sutton Bank, Member FDIC. The account is basically free, which is always a major plus. You won’t have to pay anything for monthly maintenance, overdrafting or foreign debit card transactions. Square also doesn’t charge you to withdraw money from ATMs, but it doesn’t have an ATM network, so operator fees may apply.
The Square debit card is linked to your Square POS, so you can instantly access your balance. It’s also an easy way to keep track of the cash coming in and out. Square now also offers mobile check deposits, something it didn’t offer before.
Extra debit card perks
You can customize your debit card for free with a laser-etched signature with a variety of characters. And if you use your Square debit card at any other business with a Square POS, and you’ll score an instant 2.75% discount off your purchase. Occasionally, Square also offers higher promotional discounts with Square POS systems, such as up to 5% — so keep an eye out for those.
Where it falls short
As many perks as the account offers, it has just as many downsides, such as the inability to link your Square debit card to peer-to-peer payment apps. Plus, you can’t send or receive wire transfers, and you can’t deposit cash into the account.
Lack of ATM network
Like most fintech companies, Square has no physical branches. While this is common for online institutions, Square also has no ATM network. Many other online banks and fintechs partner with Allpoint or MoneyPass ATM networks to give their customers access, but Square doesn’t. While Square itself doesn’t charge fees for ATM withdrawals, you’re still likely to get hit with a fee by the ATM owner.
Some fintechs also try to make up for the lack of in-network ATMs by offering ATM reimbursements, but Square doesn’t offer reimbursements, either.
Big spenders beware of limits early on
The Square debit card comes with daily, weekly and monthly limitations, and some business owners may need more spending power. New Square debit card holders may have lower spending and withdrawal limits, and over time, your limits may increase.
Withdrawal limits range from $500 to $3,000 per transaction via ATM, and the daily withdrawal limit is $1,000 to $3,000 per day. Weekly ATM withdrawal limits range from $1,000 to $7,000, and they’re $2,000 to $10,000 per month.
You can’t spend more than $10,000 in a single transaction or more than $25,000 per day. The weekly limit is $50,000, and the monthly spending limit is $150,000.
Once you’re no longer considered a “new” Square debit card holder and can access the maximum limits, the limits are pretty standard compared to other business accounts.
Square’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers | N/A |
| Other fees |
|
Compare Square to other business checking accounts
Narrow down top business checking accounts by fees, APYs and opening deposits. Select the Compare box on up to four providers to see their features side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
How to open Square
You must have a Square account to open a Square Checking account. If you don’t have an existing Square account, you can create one for free by signing up at squareup.com. Then, you can sign up for a Square debit card and checking account — and there’s no opening deposit or monthly fees, so you don’t need to fund it right away.
Once you receive your Square debit card, you can activate it right from the Square app via QR code or online Square Dashboard.
Customer experience
Square is accredited by the Better Business Bureau (BBB) and boasts the highest rating of A+, which is based on how it handles reviews and complaints. There have been over 3,000 customer complaints in the last three years, which is on the higher end of what we normally see for fintechs.
Reception and feedback is a mixed bag. Most of its BBB reviews and complaints reference Square’s POS, and several reviews mention struggles to contact customer care, accounts closing without notice, terminals freezing, funds on hold and high processing fees.
The checking account has a few dozen complaints with the Consumer Financial Protection Bureau (CFPB), with most reporting that Square won’t refund funds, missing or frozen transfers from third-party banks and accounts being closed without explanation.
On Trustpilot, Square has a 4.2-star rating based on thousands of reviews. These reviews are overwhelmingly positive, directly conflicting with the complaints on CFPB and the BBB. Customers praise the platform’s security measures and the attentive and speedy customer service. Many said Square is simple to use, easy to set up and ideal for small businesses especially.
How to contact Square
You have two options to contact Square:
- Call 855-700-6000 on weekdays from 6 a.m. to 6 p.m. PT.
- Send a secure message via Square’s website.
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Your reviews
Katia Finder
Writer
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