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Paying Someone Back with P2P
I work at a bank and NEVER have cash! Some ask how can that be, grabbing cash while at work is so easy, this is true but it is also never on my mind. Think about it, my payroll is directly deposited into my checking account, I automatically have transfers set up to move money to savings, I use online bill pay to pay my bills and my debit card to make purchases. When do I ever have a need for cash? Well, most times I don’t, but there always seems to be times where I need to pay someone back but don’t have the cash on hand to do so. Like last week, I owed a friend for a gift that we decided to split, she purchased the gift and I owed her $35 for my portion. I found myself signing the card and needing to pay my friend, but once again with no cash. How do I keep forgetting to get cash?! That’s when I remembered, I can use my phone to pay my friend! I have person to person payments through my online banking at SSB, by using my SSB mobile app I can send my friend the $35 I owe her. Sure, I could use Zelle or Venmo but then I would have to download those apps and set up an account and so would my friend if she doesn’t already use them. Those other companies all allow you to electronically pay someone, but the biggest difference is the way the money moves and their requirements. Most will allow you to send money at no charge and also to receive money at no charge IF you keep the money within their system/network. If you want to transfer the money out of their system to your bank account or debit card they may charge you a fee.
By sending money using my SSB mobile app or online banking I can easily send my friend money using her email address or cellphone number. She is not required to have an account at State Street Bank or our app. Plus, there is no fee to send or receive the money and it will be directly deposited into her bank account. It doesn’t get much easier than that!
Here’s how it works:
• Login into your State Street Bank mobile app or online banking.
• Select Bill Pay
• Select Pay a Person
• Once you have set up the person you are paying and sent the money. The person will receive an email or text informing them that you are sending them money and they will need to enter their bank information.
I also like that by using State Street Bank to send money my account information is not out on those other apps and if they have a security breach my information could be exposed. All my information stays with State Street Bank. Plus, anyone who receives money will not see my bank account information, it’s all kept secure and private. That's a win-win in my book!
Ericka Snider, Marketing Director at State Street Bank