This article provides a step by step guide for setting up bank transfers from your fundraiser to a bank account.
Hi, I'm Kath! I want to share a few important reminders about transferring funds to your bank account.Before you begin, please make sure you meet the requirements to transfer funds. Keep in mind, transfers need to be set up and verified within 90 days of your first donation, and it may take a few days for our team to verify your information.
How to set up bank transfers
1. Decide whose bank the money will go to
If the funds are going to:
- Your own bank account, select Myself and Personal.
- An organization’s bank account, select Myself and Business. Please continue in this article.
- Someone else’s bank account, select “Someone else will receive the funds”. (We call this a beneficiary.) If you select a beneficiary, your part of the transfer process is complete. Please continue in this article.
2. Add personal and bank information
The information you enter will be used by our payment partner to verify who you are. For this reason, it needs to match your government-issued ID exactly. This name won’t be displayed publicly on the fundraiser.
- Enter your physical address (not a PO box)
- Enter your full name; don’t use an abbreviated version or nickname
- Include any 0's at the beginning of your account number
- Use the routing number for ACT, EFT, or direct deposit. Do not use the routing number for wire transfers
- For European bank accounts, the IBAN will need to include capital letters without spaces
- The name you entered in personal information must match the owner of the bank account. Do not enter someone else’s banking information. If the name on your ID doesn’t match the name on your bank statement, check out this article for more information.
- You can transfer your funds to a prepaid debit card as long as it has both a routing number and account number. If you aren’t sure about this information, please contact the company your card was issued by to check with them.
3. GoFundMe verifies your information
We want to ensure that the funds are sent safely to the correct recipient. It may take a few business days to verify your information, and if additional information is needed we will contact you.
4. Share supporting documents (if necessary)
In some cases, we may ask for a copy of your bank statement, government-issued identification, or more information on your relationship to the fundraiser. You’ll hear from us via email and a banner in your account.
If you need to upload an ID or bank statement, you’ll see the following banner:
Follow these steps to upload a document:
- Select “Bank transfers”
- Select pencil icon next to the bank information, then select “Edit bank account”
- Select the section that is under review
- Select the upload button and upload the required document
If they’re verified, funds will be sent automatically. If they’re not verified, we will email you.
If you need to provide additional information on your connection to the fundraiser, you’ll see the following banner:
To provide this information, please reply to the email our team sent, titled “Important Message from GoFundMe - Response Required”. If you can’t find this email, please contact our team using this form.
5. Receive money to your bank account
Here are a few things to know about transfer timelines:
- Once your bank information is verified, funds are sent automatically.
- Individual donations process in 1-14 business days before being included in a transfer.
- Transfers initiate on a daily frequency, unless you change to weekly or monthly.
- Each transfer includes all currently available donations.
- It takes 2 - 5 business days for transfers to reach the bank account after leaving GoFundMe.
- Your GoFundMe transfer overview will show the date that funds are expected in your bank account, not the date they’re sent from GoFundMe.