How do I set up and update direct deposit/electronic transfer funds (EFT)?

Setting Up EFT

In order to set up the electronic funds transfer (EFT) for your nonprofit, you must be a verified administrator for your organization on the platform, with multi-factor authentication enabled.

Once you are logged in as an admin, head to your organization's page to see your dashboard on the left.

Select "Settings" > "Disbursement Settings" on the dashboard.

Under "Payout Method" select Direct Deposit, and then "Setup."

You will then be asked to provide your bank account information:

Once you select "Continue" we will attempt to auto-verify the information submitted. 

You may be asked to upload additional documentation if your bank account cannot be automatically verified. Select "upload," or drag and drop the file into the box to the upload your documents. 

The only documents accepted are voided checks and bank letters.

Voided check requirements:

• The organization's legal name and address as shown on your page
• Routing and account numbers clearly visible and matching what you entered
• EIN written in the memo line (recommended)

Bank Letter Requirements:

• Signed or stamped by a bank representative on bank letterhead
• Includes organization's legal name, address, and EIN
• States complete routing and account numbers

Not accepted: bank statements, screenshots, deposit slips, generated checks, starter checks, personal checks, or account applications. 

 After uploading your documentation, select continue to review and submit your EFT information.

Upon submission, your request will be reviewed by the Mightycause team. If your EFT is approved, you will receive a completion email. If not approved, you will receive an email outlining any necessary steps.

Mightycause Charitable Foundation Disbursement Timeline:

Your EFT request must be processed and completed at least 5 business days prior to the 10th or the 25th in order to be eligible to receive an EFT in that disbursement cycle.

Nonprofits can expect to receive their donations on the:

• 10th of the month, for donations made from the 16th of the previous month through the last day of the previous month.
• 25th of the month, for donations made from the 1st through the 15th of that same month.

If you are participating in a Giving Event, please note disbursement timelines may differ from the above. Make sure to check Giving Day FAQs for more information. 

Updating EFT

If you are looking to update your EFT, head back to your "Disbursement Settings" tab and select "Edit bank details" to submit your new EFT information.