Get the Most Out of P2P Payments

P2P payments are a popular way to send money to friends or family members for a good reason – it is incredibly convenient, especially if you’re not carrying cash or checks, and can be used to send any amount of payment at any time of day.

With the introduction of HPay, Honda FCU’s own P2P payment service, we want to make sure you get the most out of your P2P experience. Here are some tips to keep in mind when sending money!

1) Only send money to people you know.

One of the common ways fraudsters scam users through P2P payments is to pose as a friend, authority figure or person in need of donations. P2P is only meant for personal use; you should not be using it to buy something from a business or independent seller, as your purchase will not be protected.

2) Double check before and after sending.

Most P2P transfers can’t be reversed. Before you send any payments, make sure the recipient’s information is accurate. Once the payment has been sent, confirm with the recipient that they got the money to ensure that your funds went to the correct place.

3) Monitor your transactions.

While your financial information is encrypted when you use a P2P payment service, there are other ways for your money to be compromised, such as a hacker gaining access to your account. Pay attention to your statements and take advantage of any text message alerts or other extra security features.

4) Pay attention to transaction limits.

If you’re only paying a friend back, you’re not likely to run into any transaction limits, but they’re still good to know for any unique situations. Many P2P platforms have daily transaction or spending limits, which could prevent you from making a full payment on time.

5) Watch out for fees.

There’s not usually a fee for sending money, but some platforms charge you if you use a debit or credit card instead of directly linking a checking account. Apps that allow you to keep a balance on the platform, such as Venmo®, may charge a fee to transfer your balances out of the app. 

Don’t forget to check out HPay within Digital and Mobile Banking! With HPay, you can send money to friends and family that live inside the U.S. with no extra fees – all you need is an email address and phone number. Contact us for any questions and enjoy the added convenience.

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