Person to Person (P2P) Frequently Asked Questions
What are P2P payments?
P2P, or Person to Person, transfer service is an innovative way of sending or receiving money via email or text message. The service offers you the ability to request payments from anyone, or make fast convenient payments - anytime, anywhere using your preexisting bank account.
What do I use P2P for?
P2P is an easy and convenient way for you to send money to or request money from others online, saving you a trip to the bank. It can be used as a payment service, a collections service, and invoicing or donations service.
You can use P2P to:
- Send money to your child at college.
- Send a gift to family and friends.
- Pay back friends for that fun outing.
- Pay your babysitter or your lawn care service.
- Pay rent to your landlord or roommates.
How much can I transfer?
Minimum $10.00 per transfer
Maximum $250.00 per transfer
Maximum $250.00 per day
Maximum 3 transfers per day
Maximum $500.00 per week
How does the service work?
To send money to anyone, enter the recipient's email address or mobile phone number, the payment amount, and a personal message you’ll send to the recipient, then follow the instructions to complete the payment. The recipient will receive an email or text message with instructions explaining how they can accept the payment. The recipient then enters a confirmation number, email address or mobile phone number, and bank account information to accept the payment. Funds will be automatically debited from your account and then credited to the recipient's account.
Requesting money - To request a payment, enter sender's email address or mobile phone number, the payment amount, and a personal message you’ll send to the sender, then follow the instructions to complete they payment. The sender will receive an email or text message with instructions on how they can complete the payment. The sender then enters a confirmation number, email or mobile phone number, and bank account information to make the payment. Funds will be automatically debited from the sender's account and credited to your account.
Can I set up a payment for a future date?
No, at this time, you cannot set up payments for a future date.
Can I set up a regularly recurring payment?
No, at this time, you cannot set up recurring payments.
Can I send payments internationally?
Payments can be sent or received to/from others who own a bank account in the United States.
What are the fees associated with using this service?
There are no fees to use the service. However, if a transaction you initiated fails because you don’t have sufficient funds in your account, or you initiate a transfer from a closed account, there is a $30 failed transaction fee.
What do I do if I wish to cancel a payment?
To cancel a transfer, click the "Cancel" link in the Recent Transfers list on the Overview page. Once your payment request has been accepted by the recipient/sender, there is a limited amount of time in which you may cancel the transfer. Payments are processed continually throughout the day. You can cancel the request when it is in Pending status, before it is in In Progress status. Once your payment request has been transmitted to the ACH network, you cannot cancel the transaction.
How will I know when payment is complete?
You can check status of your request in the "Transfers, Payments and Donations" list on the History page. Click on the Ref # to track your payment.
How long does it take to complete a funds transfer request?
It usually takes two to three business days to complete the transfer. The specifics will depend, in part, on the time of day you initiated the payment, how long it takes for the recipient to accept your payment request, and how quickly your institution updates your account after receiving the funds. Full details regarding your payments requests are viewable by clicking on the Ref # in the "Transfers, Payments and Donations" list on the History page.
Day 0: The Send/Receive Payment request is initiated. Payment is accepted. A withdrawal transaction is initiated and is sent to the ACH Network.
Day 1: The withdrawal transaction is posted on the source account. Funds are sent to the destination account and will be made available at opening of the next business day.
Please note that a poor transaction history or no transaction history may result in an additional one-day hold on transfers, resulting in a total of three business days to complete the service.
How can I check the status of my payment?
You can check the status of your request from the "Transfers, Payments and Donations" list on the History page.
What do the different status designations mean?
Pending: Your request has been received and the system is preparing to initiate the debit (withdrawal) transaction upon acceptance of the (send/receive) payment request.
In Progress: The payment is in progress. You can see more details on the status of the payment by clicking on the Ref # in the "Transfers, Payments and Donations" list.
Completed: The funds have been sent to the destination account. At this time, the transaction will be reflected in both (source and destination) accounts. Please check your Online Banking or contact us to verify the availability of these funds.
Failed: The transfer could not be completed. More details on why the payment failed can be obtained by clicking on the Ref # in the "Transfers, Payments and Donations" list on the History page. Typical causes of failed or returned payments are:
- Lack of sufficient funds in the source account.
- The recipient did not accept the payment or the request for payment within the seven-day limit.
- The source or destination account is closed or frozen.
- Changes were made to the account, leading to incorrect an account number or bank ABA routing number
Occasionally, a return from the ACH system is received, indicating a problem with the transaction after the normal two business days waiting period. Upon receipt of such error, the transfer is marked as Completed and then the status changes to Failed.
It is also possible that you'll see a record of the debit on the source account’s statement or a credit on your destination account. If this occurs, the funds will be automatically credited/debited, depending on the error.
Cancelled: Your request to cancel the payment has been received. At this time, no further actions will be taken on the payment request.
How do I get further details about payments that don't go through?
If a payment is unsuccessful, the status in the "Transfers, Payments and Donations" list on the History page is displayed as Failed. Click the Ref # to see full details about the transfer.
Will my account information be shared with the recipient?
No, your bank account information will not be shared with the recipient. The recipient will only see your name and the personal message you included with the payment request. Similarly, you won't be able to see the recipient's bank account information.
What are different ways to send/receive money to/from someone?
You can send money to someone using his or her:
- Email address: The recipient receives an email with instructions for how and where they can receive/send the funds.
- Mobile phone number: The recipient receives a text message with instructions for how they can make or accept the payment.
If the recipient does not respond to the payment notification after three days, a reminder text or email message is sent. If the payment request is not accepted on fifth day, a final reminder is sent.
Why do I have limits on my payments?
Limits are put in place for your protection. There are limits on the amount of money that can be transferred and the frequency of payments over certain amount of time. Refer to the Limits & Fees section to learn more about the limits applicable to the service.
What are the fees associated with this service?
Refer to the Limits & Fees section to learn more about the fees applicable to your service.
Why am I asked to enter a message to the contact?
The message is an opportunity for you to tell the contact the reason for sending/requesting funds. It is helpful in creating the confidence that the money is coming from or going to someone familiar.