bank rates

P2P: A Cheap Way To Zap Money Around

UnivestDirect has an intriguing new way to move money from your checking account directly into someone else’s bank account for free.

The online division of Univest National Bank and Trust Co., which has 32 branches in the Philadelphia area, calls this service a Person-to-Person Funds Transfer Payment.

UnivestDirect has a way to move money from your checking account directly into someone else's bank account for free.

P2P, as its been dubbed, allows you to electronically send money from your UnivestDirect Anytime Online checking account to any checking or savings account at any bank in the country.

This eliminates the cost of using a wire transfer or making someone wait for a check to arrive in the mail and then run to the bank with it. If, for example, your college student needs money right now, the cash can be in his or her account the next business day.

The bank seeks the recipient’s permission to make the deposit via email and neither party ever needs or sees the other’s account information.

You can also use this service to move money from your Univest account to a checking or savings account at another bank.

The fine print: There’s a $2,500 maximum per transfer and this service is only available on personal checking accounts.

The easy-to-use application and enrollment processes are described in detail on the UnivestDirect Web site.

There’s no monthly service fee and no minimum balance is required for Univest’s Anytime Online checking account, and it pays 0.25% APY in interest on all balances over $1.

When applying you can request an Allpoint ATM card that allows surcharge-free access to 37,000 Allpoint ATMs nationwide.

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Comments (1)
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One Existing Comment
  1. Ifeanyi said:
    on December 24th at 12:09 am

    How can i zap money.I hav 2 join