Learn how to add and edit your company bank account details below. Check out the bank transactions and code glossary if you're wondering what specific bank codes on your bank statement relate to.
If you're an employee or contractor looking to update your bank details, head to this article.
If you want to add or change a bank account after you’ve entered one, click the Add, change, or remove a company bank account (after onboarding) dropdown of this article.
Credit payments, credit cards, and savings accounts are not accepted—the account must be linked to a checking bank account.
If your bank is not eligible for Instant Bank Verification, or you've decided not to use IBV, you'll need to enter the two test transaction amounts in Gusto. To do so, follow the steps below.
What's next? Add your pay schedule to Gusto.
FAQs
Q: What if I don’t get the test transactions?
A: Either the account information was entered incorrectly or the transactions were entered incorrectly in Gusto. If the verification doesn't work, you'll be emailed with a request to make changes to your account details for proper bank setup.
Q: Can I add multiple company bank accounts?
A: Yes—you can add multiple bank accounts and individually select which bank account to use on payroll(s) and contractor payments.
Q: What is Instant Bank Verification (IBV)?
A: IBV is an easy way to instantly connect your bank account to Gusto. We use the same technology that banks use to keep your account information safe so everything you provide is protected.
Q: Does Gusto support alphanumeric bank accounts?
A: Yes. We allow users to use bank accounts with both letters and numbers.
Credit payments and credit cards are not accepted—the account must be linked to a bank checking account.
What to know before you add multiple bank accounts
Add an additional bank account
Set a bank account as your default account
Gusto will debit the default bank account for monthly invoices and for any international contractor payments.
Assign a bank account to a Payroll on AutoPilot (for multiple bank accounts only)
If your company uses the Payroll on AutoPilot feature, we'll debit from the 'default' bank account on file. If you want AutoPilot to debit from a different bank account, you can change this in your Gusto admin profile.
Going forward, all Payrolls on AutoPilot will debit funds from the selected bank account.
Remove a bank account
If you choose to delete a bank account from which payments are scheduled in the future, we’ll warn you that the future payments will be canceled and you’ll need to reschedule the payments again.
FAQs
Q: Can I add multiple company bank accounts?
A: Yes—you can add multiple bank accounts and individually select which bank account to use on payroll(s) and contractor payments.
Gusto will use the default bank account for monthly invoice payments.
Q: I paid people from the wrong account, what do I do?
A: If Gusto has not already debited your account, you can cancel the payroll or contractor payment and reschedule the payment from the right bank account.
If Gusto has already debited the bank account, you’ll want to contact your bank to transfer the required funds into the bank account.
Q: Can we split the payments between multiple bank accounts?
A: No. All payments come from one bank account. if you want to split payments, we suggest running multiple payrolls and selecting different bank accounts for each.
Q: Can we have a bank account associated with each employee?
A: No—but you can allocate employees to departments and set up pay schedules per department and then each pay schedule can have a bank account associated with it.
Q: Does Gusto support alphanumeric bank accounts?
A: Yes. We allow users to use bank accounts with both letters and numbers.
We'll initiate 3 separate debit transactions from your company's bank account after each payroll is submitted:
These transactions will happen at the same time, 3 business days before payday. Employee pay and reimbursements will be submitted for direct deposit payments, and we'll send your payroll tax amounts to the applicable state and federal agencies.
You may also see debit transactions from your company's bank account for:
You can run reports to view bank transactions and to see which taxes we've paid on your behalf. Check out this list of the types of reports you can run.
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