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CFCU Credit Union


An additional platform to complement Digital Banking

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Routing #: 221381540

About Person to Person Payments

What are P2P payments?

Person-to-person payments are electronic transfers between two parties using their bank accounts or debit cards through a website or mobile app.

What can P2P payments be used for?

P2P payments can be used for almost anything, from splitting a dinner bill with a friend to sending money to a friend or family member away at college.

What are the advantages of P2P payments?

Once set up, P2P payment services are easy to use, convenient, and allow you to quickly send and receive funds from and to family or friends.

How do P2P payments work?

Depending on the platform you use, you will sign up for an account and link it to your credit union account or debit card. Some apps require additional information to enhance security. Once your account is set up, you can locate individuals to transfer funds using their name, email address, or phone number.

Once you have identified the person you want to transfer funds to, or request funds from, you specify the dollar amount, perhaps add a reason for the transfer, and then submit the transaction. Depending on the platform you use, fund transfer can be almost instant, or take up to a few business days.

Is there a cost for P2P payments?

Some services are free while other providers charge a flat fee or a percentage of the transaction amount fee, particularly for instant delivery of funds, so be sure to check the platform’s operating agreement before you sign up. CFCU charges no fees for its P2P service.

Do funds sent to me through a P2P payment go directly into my credit union account?

When another CFCU member sends you funds through our P2P service , any funds you receive go directly into your CFCU account. However, many P2P apps store your funds in the app until you choose to transfer the funds to your linked account or card.

Unlike credit unions and banks, where your funds on deposit are protected by federal insurance, funds held in many P2P payment apps may not be insured. Because of this, we strongly recommend that you carefully read the operating agreement for any P2P app that you may use, and not keep your funds in the app, but transfer them immediately into your federally insured CFCU account.

Are there risks for using P2P payments?

While P2P payment services in general are very secure, there are always risks in making online funds transfers. You could accidentally send money to the wrong person or be the victim of a scam or data breach. Because of this, it is important to use passwords and other security measures offered by P2P services and take common sense steps like only using P2P payments with people you know.

Funds you receive and are stored in many P2P payment apps may also not be insured, like your funds in your account at CFCU, so you should always “Pay it Safe” and try to transfer funds into your account as soon as possible to ensure you have federal insurance coverage*.


*NCUA Share Insurance provides federal insurance coverage to at least $250,000 dependent on account type and ownership.