Admins with the required permissions can learn how to add and edit your company bank account details below. If you're an employee or contractor, you can learn how to update your bank details here.
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When you set up your Gusto account, we’ll ask for a default company bank account to debit for wages, taxes, and your monthly Gusto fee. You can add other bank accounts later and individually select which bank account to use on payrolls and contractor payments.
Once the account is verified:
If the account has not been verified yet, here's how to update the details (if needed):
Once you've entered your bank details, you'll need to enter the test transaction amounts in Gusto.
If you're having issues verifying the account:
Add your pay schedule to Gusto.
Before you can pay your team with a new bank account, we'll need to verify your new bank account before it can be fully set up and used in Gusto.
Reminders
Until the new account has been verified, we'll use the bank elections that are in place at the time a payment is processed (manually, or using Payroll on AutoPilot®).
If eligible, you can use instant bank verification to get set up right away. Otherwise, you'll get two test transactions sent to your bank account for verification—this may take 2–3 business days.
Company bank account requirements
If you have multiple bank accounts verified in Gusto, you'll need to remember the last four numbers of the bank account(s) you want to use when making payments—at this time, you can’t add nicknames to the accounts.
Gusto uses your “default” bank account for the below:
Until the new bank account is fully verified and set up, your current default bank account will be used for all standard debits and already-processed payrolls. If we receive a bank error from the account on file at the time a payroll was processed, you may be moved to a slower direct-deposit speed.
If your company uses Payroll on AutoPilot®, we'll debit from the “default” bank account unless you assign a different account.
Going forward, Payroll on AutoPilot® will debit funds from the selected 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.
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: 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.
Q: I cannot print checks because of an "issue with bank verification", what does that mean?
A: If you verify with Plaid, you cannot use "Bottom (blank check stock)” to print checks you may write. Account numbers are encrypted and will not print to this type of check. Use the other type of check stock offered.
Here’s a quick guide to each bank status and any actions that may be needed. You can manage your bank accounts by going to Settings section and selecting the Plan & billing tab.
Active accounts can be used, but inactive accounts cannot.
Status | Description |
---|---|
Connected | Active, connected to Plaid |
Verified | Active, Plaid connection recommended |
Unverified | Inactive, re-verify the account |
Pending | Inactive, confirm test transactions |
Disconnected | Active, no longer connected to Plaid |
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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For now, other bank transactions only include bank transactions related to paying Gusto back for outstanding balances owed.
Here’s a quick guide to each transaction status in “Other transactions” and what it means.
Status | Description |
---|---|
Submitted | Submitted for processing or review |
In progress | Transaction or request is underway but not complete yet |
Action required | Action is required on your end to complete the transaction or request |
Unpaid | There has been an unpaid balance on your account for over 3 months—contact us from the Support section to help. |
Complete | Transaction or request is complete |