Hi there, co-founder of Gusto here. Running payroll from your personal account won't work. It has to be a business account. Please see below a msg I wrote earlier in the thread about some advice on how to get that done on time --
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To clarify — If you have not yet updated your bank account on file to another (see article), you will have to wire funds to Gusto in order to make payroll on time. Log in to the app, run payroll, and you’ll get a prompt with more details and the specific cut-off, but it’s usually 10am PST in the morning of payroll.
In terms, of getting a new bank set up, I’ve seen people open bank accounts same-day with Mercury (online) or Chase (walking into a branch). Wiring funds from SVB to one of these banks should take <24hr to complete.
But yes, you CAN initiate a wire transfer from SVB if you prefer to do that. Note that some SVB customers are seeing issues with the portal right now (probably given high traffic).
Hi there, co-founder of Gusto here. To clarify — If you have not yet updated your bank account on file to another (see article), you will have to wire funds to Gusto in order to make payroll on time. Log in to the app, run payroll, and you’ll get a prompt with more details and the specific cut-off, but it’s usually 10am PST in the morning of payroll.
In terms, of getting a new bank set up, I’ve seen people open bank accounts same-day with Mercury (online) or Chase (walking into a branch). Wiring funds from SVB to one of these banks should take <24hr to complete.
But yes, you CAN initiate a wire transfer from SVB if you prefer to do that. Note that some SVB customers are seeing issues with the portal right now (probably given high traffic).
Great to hear from you! Thanks for the information. I'm a bit confused though. We have an ACH auto-pay schedule configured to take payment tonight (for payday on Wednesday). I thought ACH from SVB is still working. Is Gusto choosing not to process those payments? And if so, do you plan to eventually resume processing ACH payments from SVB?
Since the ACH payment is scheduled for tonight, we were planning on seeing if it fails, and if it does, sending the wire tomorrow so it arrives by 11am on Wednesday as required.
Thanks for the reply. That's right, if you use SVB you have the fund payroll through a wire transfer. The wire can come from any account (including an SVB account). ACH won't work.
Thanks. It would be nice if the dashboard reflected that instead of showing the ACH payment as scheduled for tonight, but of course I understand we're all working with little time or information. Also maybe you could update your FAQ to explain that Gusto will not attempt to process any ACH payments from SVB, despite them operating normally from the SVB side. At the moment the document only implies this and you need to read between the lines to understand why a wire is necessary.
I also agree with the other commenter downthread that this is adding an unnecessary layer of complexity, but I understand why you might be doing it to avoid overdrawing an account that has been emptied. Still, I'm not sure this default opt-out is the best solution - maybe it would be better to ask those who did move money out of SVB to cancel their ACH schedule, rather than unilaterally ceasing ACH processing and asking those who didn't move money out of SVB to change their method of payment.
Thanks for your responsiveness. We'll try initiating the wire, although we aren't able to log into SVB at all right now (503 errors and redirects back to login screen). I sure wish we could use ACH, since I assume it'd be more reliable for Gusto to download some ACH transactions from an SFTP server once, rather than sending every customer to SVB to attempt a wire transfer...
Hi @enlightens, I'm one of the founders at Gusto. Really sorry to hear about the tax issue your company is seeing. We've escalated this and we're going to get this resolved ASAP. After that, we'll make sure we learn form this issue to better inform similar situations in the future. If you'd like to connect w me directly, please DM me at twitter.com/tomerlondon and I'd love to talk.
Here's a 10 points summary of the article from ChatGPT if you're lazy to read the entire thing like me:
1. The author's daughter asked for help with a homework assignment on Thomas Hobbes.
2. The author used the ChatGPT service to answer the question, but the response was incorrect.
3. The ChatGPT service uses the GPT-3 language model and applies reinforcement learning to create a new model with an intuitive chat interface and memory.
4. The service has sparked interest in OpenAI's capabilities and the impact of AI on society.
5. Nat Friedman, former CEO of GitHub, believes there is a shortage of real-world AI applications.
6. Many AI startups mimic OpenAI, focusing on publishing and citations rather than customers and products.
7. The author believes that OpenAI's model is not sustainable and will be challenged by companies such as Google.
8. OpenAI's model relies on large amounts of data, which may become more difficult to obtain as privacy concerns increase.
9. OpenAI's model also relies on compute power, which is becoming more expensive and less environmentally friendly.
10. The author suggests that OpenAI should focus on building products and platforms to sustain its growth.
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One year ago we launched Gusto Embedded to give SaaS partners the APIs, knowledge & infrastructure to build custom payroll right into their platforms.
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(co-founder here) Sorry to hear about the issues you've had with our 2-day program. We've been working on making it better and the caps are now much more rarely used and we'll be getting rid of them completely shortly. Hope we can win you back one day :)
