Why is personal information required for a Generush account?
Good question. Your Generush account comes with a merchant account. A merchant account is a bank account. Your church or non-profit has a bank account where you deposit money and write checks. There are individuals or signers linked on that account with their personal information who do not own the organization or the funds in the account. The same is federally required for all merchant accounts. These FinCEN regulations are designed to prevent money laundering.
Is the information secure?
Yes. Stripe encrypts this info and is kept under federal regulated guidelines. This information is not retained by Generush or the Assemblies of God Credit Union.
What person should we use?
This is a decision your organization can make. The process used to determine who is on your regular bank accounts for your organization is acceptable for determining who is “owner” of your merchant account.
Can the individual be changed?
Yes. By contacting Stripe the owner of the merchant account can be changed or updated.
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