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About Us

FAQ

General Questions

Q. What is DreamBank?

DreamBank  is an alternative gift giving service for life's special occasions. Instead of giving or receiving gifts that people may not want or really need, with DreamBank you make a contribution to someone’s dream gift. This way your friends and family get what they really want, we eliminate the stress and hassle of gift shopping, we hopefully help the planet by reducing consumer waste of unwanted gifts and, in addition, we also help various social and environmental causes along the way. For more info on DreamBank visit About Us.

Q. Is DreamBank a Bank?

First, to be clear, we are not a BANK. We are a cash gift registry that combines an easy to use online technology platform, with existing online payment processing services. This combination creates a new online way for people to recieve contributions towards a special "gift" from friends and family.

Q. How can I trust that dream gifts are legitimate?

In most cases, you’ll be contributing to a dream gift for someone you already know and trust.

Q. Is DreamBank a not-for-profit organization?

DreamBank is a for profit company, but we have set our business up in a way that  we hope will generate a lot of money for charity. Want to find out how we balance business with charitable contributions? Check out  How You Make a Difference with DreamBank.   And stay tuned... We're building some innovative new programs and features that will increase our ability to generate money for our cause partners. Expect to see them in action Summer of 2011!

Q. How can I make suggestions or offer feedback to DreamBank?

We want our service to be as great as it can be, so we’re keen to hear all your suggestions! Send us your feedback by clicking on contact us and we’ll eagerly read what you have to say.

Q. Where can I find the latest information about DreamBank?

DreamBank's latest news and information are made available via The DreamBank Blog. Follow along on the web or via RSS.

Money Questions

Q. What is PayPal and how does it work with DreamBank?

PayPal is the world’s most popular and trusted online payment system. It allows individuals and businesses to send and receive secure payments over the Internet. DreamBank fully integrates with PayPal's popular service to provide the most efficient, effective and secure means to contribute to dreams. Please note, when you sign up for an acount with PayPal the fees you see on PayPal are specific to PayPal, not DreamBank. For information on fees specific to DreamBank click here.

Q. Do I have to have a PayPal account to use DreamBank?

You don’t need a PayPal account to contribute to a dream gift, you can use major credit cards, but you’ll need one to cash in your dream funds. That’s because we’ll deposit your dream funds into your PayPal account when you cash in your dream. We recommend that you set one up as soon as possible. You can sign-up for a PayPal account at www.paypal.com.

Q. Where is all the contributed money held while dreams are on their way to being achieved?

All money contributed to dreams is held by PayPal.

Q. What currencies are accepted for contributions?

Currently, Dream Gifts are posted in Canadian and US dollars and the currency is chosen when the Dream Gift is posted. The contribution will be made in whatever currency was chosen.  If you live outside of Canada or the US, don’t worry, there is a currency converter you can use to work out your Dream Gift amount or contribution level. We will be adding other currencies as soon as it makes sense.

Q. Are there any additional fees for Dreamers outside of Canada or the US?

The only additional fee for Dreamers outside Canada or the US is when you cash in your dream, if your PayPal account is in a currency other than US or CAD, you will pay PayPal’s standard currency conversion fee. 

Q. Why do I have to post my dream in CAD or USD when I am in a different country?

It's cheaper for you! To support other currencies in addition to USD and CAD, dreamers and contributors would have to bear some of this expense. However, as the site grows, we’ll add currencies as long as the cost is not prohibitive for our users.

 

Q. What fees does DreamBank charge?

DreamBank wants as many people as possible to fulfill their dreams so we try to keep our charges to a minimum.  We charge $2.25  CAD on contributions and the Dreamer pays  2.5% of their total Dream amount when they cash in.

Q. Do I need to report the contributions to my DreamBank Dream as taxable income on my Income Tax Return?

In the US and Canada, money received by way of gift from DreamBank will not be taxable income in the hands of the Dreamer. Certain conditions may apply for large contributions in the US ($12,000+). For full information on  all tax questions, please visit the Internal Revenue Service at http://www.irs.gov or the Canada Revenue Agency at http://www.cra-arc.gc.ca. For countries outside of the US and Canada please refer to your governing tax body.

Q. How long does it take to receive my Dream Funds after I cash in ?

Dream Funds can take between 5 to 7 business days  to arrive in your PayPal account. Make sure you account for that in your Goal Date.

Dreamer Questions

Q. How much does it cost to post a dream?

Posting a dream is free. However, when you cash in your dream we charge a fee of 2.5% of the total amount .

Q. Is there a limit to the dollar amount my dream can be?

There is a $20,000 (CAD) maximum and the minimum is $20 (CAD).

Q. How much does it cost to get money out?

There is a  2.5% cash-in fee to cover transaction costs.

Q. Can I withdraw money from my account at any time?

Yes and no. You can cash in at any time, but you can only do this once. When you withdraw DreamBank funds, your dream will no longer be active and you won’t be able to accept more donations for that particular dream. Make sure you’re really ready to cash in.

Q. What happens if I don't reach my dream target amount?

Don’t worry, you can withdraw your dream funds  any time, no matter how much money you’ve raised towards your dream gift. Just remember, when you ’cash in’ your dream you won’t be able to accept contributions for that particular dream any longer. Of course, you can always set up a new one too.

Q. What happens when I cash in my dream?

When you ‘cash in’ on your dream, money from your DreamBank account is transferred to your PayPal account (minus DreamBank’s 2.5% fee).  This process can take up to 5-7 business days. At the same time, a thank you email (which you can customize) is delivered to all your dream contributors to let them know you’ve cashed in your dream.

Q. I forgot my username/ password, what should I do?

No worries. Simply click on forgot password in the sign in box and we will email you the relevant information.

Q. Can anyone contribute to my dream?

Yes, anyone can contribute to your dream, though in most cases, contributions come from your own friends, family or other social networks. So, don’t forget to promote your dream to everyone you know!

Q. Can anyone view my dream?

Your DreamBank dream gift is not private so it can be viewed by anyone who visits dreambank.org. This feature also allows you to find and collaborate with other Dreamers with similar dreams ( of course only if you want to).

Q. Does my dream have a time limit?

We recommend that you try to raise the money for your dream within one calendar year but there is no actual limit as long as your account is active in some way you can keep on ‘dreamin’. 

Q. Can I change the target amount for my dream?

Yes, you can change the target amount at any time, as long as it falls within the allowable limits.

Q. Can my dream raise more money than my initial target amount?

Yes, a dream can raise more money than your target amount. There’s no limit on how much others can contribute to your dream

Q. Can I transfer credits or cash from my dream to another dreamer's account?

The money you raise is for your dream alone. Contributors have given specifically to your dream, so those funds can’t be transferred between Dreamers. However, you are free to contribute to another dream at any time

Q. Do I have to choose a charity when I post my dream?

Yes, an important part of DreamBank’s philosophy is helping important social and environmental causes while raising money for our own dreams. When you post a dream, you’ll be asked to choose a charity. This action is mandatory. We’ve started with some established, popular charities involved in a variety of causes, but will expand the list over time according to feedback from our users.

Q. Can I have more than one dream?

Of course, but initially we are limiting the number of dreams to three per Dreamer.

Q. Do I have to contribute money out of my dream to charity?

No, the money that goes to charity does not come directly out of your personal dream fund. DreamBank gives 10% of its net transaction revenue to the charities. Find out more about how this works go to How You Make a Difference With DreamBank

Q. What payment methods can I use to contribute to a dream?

If you have a PayPal account, you can simply make your contribution by PayPal transfer. You can also contribute using any of the following credit cards: Visa, Master Card, American Express and Discover.

Q. What is collaborative giving?

Collaborative giving is what happens when contributors work together, giving lots of small contributions that eventually add up to a significant amount.

Q. What kinds of dream gifts can I post?

This is really up to you – it’s your dream gift. We recommend that you set an achievable goal amount that can hopefully be reached within one year.  We trust our users to post legitimate and non-offensive dreams, but if you want to know more about our policy on what dreams are  OK/not OK, please check out our Dream Policy.

Q. Is there a limit on how much or little money I can collect for my dream gift?

There is a $20,000 CAD maximum and the minimum is $20 CAD.

Q. What if I have a dream that does not involve raising money?

DreamBank is about raising money—for Dreamers, and for the charities we support. So while we're psyched that you've got a dream, DreamBank probably isn't the best place for it.

Q. How do I tell people about my dream gift?

DreamBank offers an easy way to let people know about your dream gift. Go to the page for the dream about which you want to spread the word. Click  "Send to a friend" and send a message to your friends and family. We will be adding more tools in the future to help our users get the word out.

Q. How do I get my money into my bank account?

To transfer funds from your PayPal account to your bank account your PayPal account needs to be linked to your bank account. For more information on how to do this  visit  www.paypal.com .Please note PayPal may charge a minimal fee to transfer your funds.

Q. What happens if I see a dream or profile that I think is offensive or not appropriate?

We hope that this does not happen, but if it does, you can flag that person’s dream gift or profile by clicking on the flag button on the profile.  DreamBank ‘s internal systems  monitor flagged dreams or profiles . To review our dream policy go to Dream Policy

Q. What does DreamBank do with my personal information?

At DreamBank, we only use your personal information to enhance your experience and help make your dream come true on www.dreambank.org. We will never sell your personal information to third parties. Check out our complete privacy policy at DreamBank Privacy Policy.

Q. What happens if I don't cash-in my dream funds?

Don’t worry, DreamBank will contact you if there has been no activity at all in your account for a long while. If after several attempts ( and over time) we can’t reach you, we’ll transfer your  dream funds into the PayPal account you have set up with your dream. 

Q. Can I partially cash in my dream?

You can only cash in your dream once so at present there is no option to cash in part of your dream funds.

Contributor Questions

Q. Are there fees when I contribute to a dream gift?

There is a $2.25 fixed fee to contribute to a dream gift. This fee covers part of the online transaction costs. Think of it this way—a $2.25 fee is cheaper and less hassle than driving to the mall, purchasing and wrapping a gift. Plus, you know the recipient will be thrilled with your contribution. 

Q. Can I contribute anonymously?

Yes. You simply choose to conceal your identity and/or the sum you're donating when you make your contribution.

Q. What happens to the money once I contribute to a dream gift?

Your contribution will be processed by your credit/debit card or PayPal account and the Dreamer will be notified via email of your contribution. The money will then be held in PayPal until the Dreamer is ready to “cash in” the money for their dream gift.

Q. Is my credit card charged immediately?

Yes, your credit card will be charged immediately upon processing.

Q. Do you keep my credit card information?

No, we do not keep your credit card information. We do not share any of your personal information with third parties. Your privacy is our top priority. Want to know more? Check out our DreamBank Privacy Policy.

Q. Can I get my contribution back?

No, once you donate to a dream the funds go into that Dreamer's account and cannot be refunded.

Q. Is there a minimum or maximum amount I can contribute?

The minimum is $1 CAD and the maximum is $20,000 CAD  The amount you contribute is completely up to you.

Privacy and Security Questions

Q. What does DreamBank do with my personal information?

At DreamBank we use your personal information only for the purpose of enhancing your experience on www.dreambank.org. We promise that the personal information you enter into www.dreambank.org will not be sold to any third parties.  Read our complete DreamBank Privacy Policy.

Q. Does DreamBank store my credit card number?

No, we do not keep your credit card information. We do not share any of your personal information with third parties. We care about your privacy. Want to know more? Check out our DreamBank Privacy Policy.

Charity Questions

Q. How does DreamBank choose charities to support?

At DreamBank, we have chosen internationally recognized charities initially so that Dreamers can be assured the charity funds are going to credible organizations. Plus, we use third-party rating organizations to choose charities that make effective use of their funding. The initial selection covers key causes in a variety of categories.  As we grow DreamBank will be adding additional categories and charities in the future based on user feedback.

 

Our First Charity Partners are:  

African Wildlife Foundation (Animal Welfare)

CARE (Hunger & Poverty)

Doctors Without Borders (Medical Relief)

Global Green Grants (Environment)

Kiva Micro Finance (Micro Lending)

Save the Children (Children & Families)

 

Q. How much money does each charity receive?

This depends on how much net transaction fees DreamBank has generated and the breakdown of what charities our Dreamers choose to support.  We'll update the site regularly with this information.

Q. Do I have to choose a charity when I post my dream?

Yes, an important part of DreamBank's philosophy is finding innovative ways to support social and environmental causes while raising money for our own dreams. When you post a dream, you'll be asked to choose a charity. This action is mandatory. We've started with some established, popular charities involved in a variety of causes, but will expand the list over time based on your feedback.

Q. Do I have to contribute money out of my dream to charity?

No, the money that goes to charity does not come out of your personal dream fund. DreamBank gives 10% of all its net revenue generated from transaction fees to the charities.  Find out more about how this works see How You Make a Difference With DreamBank.

Q. How does DreamBank support charities and non profit organizations?

DreamBank has a unique business model that, unlike may companies that only give a % of profits to charities, DreamBank gives 10% of all its net transaction fee revenue to charities. This means that the charities will receive money regardless of our profitability. This unique socially responsible business model lets you achieve your dream gifts, but also helps other social and environmental organizations achieve theirs. It's an all way  win for everyone.