P2P Payments
Reach Out and Pay Someone
Now it’s easier to share costs with your friends and family, without cash or checks, and pay them instantly from afar. FFCCU accounts can be linked to P2P payment apps such as Venmo and Cash App so you can send and receive money from friends and family in whichever account you choose. If you’ve never used a P2P app, we’re here for you! Check out our FAQ for more info and how to get started.
FAQs about P2P Payment Apps
P2P, or peer-to-peer payment apps, are mobile applications for your smartphone that allow you to connect your debit card, checking account, or even your credit card, and then use that info to digitally transfer money from your account to one of your contacts.
If you have a PIN setup, which will depend on the app you are using, you’ll input the PIN at some point during the process for safety. The most common and widely used P2P apps are Venmo, PayPal and Cash App. P2P apps are available on Android and iPhone, which allows quick and easy exchange of money directly between individuals and FFCCU.
Most P2P services work with just about any financial institution. Venmo, Cash App and Paypal are all compatible with your FFCCU accounts. Many of our members choose to join the one that friends and family are already using.
While FFCCU is not currently a Zelle provider, you can use Zelle with a contact who has Zelle associated with their own bank. We hope to offer Zelle as a P2P option sometime in the future.
To sign up with Cash App:
- Download the Cash App app for iOS or Android and open the app on your device.
- Click sign-in and enter your email or phone number.
- Follow the instructions to verify your email or phone number. You will either receive a confirmation email or a text message with a code to confirm your registration.
- Add your bank. To do so, you will need to enter your name and debit card number.
- Choose a $Cashtag, which is your unique user name for Cash App and it can also be used to get paid by someone. A $Cashtag must include at least one letter and a maximum of 20 characters.
To sign up with Venmo:
- Download the mobile apps: iOS & Android
- Open the Venmo app
- Choose your sign up method and create a secure password (between 8 and 32 characters long).
- Verify your phone number and email address. As soon as you sign up, a verification code will be sent to your phone number via text message.
- Enter the verification code from the text message when prompted in the Venmo app/website to verify your phone number.
- Add and verify your bank account. Venmo offers both and instant and manual verification. Take the time to verify your bank account before you transfer funds to avoid any complications.
Fees associated with P2P are typically optional and are based on the type of payment you’d like to connect or how fast you’d like to receive funds.
Venmo waives their standard 3% fee for sending money when the transaction is funded with a Venmo balance, a bank balance or a debit card. The 3% fee is NOT waived when users send money from a credit card. Instantaneous transfers, which allow you to see funds within 30 minutes, incur a 1% fee (with a minimum of 25 cents and a max of $10). If you don’t need access to the funds immediately, you can do the standard bank transfer for no fee and it will be completed in 1-3 business days.
Similarly, Cash App charges a 3 % fee if you use a credit card to send money, but making payments with a debit card or bank account is free. Cash App also charges a 1.5 percent fee if you request an instant transfer of funds to your linked debit card. If you request to transfer money to a bank account, the transfer is free — however, you must wait 1-3 business days for the transaction to process.
While all major P2P systems encrypt your financial information, they are not immune to hacking or scams. Venmo uses data encryption technology to protect users against unauthorized transactions while storing user information on servers in secure locations. Venmo also give users the option of setting up PIN codes for mobile applications.
However, there is no protection if you choose to send a payment through Venmo for a good or service. So it’s best not to make transactions with strangers through Venmo. It’s also a good idea not to leave much, if any balance in P2P apps. Funds that remain in an app and become compromised are not insured, so if your account is hacked, you have no way to recover that money.
You can also set up two-factor authentication to protect your account further. Additionally, a PIN that must be entered before the app can be opened is a great idea. These protections help you in case someone else gets their hands on your phone.
Safety tips when using Venmo, Cash App or other P2P applications:
- Set up a PIN or Touch ID.
- Change your account setting to “private.”
- Turn on notifications for every transaction
- Only use P2P services with people you know and trust
- Don’t store large balances in your P2P apps
KUDOS!
MARGARET GILBRIDE went way above and beyond to help me with a bill pay issue. I would like to acknowledge her with a great big THANK YOU!
-Lori C.
A big thank you to Karen B…. you went over and above my expectations to resolve my issue. Thank you for listening to my situation and being an advocate to further protect my accounts!
-Michele K.
I would like to thank Meghan T., for taking her time with a loan we needed. We were nervous about coming in, but she was very thorough and helpful. Words can’t express how appreciated we felt!
-Alice & James D.
I cannot say enough good things about the individuals I have worked with – especially when my card number was stolen. The service I have had is why I have moved all my accounts to FFCCU. KUDOS!
-David H.
Emily answered my text quickly (on a Saturday morning!) and helped me promptly with my request. I love the text feature at FFCCU!!
Amanda J.
Jashira got me all set up with opening a new account and linking it to the old one – all over live chat. Super knowledgeable and took less than 10 minutes! Thanks so much for your help!
-Michele
Thank you to Tonja, who was very professional, organized, and helpful in processing a refinance. The entire team has been the best experience in service out there.
-Dan F.
Thanks to Karen for helping me via Live Chat. She noticed I wasn’t using my account to my advantage and offered me a suggestion to do so. You rock! Appreciate the chat feature and have used it often.
-Gigi
Our Financial Service Rep spoke with the travel agency directly to ensure payment for our dream vacation made the deadline. The process reaffirmed that FFCCU is the best credit union for us!
-The Freeborns
Thanks to Sumintra! She’s professional, detail-oriented, treats everyone with respect – and can laugh at puns! We’ve done extended business with FFCCU because I love working with her...
-Stephanie B.
The FFCCU team went above and beyond to help my 16-year-old get onto her mobile app. They were very helpful and kind. Definitely #peoplehelpingpeople and #CUDifference!
-Donna P.
Melissa G. is the BESSSSSSSSTTTTTTT!! She helped me beyond the call of duty AND was super pleasant about it. My experiences at FFCCU are always good, and Melissa is great!!