Follow the steps below when you need to update your banking info with Wurk. You may need to do this in the following situations:
- You have a new Account Number but the same bank
- You have a new bank and a new Account Number
- Your company has changed from Unbanked to Banked
- Your company has changed from Banked to Unbanked
A bank change can take up to 10 business days depending on the completion of documents and steps below. Since there is a chance that the bank change may not be processed in time for your upcoming payroll, we recommend that you keep the old bank account open and adequately funded until you have been notified that the bank change has been fully processed.
If your bank has been shut down and you need to finalize payroll soon, please contact Wurk Support (firstname.lastname@example.org) so we can act as quickly as possible to help you.
1. Gather up the following documents for submittal to Wurk's Compliance team.
- Voided Check or Bank Letter on Bank Letterhead
- Copy of your Company Cannabis License (if applicable)
- IRS form SS-4 or 147c (with current business name and address)
- Signature Form (if changed from your previous account; this form shows the signature for your Bank Account Signatory)
2. Open the Bank Account Change Form (PDF) and save it to your computer or tablet.
3. Fill out the form (in Acrobat) and save it again.
4. Email the form, plus the documents listed above, to Wurk Support: email@example.com
5. In the email, use the subject line, "[Your Company] — Bank Account Change".
6. A member of our Compliance team will reach out to you once the new account has been approved by our banking partner and the system updates have been completed.
For more guidance on payroll taxes, see our Payroll Tax Resources and this article, IRS 280E Tax Code: Cannabis Accounting, Deductions, & Strategy.