Heads up: This is available to a small group of customers for now. If you do not see it yet, we’ll update this article when more customers can use it.
Gusto Business Banking lets you apply for and, if approved, open a Gusto Business Checking Account1 and use a Gusto Business Debit Card2 right inside Gusto. Expand a section below for what you need.
This is a business account for your company. It is separate from the Gusto spending account and Gusto debit card your employees can use.
Gusto Business Banking is an early version of business banking inside Gusto, open to a small group of invited businesses that already use Gusto. If your business is invited, you can open a Gusto Business Checking Account,3 get a debit card, and send and receive ACH transfers from the same place you run payroll.
We'll add new features over the coming months, and our research team may reach out to hear about your experience.4
Increase Bank, Member FDIC, holds the deposits in your Gusto Business Checking Account. Gusto is a financial technology company, not a bank.
Deposits in checking accounts are FDIC-insured up to $250,000 per depositor through Increase Bank and are subject to any applicable conditions.5
If your business is invited, Banking appears under Money in the left menu of your Gusto account.
Sign in to Gusto.
Under Money, click Banking.
Click Get started.
We start with the business details already in your Gusto account. You provide the rest, like who your beneficial owners are. Applying usually takes a few minutes, and there is no credit check.3
Check your application status
Approvals can occur in minutes, but manual reviews may take 2-4 business days after you submit. If we need anything else, we'll email you.
If your application is not approved, you cannot use Gusto Business Banking right now.
There is nothing to pay to open a Gusto Business Checking Account, no minimum balance, no monthly account fee, and no fee to send or receive ACH transfers.4
The account does not earn interest.
You move money with ACH transfers between your Gusto Business Checking Account and a bank account you have linked.
Under Money, click Banking.
Click Transfer.
Choose which account the money comes from and which account it goes to. To add a bank, select Link a new bank account.
Enter the amount, review the details, and confirm.
Most transfers arrive within 1-3 business days.
Transfer limits
ACH transfers into and out of your Gusto Business Checking Account are each limited to $50,000 per transfer, $100,000 per day, and 10 transfers per day.4
To see your current limits in Gusto, open the Account details menu (⋮) and select Limits, fees, and rates.
You can use your virtual Gusto Business Debit Card to pay for purchases as soon as your account is open.2 Your physical card is mailed to you.
Your physical card should arrive 7-10 business days after it ships. When it arrives:
Sign in to Gusto.
Click Activate card.
Set your PIN.
Your PIN works at ATMs and anywhere a PIN is required.6
If your Gusto Business Debit Card is lost or stolen, freeze it right away. In the Debit card section, open the menu (⋮) and select Freeze card. While the card is frozen, payments are declined.
From the same menu, you can unfreeze the card, reset your PIN, or request a new card.
If you cannot sign in to Gusto to freeze the card yourself, email [email protected] right away.
Opening a Gusto Business Checking Account does not change how you pay your team. Your current bank account stays connected to Gusto, and you choose which account funds payroll.
To change the account that funds payroll, see Manage company bank account details (for admins).
You can pay for purchases with your Gusto Business Debit Card and move money with ACH transfers.4 These are not available yet:
Wire transfers
Check deposits
Cash deposits
To add money to your account, send an ACH transfer from a linked bank account. We'll add more features over the coming months.
To contact us, sign in to your Gusto account and click the help icon in the top-right corner of the page.
1. Gusto is a financial technology company, not a bank. Banking services provided by Increase Bank, Member FDIC.
2. The Gusto Business Debit Card is issued by Increase Bank pursuant to a license from Visa U.S.A. Inc. Gusto is a financial technology company, not a bank.
3. Account opening is subject to identity verification and approval by Increase Bank.
4. Gusto Business Checking is currently in beta. Features may be limited and may change during the beta. Currently, ACH transfers into and out of your Gusto Business Checking Account are each limited to $50,000 per transfer, $100,000 per day, and 10 transfers per day. Account features, fees, and transaction limits are subject to change. Please see the Gusto Terms of Service.
5. Gusto is a financial technology company, not an FDIC-insured bank. Banking services provided by Increase Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. Deposits in checking accounts are FDIC-insured up to $250,000 per depositor through Increase Bank and are subject to any applicable conditions.
6. ATMs are operated by third parties, which may charge fees for withdrawals or balance inquiries.