01: Setting Up Bank Accounts For Payroll And Taxes
Your payroll and taxes will be handled by Hourly; all we need is at least one verified bank account.
To add bank account details to your account, click Settings along the left, open the Bank Accounts tab, and click Add.
There are two verification options you can use. If you choose Instant Verification, you’ll be routed to Plaid, a third-party company that connects financial accounts. Simply choose your bank and follow the steps to enter your account credentials.
The other option is Manual Verification, in which you enter your account credentials directly in the Hourly platform, and verify your account manually.
Enter your routing and account numbers, account type, and name.
If you want to print checks, you can upload an image of an authorized signature.
Click Save. To verify your account, we’ll make a small deposit and a small debit of less than $1 each. The verification process takes between 1-3 days. To start the process, click Agree. The new account will be listed as “Pending verification.”
Once those transactions are complete, you’ll need to find the credit and debit amounts on your bank statement. If you see them there, great! That means you’re almost verified. Just go back to your Bank Accounts tab, find the pending verification, click the three-dot icon, and click Verify account.
In the Account Verification window, enter the values of the two transactions, then click Confirm.
Once your account is confirmed, we’ll use it for your payroll and tax payments.
If you ever need to edit or delete an account, just click the account’s three-dot icon and choose either Edit or Delete. The Make Default option is relevant if you have more than one bank account; the default account will be the one used for payroll.