⚠️
Update: Square seems to be closing some new accounts when running their first payroll. Not sure what is causing it (maybe joining using SSN instead of EIN?). To be safe, keep your first payroll small, something you wouldn't mind losing if your account is frozen.

An amazing tool for bank bonuses, this dives deep into the payroll setup and tax implications of using Square & Gusto.

  • Intro - Great tool for bank churning
  • 0:27 - #1: Banks with strict DD reqs
  • 2:28 - #2: Banks with slow bonuses
  • 4:44 - #3: Banks with few DPs
  • 6:44 - Avoid Gusto
  • 9:28 - Go with Square
  • 10:48 - Flat $ / month / contractor
  • 11:20 - Reduce costs - group DDs into one month
  • 11:37 - Reduce costs - P1 + P2 as one contractor
  • 12:09 - Reduce costs - trial deposit trick for HMB
  • 13:50 - Cautionary thought...