Pay Other People (also called Popmoney)
Popmoney is a service that allows you send money to anyone with an e-mail address, mobile number or bank account.
To send money, set up a contact in the Popmoney system and choose the method you want to use to send them money. If you select e-mail or text, you will then set the payment amount and add a short message. Your recipient will then receive either an e-mail or text message directing them to popmoney.com to receive their funds.
The recipient will need to verify their identity (done by sending a verification code to their phone or e-mail address that they will then enter in the site), and will also need to enter a routing number and account number for an account where the funds will be deposited. If the recipient is an EECU member or has an account at another institution that supports Popmoney, they can log in to their Online Banking account and receive their money from the Popmoney page.
If you choose to transfer money directly into the recipient's bank account, you will be prompted to enter information about the account. You will select the account type (checking, savings or money market) and will then enter the routing number and account number for the account you are transferring to. Once the account is set up, you can start sending money. NOTE: Unlike the Transfer Between My Accounts service, Popmoney does not verify the account you are sending to, so you should make sure the information you enter is accurate.
Transfers are subject to certain limits, which you can view by clicking the green arrow next to the amount field when you are setting up a payment to be sent. You get three (3) free standard delivery transactions each month. After that, transfers are $5.00 each. For Next Day transfers, the fee is $10.00 and there are no free transfers. You can see the fee for a specific transfer (if any) by clicking the fee link in the Delivery Speed section of the form.
All transfers are sent using ACH. Standard transfers typically take 2-3 business days, while Next Day transfers are sent the next business day.