Plan sponsors and administrators can add, verify, edit, or remove bank accounts as payment methods for your Gusto 401(k) plan. This article explains how to access your payment settings and manage each payment method type.
Your 401(k) administrator dashboard lets you manage the payment methods used for contributions and monthly invoice collection. You can connect a bank account, choose default payment methods, and update or remove payment information at any time.
The steps to access your payment methods may vary depending on where you sign in to your 401(k) dashboard. Expand the sections below for your sign-in method.
To get to your payment settings from the Gusto dashboard, follow these steps:
Go to Benefits, and look for Active Benefits.
In the 401(k) section, select Manage.
In the top menu, select Settings.
Scroll down to Payment methods.
Select Manage.
To get to your payment settings directly from the Gusto Retirement dashboard, follow these steps:
Select your company name in the upper-right corner.
Select Settings.
Scroll down to Payment methods.
Select Manage.
From the Payment methods screen, select Add another payment method and choose Bank account. Then select how you want to connect the account:
To follow these steps:
Select Sign in to your bank account.
Choose your bank and sign in with your banking credentials.
Your account will be verified and connected right away.
If you prefer to enter your information manually, or instant verification is not available for your bank, follow these steps:
Monitor your bank account. After entering your banking details, monitor your bank account over the next 1 – 2 business days for 2 small deposits. The deposits may appear under any of the following labels:
WFMSTRIPE1
ACH ID 2270465600
ACH ID 1800948598
ACH ID 431848772
ACH ID 4270465600
Complete the verification task. Sign in to your Gusto Retirement dashboard, locate the task labeled Verify your bank account, and select Start. The task will ask you to confirm one of the following:
Deposit amounts — enter the deposit amounts in the bank verification task. Depending on your bank, the two deposits may appear as one combined deposit. If so, contact your bank for the separate amounts.
Descriptor code — enter the 6-character code shown in the ACH description of your bank statement activity. Only include the code appearing before "-Guideline".
Once entered, select Verify bank account.
Important: Some banks have security measures that prevent third-party ACH transactions. If your bank requires an allowlist, you may need to add Gusto Retirement’s ACH IDs to your bank account before contributions can be collected.
If you have multiple payment methods on file, you can choose which account is used for monthly invoice collection and which is used for contributions.
Use the dropdown under the Default payment settings section within the Payment methods tab to select your preferred method for monthly billing, contributions, or both.
To remove a payment method, select the trash can icon next to the bank account you want to remove.
To edit a bank account, you need to remove the existing payment method first and then re-add it. Re-adding a bank account will prompt you to verify the connection again — using instant verification or micro-deposits.
When you have made your changes, select Save changes.