June 18, 2023 Member Resources

Person-to-Person (P2P) Solution FAQs

Pay A Person is a convenient digital service that allows online and mobile banking users to transfer money to their contacts at other financial institutions in real-time. Here are some of the commonly asked questions:

How will people I send money to using P2P be able to receive it?
A: Pay a Person (P2P) payments are always electronic and can be delivered in real-time when the recipient clicks on the payment link they received and enters a debit card number or, if they also bank at WeStreet, their WeStreet member and share number. Recipients also have the option to enter their financial institution’s routing and account number to receive the funds via next-day ACH.

What is a Real-Time P2P?
A: Real-time P2P allows the payment Recipient to receive funds in real time. Today we support real-time via debit card or when the recipient has an account at WeStreet.

When are P2P payments sent by check?
A: Good news! All P2P payments are sent electronically. No checks are issued.

Does a User need to enroll in bill pay to use P2P?
A: A user does not need to enroll in bill pay to use P2P.

Can a P2P Payment be canceled?
A: For payments delivered via ACH, the User can cancel a payment, up until the payment cut-off time (4 PM) on the day the payment is scheduled to process. Payments delivered in real time and cannot be cancelled. However, recurring or future-dated real-time payments can be cancelled up until 9am ET on the day the payment is set to process.

When can a payment be scheduled?
A: The User can schedule payments based on the send date or delivery date, and the other date will adjust to align with the date chosen. For example, if the User wants a payment to be delivered to a Recipient on the 20th, the User will choose the 20th as the delivery date and the payment will process one business day prior for ACH or the day of for real time funding. Another example would be the User doesn’t want the payment to be sent until the 20th (maybe that’s their next payday), the delivery date will automatically adjust to be one business day after the payment is made.

Are future-dated and recurring payments supported?
A: Yes! Payments can be one-time, future dated, or recurring.

When are the funds debited from the User’s account for immediate payments?
A: For payments delivered via ACH, Users’ accounts are debited at 5pm. For payments delivered in real time, the debit occurs in instantly.

When are the funds debited from the User’s account for scheduled payments?
A: Scheduled payments sent via ACH are debited (via batch) from the user’s account one business day before the delivery date of the payment. For scheduled payments going out in real time, funds are debited at 9am ET the same day as the delivery date.

Will the User & Recipient get notified when the payment is delivered?
A: Both the User and Recipient will be notified when the payment is sent and delivered. Notifications are also sent to Users when a payment is created, changed or updated. Users may also opt into Alerts for reminders and other payment information.

How many days does a Recipient have to claim their payment?
A: The Recipient has seven (7) days to claim their payment from the User the first time they receive a payment. The number of days is configurable as well. Notifications are sent to the Recipient prompting them to claim their payment in set intervals. If the Recipient does not claim their payment, the payment will be canceled and the User can add the payment again, if needed. Both the User and Recipient are notified when the payment link has expired.

If the Recipient is using their WeStreet account to receive money, you will need to enter the your four-digit share number that appears next to your account in Online Banking (ex. 0004 or 0001).

What happens to the funds if the Recipient never claims their payment?
A: If after seven (7) the Recipient doesn’t claim the funds, the payment is canceled. At that point, the User’s account is not debited.

Does the User and/or Recipient get notified if a payment cannot be sent?
A: Yes, if the Recipient does not claim their payment from the User, the payment will be canceled, and the User can set up the payment again. Both the User and Recipient are notified when the payment link has expired.

What happens to the funds for canceled/returned P2P payments?
A: Since we are a Good Funds model, we will not send the payment unless we get an “Authorized” response from the FI’s core-direct file. This means that “Insufficient Funds” will not be debited, and the payment is not sent. If an ACH payment is returned, the Users’ account will be credited, and a notification is sent to the User and the Recipient.

What is the timing for a returned payment?
A: ACH returns are credited to the User on the same day the return is received.

Where can you view P2P payments, including scheduled payments and payment history?
A: Users and support team members can see all payments and payment details.

How do we resolve issues for P2P payments?
A: Please contact us if you have any issues with Pay A Person.

Is there a security question and answer for P2P payments?
A: Yes, there is a security question & answer used only the first time a User sets up a payment. The answer should only be known to the User and Recipient, which must be validated by the Recipient upon receipt of the first payment

For a tutorial on how to use our Person-To-Person (P2P) Solution, here.