Person-to-Person (P2P) Solution Overview

WeStreet’s person-to-person (P2P) solution, 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.

Person-to-Person (P2P) Solution Features

Sending payments to someone is 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) in their account; 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 Person-to-Person (P2P) 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 and debit card 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 the your four-digit share number that appears next to your account in Online Banking (ex. 0004 or 0001).

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

Processing Fees

The program is free to use if the Receipt chooses direct deposit of the received funds. There is a fee paid by the Recipient of the payment (not the Sender) of $0.75 only if they choose the instant Debit Card delivery method.

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.
• Debit Card: If the Recipient has chosen to receive the funds via debit card, they will need to enter their debit card number and expiration date. The funds are withdrawn from the Sender’s account in real time. The payment will post to the Recipient’s account in real time.
• WeStreet Credit Union Direct: If the Recipient has chosen to receive the funds via WeStreet Direct, they will need to enter your four-digit share 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.