Peer-to-Peer Payments (P2P)

What is P2P? At financial institutions, P2P stands for Peer-to-Peer. These are convenient tools that will allow you to transfer money to or request money from people no matter where they bank without having to use cash or check.

P2P apps act as a passthrough or bridge to other institutions. Many have gone to lunch with a friend and had that awkward conversation about who will cover the bill, who will pay the other back, and how. These P2P apps take that worry out of the equation and give stress free options for you to send money. You typically will get a statement each month from the app that you choose to use so you can keep track of your spending too.

Many of these apps offer different options for receiving money including direct deposits, quick deposit, or a pay card. Most times, the quick deposits will be instant but will also have a fee applied. Sometimes there is a flat fee and other times it will take a percent of what you are accepting in your deposit. Make sure to carefully consider if you are supplying your debit card number or bank account number to these apps. If you lose your card, you will need to update the apps.

At Evergreen Credit Union, we work with Plaid to make connected P2P apps easy for our members.

Through Plaid, you are able to pair your Evergreen account with most P2P apps, specifically any app that shows the Plaid logo. Popular Plaid-based apps include CashApp and Venmo. Zelle is not compatible.

To protect you from fraud, there are transaction limitations when using P2P apps. Some limits are applied by the app, while Evergreen has a limit of $750 per transaction. Please contact that credit union at (920)729-2999 if you need to increase your P2P limit or your daily debit card limit.

A huge part of integrating P2P apps in your financial experience is safety. Plaid in itself, is described as a privacy tool and they take your security as seriously as we do. They will always let you know what information they are using and how they are using it, as well they make it easy for you to control where your information is shared through them. Plaid also has fraud monitoring integrated into their services. Find more at their website: https://plaid.com/legal/

Information current as of 11/19/24. Subject to change without notice. Evergreen Credit Union is a money-smart and earth-kind financial in Neenah and Appleton, Wisconsin. Membership is open to everyone who lives or works in Outagamie, Waupaca, Waushara, Calumet, or Winnebago counties.