Eastern Give For Good FAQs

 

FAQs

What makes Eastern Give for Good accounts so great

What is a “Give for Good” Account, and what is its purpose?
Eastern Bank’s values of integrity, innovation, philanthropy, and our commitment to our customers and communities allow us to focus on more than just banking, investments, and insurance. We go above and beyond to help our customers and communities because they are what motivates us. 

That is why we’ve worked hard on making it simple, safe, and convenient for our customers to support charities they are passionate about. We are excited to announce our Give for Good pilot, which aims to make modern charitable giving easy and simple for customers like you! Give for Good is a centralized place for Eastern Bank customers to budget their giving, discover great charities that align with their passions, and collaborate with other members of the community.  

Why should I use a Give for Good account?
Give for Good accounts make managing your giving easier by centralizing your charitable activity in one place. The account is safe, simple, and makes budgeting and tax time a breeze!

  • Simple and safe: Instead of having to enter your payment information on many different charities’ websites, you can fund your account and make donations directly from there. You’ll pick the charities and send funds to them when it’s convenient for you.   We’ve also made it easy to discover charities that match your passions. We have almost every charity across the country available within our database! 
  • Easy budgeting: Your Give for Good account helps with budgeting by allowing you to make recurring or one-time deposits, and letting you build your account balance at your own pace. You can also set up recurring or one-time donations to support your favorite charities.
  • Stress-free tax time: You can access all of your receipts in one place. It’s the modern way of managing your charitable giving. 

Why not just donate directly to charities that I want to support?
Your Give for Good account is more secure, faster, and easier than giving directly to charities! Not only is it great for all of the reasons stated above, but by using Give for Good you’ll have one convenient place to store all your receipts for tax time. Give for Good will also never share your payment information with these organizations, instead of having to fill out your payment information on many websites or writing and sending personal checks through the mail, you can send money directly from your account to any charity in just a few clicks (whenever and wherever it suits you). 

How does a Give for Good account differ from a Donor Advised Fund?
Similarities between Give for Good accounts and Donor Advised Funds (DAF) include the abilities to distribute funds to almost any charity in the country and to receive a tax acknowledgment immediately when you fund your account. 

However, there are some important differences. Most DAFs have a significant minimum amount to open (sometimes as high as $25,000). Give for Good has no minimum. Most DAFs charge a fee based on the balance, while Give for Good is free to you as an Eastern Bank customer. Lastly, Give for Good is designed with donors like you in mind, making it easy to find and discover great organizations. There are also fun social capabilities built right into the experience (so you can make the impact that you want, wherever and whenever you want to).

 

FAQs - Early Access Users

General questions: I want to know how this works!

What is a pilot program?

Think of it as a small scale, short term experiment. We’re looking to gather your feedback about the Give for Good product – what you like, what you don’t. Based on what we hear from you, we will make adjustments and decide if we want to roll this out to all of our customers.

 

What are the fees for using a Give for Good account?

Zero! It's free! And your chosen charities also receive 100% of your donation.

 

How do I contribute funds to my Give for Good Account?1

You can move money directly from your Eastern Bank account online or in-app. Move electronically using your Eastern bank debit card, or a non-Eastern credit / debit card or bank account.

 

Who are Pinkaloo and America’s Charities?

Pinkaloo is a company that enables charitable accounts for financial institutions (like Eastern). America’s Charities is a registered 501(c)3 foundation. They work with Pinkaloo to help administer your Give for Good account. For example, they issue your tax receipt and send your donated funds to the charity(s) of your choice.

 

What is the minimum deposit to open an account?

There isn’t one (compared to traditional Donor Advised Funds where the minimum could be as high as $25,000, this is an amazing and accessible opportunity for managing your giving).

 

What is the minimum deposit that I can make into my account?

There isn’t one.

 

What is the minimum donation I can make to a charity?

$10.

 

Is there a minimum amount that I need to donate each year?

No, it’s totally up to you.

 

Can I withdraw funds from my Give for Good account?

No. Once you move funds into your Give for Good account, the funds automatically become a tax-deductible transaction and you will receive a tax receipt immediately after funding your account. If you have a problem though, please contact us.

 

How does a Give for Good account differ from a Donor Advised Fund?

Most DAFs have a significant minimum amount required to open (sometimes as high as $25,000) and charge balance-based fees. Give for Good has no minimum and is free to you as an Eastern Bank customer – there are no fees and the charity gets 100% of your contribution. Give for Good is also designed with donors in mind, making it easy to find and discover great organizations and providing fun, social capabilities built into the experience.

 

1. If for any reason an initial transfer is rejected, we will try to execute this transaction for you three times.  You may be assessed fees by your financial institution if there are insufficient funds in your account.