Person2Person (P2P) Payments

What is a Person2Person (P2P) Payment?

A P2P Payment is an electronic payment from your BCT account that allows you to send money securely to anyone’s bank account, as long as it is in the U.S. It's really convenient and safe.  

How does a P2P Payment work?

It's pretty simple.

P2P will only work through the My NetTeller view. After signing into your NetTeller account click the tab My NetTeller and then on the “Configure This Page” to customize your settings. Be sure to add the widget “sendmoney” to your view. After completing the configuring of My NetTeller, place a check mark in the box Set as Start Page.

  1. Select the recipient's information from your address book if you've sent them a payment before or enter their name, email address.
  2. Enter the amount you want to send to your payee.
  3. Select a Processing Date. Please note that payments entered with today’s date cannot be changed.
  4. Select a Keyword – A special word that you and your payee will know. Your payee will need this word to complete the transaction.
  5. Add a note to send along with the payment to your payee.
  6. Click “Continue” and you will get a confirmation page. If everything is correct click “Send Payment” and tell the recipient to look for an email from you stating the payment is ready to be picked up.

Note: Once you press the ’Send Payment’ button, the money will be deducted from your account and an email will be sent to your recipient. They'll use the link within the email to go to a secure page and confirm where the money should be sent. Provided their entry matches what you initially entered, the transfer will be completed!

A P2P Payment to an account outside of BCT may take up to 2 business days to post after the recipient picks up the payment.

Is a P2P Payment secure?

Yes. Sending a P2P Payment is secure because your payee never sees your account information nor do you ever see their account information for the transfer. The money is transferred using the Automated Clearing House (ACH), the same secure way all direct deposit transfers are made at BCT. In comparison, paper checks show the entire account number. In this case, less is definitely best.

Does a P2P Payment expire?

Yes, the payment will expire after 45 days, but the recipient will get reminder emails after 15 and 30 days. You can also resend the P2P Payment email, if the recipient can't find it.

 

Can I set up a future-dated P2P Payment?

Yes, you can schedule a future dated P2P Payment, up to 364 days prior to the delivery date. Keep in mind that you’ll receive an email 2 days before the payment is scheduled to be sent, reminding you when the payment will be debited and an email notification will be sent to the recipient.

How do I delete a P2P Payment?

To delete a P2P Payment:

  1. Sign in to BCT NetTeller  with your NetTeller ID and Password
  2. Click on your ‘sendmoney’ widget
  3. In the ‘My Account’ section, click on the transaction you want to cancel
    • If the payment has not been picked up, click the ‘Delete’ button to cancel the payment
    • If the payment has already been picked up, it cannot be cancelled

How much does it cost to use Person2Person Payment?

There is a $2.00 service fee for P2P payments. The fee is deducted along with your payment to your payee each time you send money.

Are there any transaction limits on Person2Person Payments?

Yes. Each P2P Payment is limited to $5,000, and P2P Payments are limited to $5,000 per day, regardless of how many you make in a day.

My friends don't want to provide their account information when they receive the payment notification – what can I do?

Assure your payee that P2P Payments are a very secure direct transfer between you and them. Your payees account information is never visible to you and likewise your account information is never visible to them.

How do I know if a P2P Payment has been picked up?

To see if the payment has been picked up:

  1. Sign in to BCT NetTeller  with your NetTeller ID and Password
  2. Click on your ‘sendmoney’ widget
  3. In the ‘My Account’ section, review the status column for payment confirmation.

Where can I send a P2P Payment from?

Currently P2P Payments can only be sent from your NetTeller Account, but keep an eye out future notifications when this service becomes available from your mobile device.

Can I send a P2P Payment to myself to test it out?

You sure can. Just follow the same steps you would to send a P2P Payment to someone else, but enter your own information instead.

Do I have to add someone to my address book every time I send a P2P Payment?

No. Once you enter the recipient's information, they're in there for good. This makes sending P2P Payments lightning fast.

When is the money taken out of my account when sending a P2P Payment?

Once you press the ’Send Payment’ button, the money will be deducted from your account and an email will be sent to your recipient. The fee is also deducted along with your payment to your payee each time you send money.

How do I pick up a P2P Payment?

When you receive an email from the sender with the subject line, "Your P2P Payment is Ready to be Picked Up",   you need to click on the link within the email, which will redirect you to a secure page that asks you to enter your full account information where the money should be sent. Provided the account information matches what the sender initially entered, the transfer will be completed.

A P2P Payment to an BCT account takes place at the time account information is confirmed – instantaneously.

A P2P Payment to an account outside of BCT may take up to 2 business days to post after the recipient picks up the payment.

Do I need to have a BCT account to pick up a P2P Payment?

Nope. P2P Payments can be sent to any checking or savings account in the U.S.