Gusto allows both contractors and employees to make changes to their bank account details. However, to keep up with security and compliance regulations, some details can only be updated by the employer, reflecting Gusto’s commitment to data protection.  

Let’s dive into the details of how to edit your essential bank information on Gusto in the following blog.  

Changing Bank Account Information Or Setting Up Direct Deposits

Gusto allows U. S. -based employees to add up to five bank accounts for direct deposit. However, contractors are not allowed to have multiple accounts for the same purpose. The details are as follows: 

How Can Contractors Change Bank Account Details In Gusto?  

Contractors can edit direct deposit and other necessary details in their bank accounts with this step-by-step guide: 

  • Sign in to your Gusto account by using your credentials and click on the ‘My Profile’ tab 
  • Scroll to the ‘Information’ tab and click on the ‘Pay’ section under it 
  • Navigate to the ‘Payment Method’ and click on the ‘Edit’ button 

Note: To protect your bank details from cyberattacks, Gusto has an automated 2-factor authentication process. The system uses a 2-step verification code and prompts users to re-enter it to ensure accuracy and prevent impersonation. If you encounter any issues during the verification process, follow the troubleshooting steps to resolve them.  

You can also contact Gusto customer support, and they will assist you throughout the process.  

  • Add the details of your new direct deposit and click on ‘Save,’ and the system will save the changes

If you change your bank account details after a payment has been processed, the payment will automatically be transferred to the previous account. You can talk to your HR manager to resolve the issue.  

Add Multiple Bank Accounts As An Employee 

  • Sign in to the Gusto website or mobile application and click the ‘My Profile’ section 
  • Select the ‘Pay’ tab 
  • Go to the ‘Payment’ section and click on the ‘Add Payment Method’ to add details of another bank account 

Note: Here, you can also opt for the ‘Split Pay’ option to divide your salary between different bank accounts 

  • To continue with split savings, choose dollar amounts or a percentage to divide your funds into different bank accounts 
  • While divi ding by a fixed amount, employees can change the preferences of bank accounts or re-order them altogether by clicking on and dragging the ‘display name’ 
  • Once all the edits have been made, click ‘Save,’ and the system will update your account details 

Gusto Paycheck Splitter

Gusto offers a ‘Paycheck Splitter’ that allows employees to split their direct deposit and salaries into multiple bank accounts. Users can link savings, spending, and external accounts to the splitter and manage their expenses accordingly.  

For instance, a user can add $30 from each paycheck to their savings account, $60 to their external account, and the rest of their salary is deposited in their Gusto spend bank account.

By leveraging the Gusto paycheck splitter, employees can add new bank accounts, change the details of the existing ones, or delete the old ones that are not in use anymore. Once all the information has been saved, the platform implements saved changes from the next paycheck.  

However, if the employer processes that paycheck on different terms, the system does not follow the new changes.  

How To Make Changes In The Gusto Paycheck Splitter?  

To make changes to the paycheck splitter, follow the step-by-step guide given below: 

  • Go to the Gusto Wallet mobile application
  • Scroll to the ‘Pay’ section and click on it to access the details
  • Access the ‘Edit paycheck split’ option to make changes
  • Enter the paycheck details you want to add
  • Click ‘Save’ and wait for the system to process these changes

How Can Employers Change Bank Account Details In Gusto?

Employers can make the required changes to company bank account details in the Gusto software. The entire process is as follows: 

Add An Official Company Bank Account

When an employer sets up their business account, Gusto asks for a default bank account. It is used to debit taxes, wages, and the monthly platform fee. The administrator can add any bank account for the time being and make the changes later.  

Additionally, the employer can select a bank account for paychecks and a different one for contractor payments.

Mention The Essential Bank Account Details

The bank account details an employer adds in Gusto must be U. S. -based. At the same time, the administrator should make sure this account is not the one being used by another employee or team member of the same company.  

Do’s And Don'ts Of Default Bank Account In Gusto

Gusto enables employers to switch company bank accounts and change the details based on administrative requirements. However, given below are some points they must keep in mind while working with the platform: 

  • Gusto does not accept savings accounts, credit cards, and credit payments 
  • The platform accepts only those account numbers that contain both the digits and alphabets (alphanumeric)

Gusto offers an intuitive process for making bank account changes. Simply log in to your account and follow the steps mentioned above to make the required changes. Once done, you can log out, and the system will save your changes for the next paycheck and direct deposit.