Donors can use bank accounts to help continue the great work that the Texas Alpha Endowment Fund is doing. Donating with a bank account is safe and easy. Additionally, individuals who donate using a bank account can receive the same tax benefits as other gifting options.
How do I give to a charity through a bank account?
There are a several different ways to donate with a bank account to Texas Alpha Endowment Fund. Here are three common options for the donation process:
- You can make a one-time or monthly donation directly from your bank account. Direct deposit from a bank account is a preferred payment method, as it allows more of the donation to go to the charity due to lower transaction processing fees.
- You can add Texas Alpha Endowment Fund as the “payable on death” beneficiary of a bank account as part of your legacy.
- You can also close a bank account that you no longer use at any point during your lifetime and donate the funds to Texas Alpha Endowment Fund.
What is the difference in “payable on death” and a beneficiary?
Payable on death (POD), is typically used to avoid probate on a bank account, checking, savings, money market or CD. If a beneficiary is named in a will, this transfer typically goes through probate.
Transfer on death (TOD), is similar to a POD. You can bequeath stocks, brokerage accounts or bonds without them having to pass through probate.