What is a pilot program?
Think of a pilot program as a small scale, short term experiment. Eastern Bank would like to gather customer feedback from our pilot participants to learn about what you like and/or dislike about the Pinkaloo platform. Based on this feedback, we will make a decision on whether or not to roll this product out to all of our customers.
What are the fees for using a Give for Good account?
You will not be charged any fees for using your Eastern Bank Give for Good account. Your chosen charities receive 100% of your donation.
How may I fund my Give for Good Account?
Give for Good accounts can currently be funded electronically using your Eastern bank debit card, or a non-Eastern credit / debit card or bank account. Because our goal is to help you give when and where you want, 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.
What is America’s Charities?
America’s Charities is a registered 501(c)3 foundation that works through Pinkaloo to help facilitate and administer your Give for Good account. They issue your tax receipt and take care of sending donated funds to the charity(s) of your choice.
What is the minimum deposit to open an account?
There is no minimum. 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?
You can make one-time and/or recurring monthly deposits to your account. There are no minimum requirements for either.
What is the minimum donation I can make to a charity?
The minimum donation amount is $10.
Is there a minimum amount that I need to donate each year?
No, there is no minimum annual amount that must be donated to charities. We encourage all account holders to actively manage and use their account to meet their charitable goals.
Can I withdraw funds from my Give for Good account?
No. Once you move funds into your Give for Good account, it automatically becomes a tax-deductible transaction. This also allows you to receive a tax receipt immediately after funding your account. Therefore, you cannot withdraw funds / receive a refund after you contribute to your account. You can either keep those funds in your account or distribute them to a charity.
How does a Give for Good account differ from a Donor Advised Fund?
Similarities between a Give for Good account and a Donor Advised Fund (DAF) include the ability 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 important differences: Most DAFs have a significant minimum amount to open (sometimes as high as $25,000) while Give for Good has no minimum and is free to you as an Eastern Bank customer while most DAFs charge balance-based fees. Give for Good is also designed with donors in mind, making it easy to find and discover great organizations while providing fun and optional social capabilities that are built into the experience.