How to change your bank account in Square
Log into your Square Dashboard, go to Settings (the gear icon in the top right), then select Business and Banking. Click Change Bank Account or Update Bank Account depending on your version. Enter your new bank routing number, account number, and account type (checking or savings). Square will verify the account by depositing two small amounts into it within one to two business days — you'll see these deposits in your bank statement and need to confirm the amounts back in Square to complete the change. Until verification is done, payouts will continue to your old account.
The entire process usually takes three to five business days from start to finish. If you're switching banks because your old account is closing, make sure you start this process at least a week before the closure date. Square won't send money to a closed account, and delayed payouts can affect your cash flow if you're relying on daily or weekly deposits.
Key Takeaways
- You change your bank account through Square Dashboard under Settings > Business > Banking, not through your bank.
- Square verifies new accounts by depositing two small test amounts and asking you to confirm the deposit values — this step takes one to two business days.
- Payouts continue to your old account until verification is complete, so plan the change when you have time to monitor both accounts.
- If your old bank account is closing, start the change at least seven days before the closure to avoid payout failures.
- You can update your account type (checking to savings, for example) at the same time you change the account number.
Why you might need to change your bank account
The most common reason is closing an old bank account — whether you're switching banks, consolidating accounts, or moving to a new financial institution. Another reason is that your old account was compromised or flagged for fraud, and your bank issued you a new account number. Some sellers also change accounts when they open a business account separate from their personal account, or when they want payouts going to a different person or entity.
Whatever the reason, Square needs to know the new destination before it tries to deposit money. If you don't update it and your old account closes, Square's payout will fail, and the money will be held in a queue until you provide a valid account. This can delay your access to funds by several days.
Step-by-step: updating your bank account
Step 1: Log in and navigate to settings. Open your Square Dashboard on a computer (the mobile app has limited banking options). Click the gear icon in the top right corner, then select Settings.
Step 2: Find the banking section. In Settings, click Business on the left sidebar, then click Banking. You'll see your current bank account listed.
Step 3: Start the change. Click Change Bank Account or Update Bank Account (the exact wording varies by account type). Square will ask you to confirm that you want to change the account — this is a safety step to prevent accidental changes.
Step 4: Enter new account details. Type in your new bank's routing number (a nine-digit code), your account number, and select whether it's a checking or savings account. Double-check these numbers against your bank statement or online banking portal — a single digit wrong will cause verification to fail.
Step 5: Wait for test deposits. Square will deposit two amounts (usually under $1 each) into your new account within one to two business days. Check your bank statement for these deposits.
Step 6: Confirm the amounts. Go back to your Square Dashboard under Banking and enter the exact amounts of the two test deposits. Square will verify them and complete the change.
What happens during the verification period
Between the time you submit your new account information and the time you confirm the test deposits, your payouts still go to your old account. This is intentional — Square doesn't switch over until it knows the new account is real and belongs to you. If you have daily or weekly payouts scheduled, they will continue on their normal schedule to the old account.
Once you confirm the test deposit amounts, the switch is complete. Your next payout will go to the new account. There's no waiting period after verification — the change takes effect immediately.
If you don't confirm the test deposits within 30 days, Square will cancel the change and keep your old account active. You'll need to start the process over if you still want to switch.
Troubleshooting: when verification fails
The most common reason verification fails is a typo in the routing or account number. If the test deposits don't appear in your bank account after two business days, go back to the Banking section and check that you entered the numbers correctly. Compare them character by character against your bank statement or your bank's website.
If the numbers are correct but deposits still haven't arrived, contact your bank to confirm the account is active and can receive transfers. Some banks flag incoming transfers as suspicious if they're from an unfamiliar sender, and the transfer might be held or rejected. Ask your bank to check for any pending or rejected ACH transfers from Square.
If your bank confirms the account is fine but Square's deposits never arrive, you may need to contact Square Support. Have your routing number, account number, and bank name ready. Square can investigate whether the transfer was rejected on their end.
Timing: when to change your account
If your current bank account is closing on a specific date, start the change process at least seven to ten days before that date. This gives you time to complete all six steps — submitting the new account, waiting for test deposits, and confirming them — before the old account shuts down.
If you're changing accounts for any other reason, there's no rush, but don't wait until you're in a tight spot. Change it during a week when you don't have a large payout scheduled, so you have time to monitor both accounts and catch any problems.
Avoid changing your account on a Friday or before a holiday, because if something goes wrong, you won't be able to reach your bank or Square Support until the next business day. Mid-week changes give you a window to fix problems before the weekend.
What to do if your old account closes before you update Square
If your old account closes and you haven't updated Square yet, your next payout will fail. Square will attempt to deposit the money, the bank will reject it, and the funds will be held in Square's system. You won't lose the money, but you won't have access to it until you provide a valid account.
Update your bank account immediately using the steps above. Once verification is complete, Square will attempt to re-deposit the failed payout to your new account. This usually happens within one to three business days, but it can take longer if Square's system is processing a backlog of failed transfers.
Contact Square Support if your payout hasn't arrived in your new account within five business days of verification. Provide them with the date of the failed payout and your new account details so they can track it down.
Frequently Asked Questions
Can I change my bank account on the Square mobile app?
The mobile app doesn't have the full banking settings. You need to use the Square Dashboard on a computer to change your account. You can view your current account and payout history on the app, but all changes must be made through the web version.
How long does it take for payouts to go to my new account after I verify it?
The change takes effect immediately after you confirm the test deposit amounts. Your next scheduled payout will go to the new account. If you have daily payouts, the next one will be the following business day. Weekly or monthly payouts follow their normal schedule.
What if I enter the wrong account number and don't realize it until after I confirm the test deposits?
You can change your account again by going back to Banking and clicking Change Bank Account. Start the verification process over with the correct number. Your payouts will continue to the wrong account until you complete the new verification, so fix this as soon as you notice the mistake.
Do I need to tell Square if my bank changes my account number?
Yes. If your bank issued you a new account number (for example, after fraud or a card replacement), you need to update it in Square using the same process. Your old account number will eventually stop working, and payouts will fail.
Can I have payouts go to two different bank accounts?
No. Square only supports one payout account per seller account. If you need money going to multiple places, you'll need to transfer it from your payout account after you receive it, or set up a separate Square account for a different business entity.