June 26, 2024 Personal Account Services

Member-to-Member Transfers Update

Member-to-member transfers have now moved to our Pay-a-Person payment solution. This convenient digital payment tool allows online and mobile banking users to transfer money to their contacts at WeStreet and other financial institutions in real-time.

Advantages to Member-to-Member Transfers Update

The biggest advantages of moving from member-to-member payments to Pay-A-Person include the following:

  • The process is now more secure because the recipient no longer has to give the sender their account information. The sender simply needs to know the recipient’s phone number or email address. Once the payment is sent, the recipient will click on the link and select an option regarding how they would like to receive the payment.
  • The process is now the same for sending money to a person with a WeStreet account and for sending money to a person with an account at another financial institution.
  • If the recipient enters an external routing and account number, the funds will be received via ACH the next business day. If the recipient has a WeStreet account and enters their WeStreet account number, they will receive the funds within a few minutes.
  • Pay-A-Person has AI fraud monitoring running behind the scenes, which member-to-member payments did not have, making Pay-A-Person more secure.
  • When using Pay-A-Person on our mobile app, members can import people from their phone’s contact list.
  • Limits for a single transaction are $1,000, but these limits can be increased on a case-by-case basis by visiting the branch or calling the Care Center at 918-610-0200 during business hours.

Person-to-Person (P2P) Solution Features

Member-to-member transfers are now quick and effortless. You no longer need to carry physical cash, write checks, or download a separate payment app. Use mobile or online banking to send payments to the person hassle-free.

Payments are always secure. The Sender creates a custom security question and answers for additional security that only the payment recipient would know. This further ensures the payment is going to the correct person.

The funds are immediately available to the Contact (Recipient) for WeStreet member-to-member transfers and available the next day for other financial institutions. There is no need for an additional transfer from a separate payment app. If you want to send some money to someone, all you’ll need is their phone number or email address. The Sender won’t have access to the Recipient’s personal or bank information.

How The Member-to-Member Transfer Solution Works

  1. The Sender adds a contact (Recipient) to P2P (only needs to be completed once).
  2. Once the Recipient is added, the Sender can indicate when to send or deliver payments.
  3. When it’s time to send the first payment to a new Recipient, they will receive a secure link through email or text message. They must answer a security question and provide their banking information to deposit the funds.
  4. The system then sends a transfer request to the Sender’s account. It debits the Sender’s checking account by the payment amount and credits the Recipient’s set-up account. *The payment will NOT be sent if the transfer fails.

The Sender only has to provide banking and debit card information for the first transaction. The card on file can be used for future payments, so there’s no need to worry about entering payment details every time.

If the Recipient needs to update their payment information, they can simply provide new banking and debit card details. After receiving the secure link to provide their banking and debit card information, the Recipient will receive reminders on Day 3 and Day 5. Suppose the Recipient fails to provide the necessary information.

If the Recipient is using their WeStreet account to receive money, you will need to enter your account number.

In that case, the payment will be canceled on Day 7, and both the Contact and the Sender will receive a notification.

For an indepth tutorial, visit our Pay-a-Person tutorial article.

Processing Fees

The program is free to use if the Receipt chooses direct deposit of the received funds.

Processing Times

The cutoff time for scheduling a next-day payment is 4:00 PM.

Send Date Options

The Sender can schedule a payment to be sent to someone as early as the same business day, depending on the option selected to deliver the funds.  The initial payment procecss will not be kicked off until the Recipient provides the correct answer to their security question and their delivery information (where their payment will be sent).

Withdrawal of Funds

Funds are withdrawn from the Sender’s account when the Recipient of the payment correctly answers the security question provided and supplies their delivery information.

  • ACH: If the Recipient has chosen to receive the funds via ACH, they will need to enter their checking or savings account number and routing number. The funds will be withdrawn from the Sender’s account after the financial institution’s cutoff time on the scheduled send date. The payment will post to the Recipient’s account the next business day.
  • WeStreet Credit Union Direct: If the Recipient has chosen to receive the funds via WeStreet Direct, they will need to enter your account number. The funds are withdrawn from the Sender’s account in real time. The payment will post to the Recipient’s account as the Sender in real time.

If the Recipient does not respond with the required information, the process of sending funds will not begin. The Sender will be alerted should this occur.

Failed Payments

Failed payments due to insufficient funds are not automatically resubmitted. NSF payments must be rescheduled manually by the Sender logging into Pay a Person and rescheduling their payment.

Notification of a failed payment is generated and sent to the Sender via email. The intended Recipient of the payment receives notification that the payment was canceled, but no reason is given as to why it failed. Payments can be rescheduled for the next business day at the earliest.

Try out our person-to-person solution today and send money quickly and effortlessly!

For more Frequently Asked Questions regarding Pay-a-Person, read more here.