What Are Person-to-Person Transfers?

9/11/2019

Did you know that we offer Person-to-Person transfers? Marine Bank Digital Banking customers can instantly send money to friends and family-- anyone that has a Visa or MasterCard debit card. Much like Venmo, CashApp or Apple Pay, you can send money digitally with Marine Bank’s P2P. Before Person-to-Person, known as P2P, you were able to digitally pay an individual by a check which could take 5 to 7 business days or an electronic payment that would take 1 to 2 business days. Now you can send a payment INSTANTLY with Marine Bank P2P.

So what are Person-to-Person payments? P2P payments are simple and secure transactions for individuals to digitally transfer funds between two different parties while using their bank accounts. P2P payments can be used for anything from splitting a lunch check to paying rent.  P2P has become extremely popular in the last few years, and according to eMarketer, there will be around 96 million users in the United States using P2P payments by the end of 2019.

How does Marine Bank P2P Work?


Marine Bank Digital Banking customers can easily set up a Person-to-Person transfer by logging in to their Marine Bank app.  With just a few clicks, it’s just as simple as transferring money between your accounts or using our Bill Pay.

Follow these simple steps to set up your P2P transfer:

  1. Tap TRANSFERS
  2. Hit NEW TRANSACTION
  3. Push CHOOSE A RECIPIENT
  4. If you have never sent to the recipient, hit ADD NEW PAYEE and plug in the recipient's information
  5. Select PERSON-TO-PERSON
  6. Hit SUBMIT

That’s it! Once you hit submit, the recipient will receive either a text or an email informing them on how to accept the transfer. After the recipient accepts the transfer, the funds will instantly be moved to the checking account associated with the recipient!


Why use Marine Bank P2P?


P2P payments are all about ease-of-use, convenience, and speed!  You now can immediately pay back friends and family simply with your smartphone.  P2P payments are like going to an ATM to withdraw cash but without the hassle of finding one on the spot.  Using P2P, is always safe, free and there are no hidden transfer fees, like other Person-to-Person transfer apps.  Also unlike other transfer apps, there’s no wait to “cash out.” With Marine Bank P2P you can say “I’ll transfer you the money now” instead of “I’ll pay you back.”


Marine Bank P2P is safe!


Using our P2P transfer, you are secure. You have the peace of mind that you are using a safe and secure network.  To help better keep your transfer safe, be sure to double-check your recipient’s information before you send payment. If you mistype a recipient’s email address or phone number, the money could go to the wrong person.

P2P transfers are a secure and convenient part of your growing Marine Bank E-Wallet. Need help setting up your first transfer? Stop by a Branch and talk with any of our Personal Bankers or give us a call, we are happy to help walk you through your P2P transfer.


Written By: Marine Bank

Digital Banking

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