Gusto allows employees to change and update their bank account details by logging in to their profiles. It also offers employees the chance to have multiple accounts and split their salary. In this article, we’ll go through all the steps to change the bank account and other related topics that you will need. So, without further ado, let’s start exploring!
How To Add Payment Methods In Gusto
Both employees and contractors can change their bank account details using the following steps:
For Employees
- Access the Gusto log in page
- Enter your ‘Email,’ ‘Password,’ and click ‘Continue’ button
- Once logged in, click on your profile and select the ‘Pay’ tab
- Now, go to the ‘Payment’ section and select ‘Add Payment Method’
- Enter the details for the desired payment method
- Click ‘Save’ once you have changed your bank account
For Contractors
- Log in to Gusto and enter your ‘Email,’ ‘Password,’ and press the ‘Continue’ button
- Go to your profile, access the ‘Information’ tab, and click on the ‘Pay’ option
- Now, select ‘Add Payment Method’
- Complete the 2FA or fill in your current bank account details or both (depending on what you are prompted to
- Then, enter new account details and click ‘Save’
Adding Multiple Bank Accounts In Gusto And Splitting Payments
US employees can add up to five bank accounts to their Gusto profile and choose to split the payment. Contractors, as of now, cannot create multiple accounts or access the split payment feature. Follow the steps below to add multiple accounts:
Adding Multiple Accounts
- Log in to your Gusto account using your credentials
- Click on ‘My Profile’ and select ‘Add Payment Method’
- Add the new bank account details and click ‘Save’
- Now, click on the ‘Manage Account’ tab under the added bank account and make it the default account for payroll
Splitting Payments
You can have your salary imbursed in multiple bank accounts instead of just one. You can manage split payments by following the steps:
- Log in to Gusto using your email and password
- Navigate to ‘Profile’ and click on ‘Pay’ option
- Within the ‘Payment’ section, click ‘Split Pay’
- You can split your payments into multiple accounts by percentage or a specific amount
- If you are going with an amount, you can drag each bank to change their order
- The salary will be credited according to the order of the banks e.g. the bank on the top will be credited first
- At last, press ‘Save’
Verifying Bank Account
Once you have added, updated, or changed your bank account details on Gusto, you will be asked to verify it. There are two ways to verify your bank account, these are by using:
Verification Using Plaid
Plaid is a platform that allows users to connect their bank accounts to online applications like Gusto. It’s a relatively faster method of verifying your bank account and requires fewer steps. Follow these steps to complete the verification:
- Log in to Gusto using the preferred method
- Go to ‘Settings’ and click the ‘Plan & Billing’ tab on the top
- Look for the bank account or create a new one under the ‘Bank Account’ tab
- Select ‘Connect my bank’ option
- Select ‘Connect to Plaid’ from the action buttons
- Click ‘Continue’ to proceed with the process
- Once done, the status will be turned to ‘Connected’ under the ‘Bank Connection’ section
Verification Using Test Transactions
Users can manually verify their bank accounts by adding their account number and routing number. Once added, Gusto will send test transactions to the employee’s bank. Employees then are required to come back to Gusto, add those amounts, and complete the verification. This process requires a few manual steps and takes 2-3 business days.
Here’s a step-by-step process on how you can do it:
- Log in to your Gusto profile
- Go to ‘Settings’ and again click the ‘Plan & Billing’ tab
- Select ‘Bank Accounts’ and click ‘Confirm Test Transaction’ under the ‘Status’ column
- Now, enter the two test amounts for verification purposes
Possible Issues You Might Encounter With Manual Verification:
There is a chance of human and technical errors in manual verification. If these issues occur, you will have to repeat the whole process again. Additionally, there can be a $100 fee in case of a debit failure. Following are the issues that might occur:
- Incorrect amounts added during the verification
- Employee account is frozen
- Bank rejects the debit
- Bank blocks the amount
Bank Account Statuses And Their Meanings
Gusto shows a number of account statuses. Knowing what each status means is important in understanding the verification process and successfully completing it. Here’s what each status means:
- Connected: It means that the account is active and connected
- Verified: It means the account is in an active state, but connecting it to Plaid is recommended
- Unverified: The account is inactive, and you’ll have to verify it again
- Pending: It’s inactive, and you’ll have to verify it using the test transactions
- Disconnected: It’s inactive and disconnected from Plaid
Deleting Bank Account From Gusto
If you want to clear the clutter and just have bank accounts that you’ll actually be using, then you can simply delete the ones that you don’t need. You can delete a bank account from Gusto using the following steps:
- Log in to your Gusto profile
- Navigate to the ‘My Profile’ tab
- Go to the ‘Pay’ section and find the bank account you want to delete
- Click on ‘Edit’ next to the bank account
- You will receive a code via email or text confirming the deletion process
- Enter the code in the pop-up box on Gusto and click ‘Remove Account’
FAQs
