EFT stands for Electronic Funds Transfer. You may also hear it referred to as "ACH," which is a banking term that stands for Automated Clearing House. It's a way to make your pledge to KCCK by having a payment or payments taken directly from your checking account. Chances are, you already have insurance payments, utilities, maybe even your mortgage paid in this fashion every month.
Everyone lives on a budget. When you make a pledge to KCCK and pay it off in a lump sum, you have to time that payment around your other monthly bills. With EFT, you can break your pledge up into 12 equal installments, paid automatically each month. It's a way to budget your support for KCCK just like any other expense. Also, it's an easy way for a person of moderate means to make a major gift to support KCCK over a year's time.
After we receive your pledge, we'll send you an EFT Enrollment and Authorization Form. Fill in the form, attach a voided check (not a deposit slip), and send it back. Your first transaction will take place in the month following our receipt of the form. Each month, your bank statement will include a draft labeled "KCCK ACH GIFT."
You'll receive a tax receipt from KCCK in January of each year, noting your total giving for the prior year.
The Authorization Form will ask whether you want to make one lump-sum payment, or break your total pledge into 12 equal installments. If you don't put an amount into the "Stop when $_________ is reached" field, the monthly pledge will continue until you notify us in writing to stop or change it. But in this case, we'll touch base at least once a year with you to make sure everything is on track.
If you'd like to increase or change your pledge, call us and we'll send you the EFT Change form.
Call us immediately. We'll work with your bank and ours to get it straightened out.
Your statement will contain a draft each month with the description "KCCK ACH Gift."
Pick up the form from your HR department as usual, and send it to us with the EFT authorization form. When your pledge is completed (usually after 12 payments), we'll send the form in.
Call KCCK at 319.398.5446 and ask for Kim or Debra. If we don't know the answer, we'll get it for you as soon as we can.