Setting up a reverse wire with your bank authorizes Gusto to withdraw funds from your account via wire transfer. If you’re running 2 day payroll, we may ask you to setup reverse wire to allow us to pay your team and your taxes on time.
Keep in mind: If you've been asked to set up reverse wire and were running next-day payroll, you'll be moved to 2-day payroll ongoing.
Before we can debit funds via reverse wire (drawdown), you have to set up a few things with your bank.
Here are some known contacts associated with major banks:
Wells Fargo: Wire Transfer Team at (888) 384-8400 and choose option 0
Chase: Contact your “Relationship Manager”
First Republic Bank: Call your personal banker or the customer service line at (888) 408-0288
City National Bank: Contact your “Relationship Manager”
TD Bank: Call your local branch
PNC Bank: You must visit a local branch in person.
For more information on how to process reverse wire payrolls, click the dropdown below.
Definition of a reverse wire debit
A reverse wire debit is a way for us to withdraw money from your bank account using a wire transfer. If you've been asked to set up reverse wire and were running next-day payroll, you'll be moved to 2-day payroll ongoing.
Please note, some banks do not support reverse wires, so this feature is not available for all customers.
How to activate the reverse wire feature
How to process a reverse wire payroll
Once you have activated the reverse wire feature in your account, navigate to the Run Payroll section and run payroll as normal. If we are going to use a reverse wire to debit your bank account we will notify you before you submit the payroll.
Cost of a reverse wire
Your bank may charge a fee for the reverse wire transfer, the fee amount varies by bank but is usually $15-$30. Contact your bank for exact pricing - Gusto is not responsible for any fee your bank charges.