What is Popmoney?
POP stands for Pay Other People. Popmoney is an innovative payment service offered by leading financial institutions that eliminates the hassles of checks and cash. Now, sending and receiving money is as easy as emailing and texting. Best of all, you don’t need a new account to send or receive money. Just use your current bank account.
How will the Receiver be notified that someone has sent money using Popmoney?
The Receiver will receive a payment notification on behalf of the Sender either by email or a text message depending on the method chosen by the Sender.
Email address: they will receive an email with instructions on how to direct the payment into their bank account.
Mobile number: they will receive a text message on the Sender’s behalf with instructions on how to direct the payment into their account. If they don’t respond in 3 days, they will receive a text message reminding them to act on the payment notification. Standard Message and Data rates may apply.
Bank account information (routing and account number): the money will be directly deposited into their bank account. The Sender may choose to notify the Receiver by sending them an email.
Here is a sample of the initial notification message sent to the Receiver via their mobile phone:
(Message is sent from this number)
10/7/2011 (Initial Notification)
Does it cost anything to deposit a payment to the Receiver’s bank account? What are the delivery options?
- Currently, Popmoney.com does not charge any fees.
- Standard Delivery (3 business days) there is No Charge (Free).
- Express Delivery (Next Day Delivery) is $3.00 (paid by the Sender)
The minimum payment amount is $10.00.
How does the Receiver deposit a payment to their bank account?
If the receiver’s bank offers Popmoney, they can deposit payments directly through their online banking site. If the receiver’s bank does not offer Popmoney, the receiver will need to provide their financial account information at Popmoney.com. The money will be sent to that account.
Can the Receiver deposit the payments to an international account?
Currently, the receiver can only deposit payments into accounts held at U.S. financial institutions.
When will the funds be available in the Receiver’s account?
The funds should be available in the receiver’s bank account within three business days from the date that the receiver provided their financial account information.(created a profile at www.popmoney.com) The receiver will receive a confirmation email with the date the funds will be in their account. The receiver should check their financial institution’s policy on funds availability.
What type of accounts can the Receiver use to accept their payments?
They can direct their payment to a checking, savings, or money market account.
Do payments sent to the Receiver expire?
Yes. The Receiver has 10 days from the date they receive the payment notification to provide their bank account information. After 10 days, if they have not provided their bank account information, the payment expires and the funds are returned to the Sender.
Here is an example of the reminder notices:
|Don’t forget, J. Doe sent you $10.00. Your payment is expiring soon.
Act Now! Go to nuvisionfederal.org/onlineserv/HB by 10/17/2011 to deposit the funds.
Does the Receiver always have to deposit payments into the same bank account?
No. The Receiver can add multiple bank accounts to their profile at Popmoney.com. For each payment they receive, they can choose which account should receive the money.
What is Automatic Deposit?
Automatic Deposit is the easiest and fastest way to receive payments. After the Receiver creates a profile at Popmoney.com and provides their bank account information, they can choose to receive all future payments to that account by enabling Automatic Deposit. Once it is enabled, there’s nothing more for them to do – Popmoney will automatically send all their payments into the selected account.
Is the Popmoney service secure?
Yes. Popmoney was created with financial security in mind. Popmoney is built on the industry’s leading online money movement platform, utilizes superior risk management and fraud protection services. This is the same online money movement platform is used by hundreds of financial institutions, including the majority of the nation’s top banks.
How will the Receiver’s personal and bank account information be used?
Will the Receiver receive text spam from Popmoney.com if a profile is created?
No. The Receiver will only get a text message as a notification when they receive a mobile payment. Also, when phone verification is required, they can choose to receive their verification code via text message.
Why is the Receiver unable to create a profile at Popmoney.com?
Once they receive a payment, they can then create a profile at Popmoney.com. If they’ve received a payment and are unable to create a profile, have them verify that they have correctly entered the email address or mobile number that was used to complete their payment notification.
Can anyone send a payment from Popmoney.com?
No, Senders may only send a payment from financial institutions that offer Popmoney.
What if a user forgets their password?
Go to www.popmoney.com and follow the instructions to change the password. .
Who does the member contact if they need help on a specific payment?
For help on a specific payment, email email@example.com. The following information should be included: the email address or mobile number at which they received the payment notification, as well as the details of the payment. They should not include any sensitive information such as their account number in the email.
Can I receive a verification code to my Google Voice Number?
Yes, for Google voice users you can receive the verification code by pressing the “Call Me” button. After pressing “Call Me” you will receive an automated call from Popmoney, when you start hearing the automated message press 1 to receive your verification code. Enter this code within Popmoney to complete the verification process.