Eastern Give For Good FAQs

How It Works

What are the fees for using an Eastern Give for Good charitable giving account?

Zero! It’s free. And your chosen charities receive 100% of your charitable gift (unlike with certain traditional giving accounts)!

 

How do I contribute funds to my Eastern Give for Good charitable giving account?1

You can add money directly from within the Eastern Give for Good account and pay with a variety of credit cards, debit cards or bank accounts of your choice. You can also pay through an Eastern account or with your Eastern Bank debit card.

 

What is the minimum deposit to open an account?

There isn’t one, and there are also no fees (compared to traditional Donor-Advised Funds where the minimum could be as high as $25,000, including fees). This is an amazing and accessible opportunity for managing giving.

 

How does an Eastern Give for Good charitable giving account differ from a Donor Advised Fund (DAF)?

Most DAFs have a significant minimum amount required to open (sometimes as high as $25,000) and charge balance-based fees. Eastern Give for Good has no minimum (or maximum) and is free to you as an Eastern Bank customer. There are no fees and the charity gets 100% of your contribution. Eastern 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.

 

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

There aren’t any.

 

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

No, it’s totally up to you.

 

Can I withdraw funds from my Eastern Give for Good account?

No.  Once you move funds into your Eastern Give for Good account they are donated to America’s Charities and you will receive a tax receipt from America’s Charities. You can then use the funds to give to millions of causes.

 

What are some ways customers use Eastern Give for Good?

  • To plan their giving for the year or make either one-time or recurring contributions ;
  • To digitize and simplify their giving experience ;
  • As one central resource for all their giving activity;
  • As a donor-advised-fund (without the fees!) with the benefit of researching and giving to millions of causes;
  • To search, browse or find great organizations to support. This includes the ability to give to very specific causes such as a friend’s charitable run or a specific department; and
  • To interact with others who give, allowing other Eastern Bank customers to ‘chip-in’ to their gifts, or sharing their contributions by email / on social media.

 

How exactly do Eastern Give for Good accounts work on the backend?

When you add funds to your Eastern Give for Good account, the funds are contributed to America’s Charities, a foundation that supports non-profits and charities.  Once you choose to distribute the funds to a particular charity (there are over a million in our database), the funds are transferred from America’s Charities to the charity you chose.  America’s Charities issues you a tax receipt when you add funds to the Eastern Give for Good account – so you don’t have to wait until you have chosen a charity to receive a tax receipt.

This structure is similar to a donor-advised fund, which is an account for charitable giving that offers an immediate tax benefit and the flexibility to support your preferred charities right away or over time. Best of all, unlike traditional donor-advised funds or giving platforms, with the Eastern Give for Good account you pay no fees and the ultimate charity receives 100% of your donation.

 

Who are Pinkaloo and America’s Charities?

Pinkaloo Technologies Inc. is Eastern Bank’s third-party service provider and they enable charitable accounts for financial institutions. America’s Charities (also known as Charities.org) is a non-profit foundation that issues your tax receipt when you fund your Eastern Give for Good account. When you decide where you want to send funds, America’s Charities works with Pinkaloo to send each distribution to each chosen charity. Additions to your Eastern Give for Good account will appear on your statement as a transfer to “Charities.Org.”

 

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.

Click here for more information about Eastern Give For Good