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Chase QuickPay, Citi Popmoney, etcetera

Nollywood 76 April 20, 2012 at 09:21 PM
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Anybody use these services? I think they are mainly offered by the big banks, and I am not aware of any credit union or online bank that have a similiar service. It's like writing a check or wire transferring money to people, but not really (ACH?). It's FREE of fees and provides a layer of security. The person you are sending money to doesn't see your bank account # and vice versa. Additionally it's almost instantaneous and would prevent people from saying "you didn't pay me for dinner .. blah blah blah." Only ONE person needs an account enabled with the service but both people must have a checking or savings account. I suppose one can say that it is a no fee version of PayPal and Western Union.

I plan to use this service to start paying people instead of handing them cash or writing them a check and I was wondering if any of you SDers have had experience with this service (Chase QuickPay) or related services?

8 Comments

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#2
I have used Chase quickpay. ING Direct also has something similar. Both are very easy to use..no complaints.
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#3
Quote from jmcunnin View Post :
I have used Chase quickpay. ING Direct also has something similar. Both are very easy to use..no complaints.
Awesome, is it truely instant like the commercial or does it take a few days to post to your account? Is there a limit to how much you can send and receive?
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#4
Quote from Nollywood View Post :
Awesome, is it truely instant like the commercial or does it take a few days to post to your account? Is there a limit to how much you can send and receive?
I don't know about instant, but it's definitely very quick. The way it works is:
1. You go to the quickpay section on your account online. Input the recipient's email.
2. The recipient gets an email (almost immediately) from Chase telling them they have a pending transaction. Recipient accepts money.
3. Money gets taken out from your account and transferred to his. Last time I checked, this process was done in at most one day, probably less. In most of my transactions, the hold-up is usually because the recipient hasn't accepted the money, not because of Chase.

From Chase's website:
https://chaseonline.chase.com/Pub...hasenet_la
Quote :
Transfer Limits

Transfers from External Accounts or consumer Chase Accounts may be made in amounts of up to $2,000 per transaction with a maximum of $2,000 per day, $8,000 in any seven (7) day period, and $16,000 in any thirty (30) day period, in the aggregate from all your combined accounts registered with Chase QuickPay. If you are a Private Banking client, transfers may be made in amounts of up to $5,000 per transaction with a maximum of $5,000 per day, $8,000 in any seven (7) day period, and $16,000 in any thirty (30) day period, in the aggregate from all your combined accounts registered with J.P. Morgan QuickPay. Transfers from business Chase Accounts may be made in amounts of up to $5,000 per transaction with a maximum of $5,000 per day, $20,000 in any seven (7) day period, and $40,000 in any thirty (30) day period, in the aggregate from all your combined accounts registered with Chase QuickPay. Chase Online Invoice payments may be made in amounts of up to $10,000 per transaction with a maximum of $10,000 per day, $20,000 in any seven (7) day period, and $40,000 in any thirty (30) day period, in the aggregate from all your combined accounts registered with Chase QuickPay. For transfers from Card accounts, the minimum or maximum you will be able to send via the Chase QuickPay Service is also subject to the terms of the existing credit agreement. Additional limits may apply to transfers to and from External Accounts that have not yet undergone verification through the Chase QuickPay Service.
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#5
Quote from Nollywood View Post :
I am not aware of any credit union or online bank that have a similiar service.
Three years have past, and Popmoney now supports transfers to and from any bank or credit union in the United States. They don't have to partner with Popmoney.

There are also 2000 or so "participating" banks and credit unions. The advantage of using Popmoney with a participating bank or credit union is that it eliminates the need to register an account and manage transfers at popmoney.com. It's directly supported through your bank.
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#6
I use pop money every month to receive rent... it take a few day before the money is in your account BUT it works! As a landlord I am always about automatic payments.

I have used Chase before.
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#7
Another option is Venmo.
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#8
I use chase QP, and wells fargo also has sure pay. Chase is always instant, for me anyways, for chase to chase.
wells fargo, otoh, is always next day.
i prefer chase tho.
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#9
Chase quickpay is awesome. Only 1 party needs a Chase account for it to work.

If you bank with one of the major banks (listed here https://www.clearxchange.com/paym...mber-banks) then you do ACH transfers as well.

Even without that, almost all banks support Popmoney and it's reasonably priced.
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