Most stores try to offer multiple ways to pay for a purchase, in order to maximize the number of purchases they can make. At First U, we also offer several methods for you to make your pledge payments. But I think it’s worthwhile for you to understand the fees we incur with each option. In this first of four articles, I will focus on “cash” donations.
During the fiscal year ended 6/30/18, 24 people gave approximately $54,000 via ACH (Automated Clearing House) transactions. In this option, First UU initiates a transfer of funds from your checking account to ours. We paid $1455 in fees to Huntington for this, or about 2.7% of these pledges go to fees.
Also during that year, 56 people gave a total of $42,368 via PayPal. In this option, members have sent money to us via the PayPal app or website. In most cases, they have charged the payment to a credit card. We paid a total of $1067.58 in fees to PayPal, or about 2.5% of these pledges go to fees.
If you would like 100% of your pledge to go to the work of the church, nearly all banks offer Bill Pay services. The bank writes and mails the check according to a schedule you set up, and at most banks there is no fee to you (or to us).
If you have any questions or would like further information, please let me know.
Don Stimpert, Assistant Treasurer
email Don at email@example.com