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Identifying EFT Donor Names

  • 1.  Identifying EFT Donor Names

    Posted 16 days ago

    An increasing number of our donors are sending us EFT payments directly rather than using our online giving tool that requires, name, address and purpose.  When this happens the Business Office receives a one line deposit notice from the bank with no donor name or purpose.  Then we have to try to figure out who gave the gift.  Does anyone know of a way to have a donor's name attached to an EFT they initiate not through one of our online tools?    



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    Tatiana Walzer
    Assistant Director Advancement Services
    University of Saint Francis
    twalzer@sf.edu
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  • 2.  RE: Identifying EFT Donor Names

    Posted 16 days ago
    Your first concern is that no one should be giving out your routing transfer number and bank account number.  This is NOT public information and should be dispensed for one-time use only.  In so doing, you know who you gave the information to, and therefore, you can easily tie the payment to the donor.

    In your case, you will need to work with your bank in much the same way you would your broker when you receive stock without information.  There are ways to send "traces" back to the originating institution requesting that they contact you with donor information.  In dire situations, you can refuse the payment and reject it also with a note going back stating you cannot accept the payment without knowing contact information.

    While doing all this, make sure your bank information is not publicly available and instruct staff to guard the information carefully and only provide it after obtaining donor information.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Identifying EFT Donor Names

    Posted 14 days ago
    Can you elaborate on why the routing number and bank account number are not public information? Right now, this information is posted on some of our 'Ways to Give' website pages regarding wire transfers. From what you said, it sounds like we should definitely remove this.

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    Sara Weibel
    Advancement Communications Coordinator
    Trinity International University
    smweibel@tiu.edu
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  • 4.  RE: Identifying EFT Donor Names

    Posted 14 days ago
    Bad people can do bad things with your bank account information.  Much like your credit card.  Many auditors will read the riot act for placing this information in a public space.

    There is no "law" prohibiting this but I would not so it.  At least not without my CFO and auditor agreeing.

    John Taylor
    919.816.5903

    Big ideas; small keyboard





  • 5.  RE: Identifying EFT Donor Names

    Posted 14 days ago
    Hello,

    Happy New Year.

    Our finance folks use a "shadow" eft number that is shared publicly.  Gifts are collected there. This allows for funds to go in, but no money stays there so none of the bad guys can snatch our funds either.

    I know that seems like extra work, but it works very well and keeps our auditors and finance friends happy.

    We do have the similar task of reminding folks to let us know when they are expecting funds to be transferred so that we don't have cash in limbo.

    Thanks,

    Karen





  • 6.  RE: Identifying EFT Donor Names

    Posted 14 days ago
    It is possible for a person to use your bank account number and routing number to initiate ACH withdrawals from your account. While these transactions are trackable and reversible, they're still a vulnerability and a pain to deal with when they occur. As a result, security guidances on bank account and routing numbers is to only transmit them securely, and certainly not to post them publicly.

    It's preferable to use a payment processor that can accept ACH payments, where your account information is entered on your side, at setup, and donors don't ever need to see it or know it.

    Thank you,
    Isaac Shalev
    CRM Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:






  • 7.  RE: Identifying EFT Donor Names

    Posted 14 days ago
    Thank you very much. I am VERY grateful for this resource.

    Sara

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    Sara Weibel
    Advancement Communications Coordinator
    Trinity International University
    smweibel@tiu.edu
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