Changing your bank account in Square means updating the account where Square deposits your payments
Square lets you change the bank account linked to your seller account at any time. The process takes a few minutes and happens in your Square Dashboard. You'll need your new bank's routing number and account number, and the change usually takes effect within one to two business days. If you're switching banks, closing an account, or correcting account details, you can make the change yourself without contacting Square support.
The timing matters: if you change your account during a settlement cycle, Square may complete the current deposit to your old account before switching to the new one. Deposits typically process once per business day, usually in the morning, so plan the change for a time when you're not expecting an when ready payout.
Key Takeaways
- You change your bank account through the Square Dashboard under Settings, not through your bank or a support form.
- Square needs your new bank's routing number and your account number, both of which you can find on a blank check or by logging into your bank's website.
- The change takes effect within one to two business days, but a deposit already in progress will go to your old account.
- If you enter the wrong account number, Square will reject the deposit and hold the funds until you correct it, which can take several days.
Where to find the bank account settings in Square Dashboard
Log into your Square Dashboard on a computer or the Square app. On the web version, click the Settings icon (a gear) in the bottom left corner. From there, select "Payouts" or "Bank Accounts" depending on your account type. You'll see your current linked account displayed with the last four digits of the account number.
On the mobile app, tap the menu icon (three horizontal lines) at the bottom right, then go to Settings, then Payouts. The layout is slightly different but the information is in the same place. If you have multiple Square accounts, make sure you're logged into the correct one before making changes.
What information you need before you start
Gather these details from your new bank before you begin: the routing number (a nine-digit code that identifies your bank) and your account number (usually 10 to 12 digits). You can find both on a blank check in the bottom left corner — the routing number comes first, then the account number. If you don't have checks, log into your bank's website or app and look for account details or account information. Most banks display both numbers there.
Make sure the account is in the same name as your Square business account. If your business name doesn't match the account holder name exactly, Square may reject the deposit. If you're unsure, call your bank and confirm the legal account holder name before entering it into Square.
The step-by-step process to update your account
In the Payouts or Bank Accounts section of your Dashboard, click "Edit" or "Change Bank Account" next to your current account. Square will ask you to enter the routing number and account number for your new bank. Type carefully — a single wrong digit will cause deposits to fail. After you enter both numbers, Square asks you to confirm the account holder name and may ask for the account type (checking or savings).
Click "Save" or "Confirm." Square will display a message saying the change is pending and will take effect within one to two business days. You don't need to do anything else. Square does not send a confirmation email for bank account changes, so take a screenshot of the confirmation screen if you want a record.
What happens to deposits during the transition
If you change your account in the middle of a settlement cycle, the deposit that's already processing will go to your old account. Square settles payments once per business day, usually between 7 a.m. and 9 a.m. Eastern time. If you change your account after that window has closed, the next day's deposits will go to your new account. If you change it before the settlement window, that day's deposits may still go to the old account.
Once the change takes effect, all future deposits go to the new account. If you closed your old bank account, contact your bank and ask them to return any Square deposits that arrive after the account closure. Most banks will return the funds to Square, which will then hold them in your Square account until you provide a valid bank account.
What to do if the deposit is rejected
If you entered an incorrect routing number or account number, Square will attempt the deposit and it will fail. When this happens, Square holds the funds in your account and marks the payout as failed. You'll see a notification in your Dashboard saying the deposit could not be completed. Go back to the bank account settings, correct the information, and save the changes.
Square will retry the failed deposit within a few business days, usually automatically. If it doesn't retry on its own, contact Square support through your Dashboard and provide the correct account information. The funds won't be lost — they stay in your Square account until a valid account is linked and the deposit succeeds. This process can take three to five business days from the time you correct the information.
Changing your account if you're using Square Payroll or other Square services
If you use Square Payroll to pay employees, changing your bank account affects both your sales deposits and your payroll account. Square Payroll requires a separate bank account setup, so if you're switching banks, you may need to update both. Check your Payroll settings separately to confirm whether the new account is linked there as well.
If you use Square Loans or have an outstanding balance with Square, changing your bank account does not affect loan repayment. Square will continue to debit your old account for loan payments unless you update that separately in your loan settings. Review all Square services tied to your account before making the change to avoid missed payments or failed deposits.
Frequently Asked Questions
How long does it take for the new bank account to start receiving deposits?
The change takes effect within one to two business days. However, if you make the change during a settlement cycle, the deposit that's already processing will go to your old account. Plan the change for after your daily settlement window closes if you want the next deposit to go to the new account when ready.
Can I have deposits go to two different bank accounts?
No. Square only allows one linked bank account per seller account. If you need deposits to go to multiple accounts, you would need to set up separate Square accounts. Some businesses use this approach for different locations or business entities, but each account requires its own tax ID and bank account.
What happens to my old bank account after I change it?
Nothing happens automatically. If you're closing the old account, contact your bank and let them know Square may send deposits for a few days after you change the account in Square. Your bank will return those deposits to Square, which will hold the funds until you provide a valid account. If you're keeping the old account open, Square will straightforward stop sending deposits to it.
Do I need to tell Square support when I change my bank account?
No. The change is when ready in your Dashboard and Square processes it automatically. You only need to contact support if a deposit fails and doesn't retry on its own, or if you need help locating your routing number.
Can I change my bank account if I have a pending payout?
Yes, but the pending payout will go to your current account, not the new one. Wait for the payout to complete, then change your account. This usually takes one business day. If you change the account before the payout settles, Square will send the funds to whichever account was linked at the time the settlement processed.