Instant bank verification (IBV) (through a third-party service called Plaid) allows you to bypass the test deposit step while connecting your company bank account to your Gusto account.
This connection also allows Gusto to verify your bank account balance in real-time prior to funding payroll, which helps keep your company on a faster direct deposit speed, and avoid debit failure fees.
We do not store your bank account’s username and password, and all of your bank credentials are encrypted.
If we’re unable to debit funds for payroll, your payments will be blocked and you may be moved to a slower direct deposit payment speed.
To prevent being moved to a slower payment speed, and debit failure fees, connect your company bank account to Plaid so we can verify your account balance in real-time and avoid disrupting payroll. Learn more about Plaid.
Once connected, Gusto can verify your account balance in real-time prior to funding payroll and it's less likely* we'll need to ask for a bank account screenshot. We do not store your bank account’s username and password, and all of your bank credentials are encrypted.
*A screenshot may still be requested if: