Stripe or direct to a bank account for Fidelity Charitable ETF DAF donations?
I am curious to know whether people are going to opt for the automated ETF transaction payments from Fidelity Charitable via Stripe or if they will want those donations to go straight to a bank account. It would seem that the option to use Stripe would reduce the manual entry of donations from Fidelity Charitable. Is there a reason not to choose that path?
Sally Gillespie
Executive Director
Inspiring Effective Philanthropy in Idaho's Wood River Valley
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Hi! We are curious about this as well. We worry that they won't know what Fund to pick/won't pick the correct fund, as we have over 800 different funds. Curious about your experiences.
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We were told by Fidelity that they are using Stripe Express which is a different platform than the Stripe used for CSuite. Stripe does not allow the same user to access both systems. We switched to the ACH option because of this so we could access the information regarding the grant. Reply from Fidelity is copied below:
Hello there,
Fidelity Charitable offers ACH transfers with an ACH account, but it looks like you have selected Stripe over ACH. You are correct, Stripe will not allow us to have the same user access both Stripe Express and the regular Stripe Platform.
Please let us know how you wish to proceed.
Thank you,
Fidelity Charitable®
EFT Team | FIDELITY Charitable
800-952-4438, Option 4 I Two Destiny Way, WF2F I Westlake, TX 76262
#REFA772510#
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GLCF has transitioned from EFT to Stripe. The primary reason for this change is that Stripe captures all donor information directly within our system. With EFT payments, we would need to log into Fidelity’s system separately to download the donor report. Using Stripe eliminates that extra step and streamlines the process on our end.
Janinne Nocco
Controller & Administrative Officer
Greater Lowell Community Foundation
100 Merrimack St., Suite 202
Lowell, MA 01852
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Hello! We ended up picking ACH due to the funds issue. While the functionality of the donation going right into CSuites would be great, there are too many different funds that we have and we weren't sure how to get that to translate properly so that Fidelity picked the right fund.
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Typically, our donors write the name of the fund they are supporting and or write "where it's needed the most" Which gives GLCF some discretion as to what is needed the most.
Janinne Nocco
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Has anyone received definitive information about whether there will be fees if the donations run through Stripe?
Sally Gillespie
Executive Director
Inspiring Effective Philanthropy in Idaho's Wood River Valley
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@JaninneNocco, does Fidelity do a good job selecting the proper fund when putting it into your stripe? Or does the donor do that?
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Julia,
I don't know yet. We moved from check to ACH a month ago and then ran into a problem getting the details for the ACH. When I was on the phone with Fidelity they told me that stripe would be a better option, it pulls in all the donor's information. So she removed the AVH and sent me a new link to connect with Stripe. Haven't had one yet.
Janinne
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Interesting. Thanks for sharing. I'll be very curious to see how it all shakes out! @SallyGillespie I was assuming we would get hit with CC fees the same way our stripe fees work but I'm curious to know this as well.
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CFNCM receives Fidelity grants by ACH. They send us an email with a spreadsheet attached containing donor's information and purpose/fund.
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Sally,
Fidelity directly deposits the funds in our account via ACH, and we receive donation report day before the money credited in the account. I have noticed sometimes donors don't put fund name at all so in that case we look at donor's donation history and determine the fund. If we have donor's contact information (email/phone number) on file, we will reach out to donor for fund name.
Hope this helps.
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We have Fidelity ACH and we receive an email saying that a grant is pending with a link to an Excel sheet that has the donor details, amount and recipient fund listed.
Michele R. Jeican, Director of Finance
Northern New York Community Foundation
131 Washington Street
Watertown, NY 13601
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