What is an account and routing number? How should I use it?

An account and routing number are essential components of a bank account used for transactions, particularly electronic transfers. The routing number identifies the bank where the account is held, while the account number specifies the individual account within that bank. In this context, it's important to understand that this isn't a traditional bank account. Instead, it's a restricted fund managed by your fiscal sponsor, HCB.

If you're dealing with your HCB organization, it functions as a deposit-only account, meaning you can only add funds to it, not withdraw. You might need this type of account if you're collecting money from platforms like GoFundMe, Venmo, or Shopify. It's fine if you use those platforms, but it's crucial to transfer the collected funds to your HCB account, especially for proper tax filing. Remember, any money received is still subject to the fiscal sponsorship fee.

To set it up, navigate to the settings of any of those platforms or other relevant apps, and find the banking information section. Input your HCB account and routing numbers there, and then transfer funds as you normally would.