Key Points About Bank Account Types
Both Account Types Accepted: You can use either a checking or savings account for your payouts. It's important to keep in mind that while you can connect a savings account, most savings accounts are not enabled to be debited. We recommend reaching out your bank directly to ensure the account in question matches this criteria- Cannot Switch Designation: If you need to change from checking to savings or vice versa, you'll need to enter a new bank account with the correct designation
Requirements for All Bank Accounts
Your bank account must:
- Be registered under your organization's name
- Be configured to accept direct deposits
- Be enabled for debits
- Have the correct routing number for your specific account type
💡Wondering why your bank account also needs to be enabled for debits? If you are refunding an amount that exceeds your available balance within Zeffy, the money will be retrieved from your connected bank account in order to refund your donor. Find out more about how refunds work here.
Important Considerations for Savings Accounts
Before connecting a savings account:
- Confirm with your bank that the account can handle:
- Direct deposits (for receiving payouts)
- Electronic debits (for processing refunds)
- Verify you have the correct routing number for your savings account
What To Do If You Need to Change Account Types
If you need to switch between checking and savings:
- Log into your Zeffy dashboard
- Go to Settings > Bank Account
- Enter the new bank account information
- Cross reference the information your entered with a void cheque to ensure all numbers are entered correctly.
Need Help?
If you experience any issues, you may need to provide:
- A bank statement such as a void cheque showing account and routing numbers.
- Proof that your bank account is active
- Confirmation from your bank that the account can handle both credits and debits
Remember: Each Zeffy profile can only have one connected bank account.