When you add a new bank account for your plan's 401(k), you'll need to verify the account for security purposes. Here's how to verify manually using micro-deposits.
Step 1: Monitor your bank account
After entering your banking details, monitor your bank account over the next 1-2 business days for 2 small deposits. The deposits may appear under any of the following labels:
WFMSTRIPE1
ACH ID 2270465600
ACH ID 1800948598
ACH ID 431848772
ACH ID 4270465600
Step 2: Complete the verification task
Log in to your Gusto Retirement dashboard, locate the task labeled Verify your bank account, and click Start.
The task will ask you to confirm one of the following:
Deposit amounts: Enter the deposit amounts in the bank verification task. Depending on your bank, the two deposits may appear as one combined deposit. If so, contact your bank for the separate amounts.
Descriptor code: Enter the 6-character code shown in the ACH description of your bank statement activity. Only include the code appearing before "-Guideline."
Once entered, click Verify bank account.
Important: Some banking institutions have security measures that prevent third-party ACH transactions. If your bank requires an allowlist (whitelist), you may need to add Gusto Retirement's ACH IDs to your bank account before contributions can be collected.