Why does it take up to three business days to verify my place of worship’s account?

491 views 11

Givelify takes the safety and security of our users’ financial information very seriously. For that reason, an extensive account verification process is used to make sure that every member organization is 100% legitimate.

If you are in the process of signing up your place of worship or 501(c)3 nonprofit for a Givelify donation app account, you may be wondering how long this process will take.  Let’s take a look at the steps involved, and what you can do to speed things up.

Verifying Your Donation App Account

When you first sign up, you will receive an e-mail containing an activation link. Click the link to activate your account, and then you can begin filling out your donation app profile. Most importantly, you can begin the process of adding your banking information:

  1. Login to your account and click the Settings tab.
  2. Select the Banking option.
  3. Enter your IRS-issued EIN or Tax ID.
  4. Update the information.

At this point, a Givelify team member will give you a call to officially verify your donation app account. After the call is completed, it’s time to begin the bank verification process, which can take up to three business days.

Bank Account Verification

After Givelify verifies your account over the phone, you will receive an email instructing you to add your bank account information. We require all nonprofits and places of worship to provide a copy of a voided check. This is another security measure that ensures all donations are deposited into the correct bank account, and that the account belongs to your organization.

If you do not have checks for your checking account, a bank verification letter or the first page of your bank statement are acceptable alternatives. The voided check, bank verification letter, or bank statement must include your bank routing number, account number, and the name and address of your organization. The routing number and account number are usually listed at the bottom of your checks. Please note that we do not accept starter checks.

Legal Representative Information

Federal compliance regulations require all organizations that submit a bank account for next day deposit processing also the following information:

  • the year your organization was established, and
  • the name, address, phone number, date of birth, and social security number for one (1) individual with responsibility for managing the organization.

This person could be your Senior Pastor, CFO, Treasurer, or anyone else who helps oversee your organization.

These regulations fall under the Patriot Act and are intended to prevent fraud, money laundering, and support for terrorist activity. You can learn more about the federal regulatory changes from the U.S. Department of the Treasury.

Once Givelify ensures that this information is correct, your account setup is complete.

Reasons Account Verification Might Fail

A few different reasons might cause your account to not be processed:

  • Failing to provide an account that belongs to your organization
  • Using your personal bank account
  • Providing a deposit slip instead of a voided check
  • Providing a voided check or letter that does not include your organization’s information
  • Attaching a file that is not a voided check, bank verification letter, or bank statement

Givelify will notify you if your bank account is unable to be processed.

Was this helpful?