Why Are My Square Funds Not Deposited to My Bank Account?

Introduction

If you use Square to make running your business or side hustle easier, you probably keep a close eye on the Square transfers coming in to your bank account. If you have noticed that you did not receive one or more transfers that you were expecting, then you need to find out what happened right away and get it fixed.

What You'll Need

If there has been unusual activity on your Square account, the administrators might put a hold on the funds in your account until they conduct an investigation. Unfortunately, this could take some time to be completed.Payments marked as "recorded," "external," or "manual" are not processed by Square, and therefore won't be a part of any Square transfer.If you only recently linked your bank account to your Square account, the problem might be nothing more than that the verification process has not yet finished.Verification of a bank account can take as many as 4 business days, which could translate to as much as 7 calendar days, if a weekend and a holiday are involved.If you haven't provided Square with all the information it needs to verify you as a seller then it will not process transfers until you have provided it with the information that it needs.

Go to the Square home page.

Square home page

Click on the Sign In button in the upper right corner of the screen to sign in to your Square account.

Go to your Square Dashboard and look for any alerts that might explain why the transfer has not gone through.

If you cannot find any alerts on your Square Dashboard, check the email you have registered with your Square account to see if they got sent there.

Check the name of the bank account you have on record with Square.

You could simply be looking in the wrong account, if your business has multiple bank accounts.

Check the routing and account numbers you have on file with Square for your bank account.

If one or both of them are incorrect, the transfer won't go through.

Check your balance and recent transfer records.

You need at least $25 plus Square's processing fees for an instant transfer. You also cannot transfer more than $10,000 in a single day. That could be as low as $2,000 per day if you are a new seller.

Look in the email you have linked with your bank account.

Some banks will require Square's ACH number or its origin ID numbers before it will allow you to link your Square account with your bank account. If this happens, contact Square to get those numbers.

Check your bank account to verify that it is still active.

If your bank account has been suspended or locked for some reason then your Square transfer won't be able to go through.

Contact a representative at your bank and see if they are holding any pending deposits for you.

Your bank may have received the deposit from Square in a timely fashion, but be taking its own time for some reason in processing that deposit and getting it into your account.

Conclusion

If you need any additional help with your Square transfers, or if you have any other questions, call a Square customer service representative. You can reach one 24 hours a day, 7 days a week.