Gusto has introduced Gusto Wallet, a feature that allows employees paid through Gusto to manage their finances conveniently. With Gusto Wallet, users can earn, save, and spend directly from their Gusto account, providing an easy way to take control of their financial future. The wallet offers benefits such as early payment processing, customizable savings goals, a debit card for easy spending, and tools for managing paychecks and tax documents efficiently.

It is important to note that Gusto is a payroll services company and not a bank. The savings goals, spending account, and debit card offered through Gusto Wallet are issued by nbkc bank, a Member FDIC. This means that funds held in Gusto accounts, along with other balances held with nbkc bank, are insured up to $250,000 per depositor. Additionally, Gusto utilizes a deposit network service, allowing funds to be placed in other FDIC-insured depository institutions. Users can access FDIC insurance once their balances arrive at a network bank, ensuring the safety of their funds.

To provide transparency and ensure users have all necessary information, Gusto includes legal details regarding Gusto Wallet features. For instance, early payment processing with a Gusto spending account may vary based on when the employer sends payment funds. Additionally, users should be aware of potential fees, such as out-of-network ATM and foreign transaction fees. By offering this information, Gusto aims to empower users to make informed decisions about managing their finances through Gusto Wallet.