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Network for Good Fundraising Community
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Network for Good Specialist
Posts: 317
Registered: ‎10-27-2010

Everything you need to know about Electronic Funds Transfer (EFT)/Direct Deposit

What is EFT?

Electronic Funds Transfer (EFT) allows us to electronically transfer funds into your organization’s bank account on the 15th of every month (for the previous month’s donations). We will send your funds electronically when you complete and send us the Electronic Funds Transfer Application. If you do not wish to apply for EFT, we will mail a paper check to the address we have on file for your organization.

The fastest, most efficient method of payment is EFT. We strongly encourage all organizations to complete and mail the EFT application back to us as soon as possible.


How do I Sign Up for or Edit my EFT Information?

To apply for EFT for donations received on your website through our DonateNow subscription service, please click Click to complete a new EFT application.

To edit your organization's EFT information for DonateNow, please complete and return a new application.

 

To apply for EFT for donations received through our free DonateNow Lite service; EventsNow; and partner sites including Causes on Facebook, Capital One No Hassle Giving and Crowdrise, please log in here: https://www.networkforgood.org/npo/MyAccount/Login.aspx

To edit your organization's EFT information for DonateNow Lite, EventsNow and donations through partner sites, please log in using the link above and click Update Direct Deposit Information.

 

We signed up for EFT, but we still got a check. What's up with that?

Network for Good processes donations through two separate platforms (one for our DonateNow subscription service and one for DonateNow Lite, EventsNow and partner sites), and each requires a separate EFT application. 

 

Please see above for details about applying for EFT.


Can our organization get EFT without a checking account?

Yes, the requirements for EFT are that you be able to provide either an original voided check, deposit slip or a letter on your bank's letter head confirming that your organization has an account there.

 

How often will our organization get payments via EFT?

Network for Good makes disbursements on the 15th of every month for all donation made in the previous month. EFT allows you to get your disbursement right away rather than a week or so after the fact.

 

Can our organization receive EFT payments if we are fiscally sponsored?

No, unfortunately customers who are fiscally sponsored cannot receive donation payments via direct deposit. Instead, your donations are paid by check and mailed directly to your sponsor.


How long does it take to process an EFT application?

Please allow 2-4 weeks to process your application. Once your application has been processed, we will send you an email to confirm that it has been approved or contact you if there is any additional information that we need from your organization. 

 

All complete applications received between the 11th of one month and the 10th of the next month will be activated in time for the following month’s disbursement. (For instance, all complete applications received between November 11th and December 10th will be activated in time for the December 15th donation disbursement.)


Donations disbursed in the meantime will be sent via check to the address listed in GuideStar.