Person-to-person payments allow you to securely send money electronically to friends, family, or anyone with a bank account in the U.S. All you need to get started is their email address or mobile phone number. You can send money from your checking or savings account.
The P2P recipient will have the option to claim funds at no cost via a standard ACH transfer or the same day for a $1 fee.
- ACH payments using the routing and account number are free and are processed after 4:00 p.m. when the recipient claims the funds. Transfers typically take 1-3 days to be received.
- Real-time payments may be claimed using a debit card for a $1 fee. These payments are credited the same day if claimed by the recipient before our 4:00 p.m. cutoff time. Payments claimed after 4:00 p.m. will be credited between 8-9 a.m. EST the next business day.
Recipients have seven days from the Send On date to claim the funds. If funds are not claimed within seven days, the link to claim will expire.
When using Person-to-Person payments, you will set up a security question and answer for your recipient to answer the first time you do a transaction together. The answer to the security question is space sensitive.
So if you write “NewYork” without spaces and the recipient writes “New York” with spaces, the security question would be invalid. There are a limited number of attempts a recipient can make to answer the security question correctly before the transaction is canceled automatically. So be sure to communicate directly with the person you send money.