Electronic Funds Transfer FAQ Consider the advantages of contributing via EFT.

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Can I set up EFT giving online?

For your protection, we require your signature before we begin transferring money from your bank account. Therefore, we ask that you print out the form and either mail it or fax it to us.

How do I change my EFT giving?

Contact GMI to let us know if you change banks, so you can continue your involvement. You can also make changes such as adding a missionary's ministry or a project, or increasing or decreasing the amount you give.

Can I give quarterly or annually by EFT?

No. Automatic contributions are available only for monthly gifts.

When will monthly EFT contributions be deducted from my account?

Contributions are deducted on the 20th of the month. They will never be deducted before that date. They may be deducted a few days later if the date falls on a weekend or bank holiday, or if the bank delays in debiting your account.

How do I keep track of my donations if you're deducting them automatically?

You will receive monthly receipts from GMI, along with a year-end receipt for tax purposes.

What if you make a mistake?

Contact GMI and we will promptly correct any error.

Why should I choose EFT instead of recurring credit card donations?

You should choose the giving method that best serves you. Many donors choose EFT when they learn that credit card transaction fees (roughly 3 percent of each donation) are charged to missionary accounts. (Donors still receive a tax-deductible receipt for the full amount of their gift.)

Why should I choose EFT instead of my bank's bill-pay service?

You should choose the giving method that best serves you. While bill-paying services provide you with similar benefits to EFTs, they are more time-consuming and costly for GMI to process. Because bill-pay service checks arrive without the mail-in portion of your monthly receipt, each one must be processed by hand, a process than often takes longer than processing a check, and far longer than processing an EFT contribution. In addition, banks charge a check-processing fee which is higher than the EFT fee. Giving by EFT instead of a bill-pay service frees resources for ministry.

What if I have other questions?

Contact us and we will be glad to help you with any other questions or concerns you have about automatic bank transfers, questions about the form, or clarifications to any of the information on this page.