I propose that Banks/Financial Institutions offer a Charity Checking account. This account would have the same features as a standard interest bearing checking account (NOW account) except that instead of the interest earned being paid to the account it would be designated for donation to a Charitable organization that is pre-selected by the account holder.

I believe many people, including myself have an interest checking account which normally holds a balance of between $1000 and $2000 that is used for bills and other expenses. At the end of the year, these account have earned interest of only about $15 to $20. Not that any money is a nuisance, however this money needs to reported to the IRS by the Financial Institution and the person themselves as interest earned. I would love for this money (the interest earned) to be systematically donated to a charitable organization throughout the year. Instead of worrying about reporting this interest earned, the account holder would gain a good feeling of having helped his/her fellow man in some way.

Other Aspects

* The Bank/Financial Institution would partner with one or more charitable organizations from which the consumer could select. This way donations would be bundled from multiple account holders and could be sizeable. Charites that could be used include: The American Heart Association, Make-A-Wish, The American Cancer Society, or a local/regional charity.

* The Bank/Financial Institution could also possibly match the donation of the account holder which would be a big marketing plus.

* The person that selects a Charity Checking account could be supplied with checks and/or ATM cards that designate via a logo or design that this person's account is a Charity Checking account. These checks would naturally be circulated and the idea may catch on.

What do you think of this idea or comment?
(You can change your vote at any time)

I agree

No opinion

I disagree