Person-to-person payments, or P2P payments, are ACH transactions that can be used for anything from splitting a $30 dinner bill between friends to paying your rent to paying a babysitter. These payments allow the transfer of funds between you and another individual using your Union Bank NC mobile banking app or online banking.
The benefits of using Union Bank’s P2P Payments are:
- Union Bank’s P2P payments are compatible with any bank account and don’t require the recipient to install an app.
- The recipient’s bank account information is not needed to make a payment.
- Payments sent through email or text are securely protected by a password that you give to the recipient.
- Unlike other P2P apps, money transferred through Union Bank’s P2P system is safe because it is FDIC insured.
- Union Bank’s P2P payments can be made through their mobile app and does not require installing an additional app.
- A direct deposit option is available if preferred instead of text or email.
For instructions on how to send a P2P payment using the Union Bank NC mobile banking app, click here.
Third-Party P2P Payments
There are several third-party options available for P2P payments such as , , , and many others. These are similar to Union Bank’s P2P payment service but are offered outside of Union Bank’s mobile banking app. To get started with a P2P app, simply install the third-party payment app on your phone and link it to your Union Bank checking account or debit card.
NOTE: Third-party apps do not offer FDIC insurance. It is recommended that you send P2P payments using your Union Bank NC mobile banking app or online banking.
A digital wallet is a system that securely stores your payment information and passwords for numerous payment methods and websites. By using a digital wallet, you can complete purchases easily and quickly with near-field communications technology. You can also create stronger passwords without worrying about whether you will be able to remember them later. A digital wallet can also be used to store loyalty card information and digital coupons.
Union Bank does not currently participate in the digital wallet system for its debit cards. Plans are underway to offer this service for Apple Pay®, Google Pay™, and Samsung Pay in 2019.