What are Person-to-Person (P2P) Payments?
P2P payments/transfers allow you to send or receive money via e-mail or text message to family members, friends, or co-workers.
What can I use P2P for?
You can use P2P to send or request payment from others. Use P2P to:
- Send money to your child at college
- Send a monetary gift to family or friends
- Pay back a friend or co-worker for movie tickets, dinner, or concert tickets
- Pay vendors such as your baby sitter, gardener, or landlord
- Request money from a friend or family member
How does P2P work?
Sending money: To send money to someone, enter their e-mail address or mobile phone number, the amount you want to send, and a personal message. Follow the instructions to complete the payment/transfer. The recipient will receive an e-mail or text message with a link, a confirmation code, and instructions on how to accept the payment. The recipient will then use the link and confirmation number and provide their account information to accept payment. The funds will automatically be withdrawn from your account and sent electronically to their account.
Receiving money: To request money from someone, enter their e-mail address or mobile phone number, the amount requested, and a personal message. Follow the instructions to complete the payment/transfer request. They will receive an e-mail or text message with a link, a confirmation code, and instructions on how to complete the payment. They will then use the link and confirmation number and provide their account information to send the payment. The funds will automatically be withdrawn from their account and credited to your account.
How long will it take for the payment to be processed?
It usually takes 2-3 business days to complete the transfer after the recipient has confirmed the payment. If the recipient does not confirm the payment within 7 days, the payment/transfer will be cancelled.
What are the fees for using P2P?
There are no fees to send or request payment from someone. A failed transaction fee of $25 will be assessed if there are insufficient funds to complete the transaction.
What are the transaction limits for P2P payments/transfers?
- Minimum payment/transfer amount: $10
- Maximum payment/transfer amount: $500
- Maximum payment/transfer amount per day: $750
- Maximum payment/transfer amount per week: $3,000