Square Checking provides sellers with an FDIC insured account allowing them access to funds for business expenses using their Square Debit Card or for paying employees via Square Payroll. Square Loans offers sellers access to business loans based on the seller's payment processing history.
Are square financial services deposits insured by the FDIC?
The deposits held at Square Financial Services are insured by the FDIC up to legal limits. As a FDIC-insured institution, Square Financial Services is assessed a quarterly deposit insurance premium, calculated based on its average consolidated total assets.
Is square financial services regulated by the Dodd-Frank Act?
Square Financial Services is subject to extensive supervision and regulation, including the Dodd-Frank Act and its related regulations, which are subject to change and could involve material costs or affect operations.
