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News Checking Use Person-to-Person Payments (P2P) for Graduates and Other Seasonal Gifts

Use Person-to-Person Payments (P2P) for Graduates and Other Seasonal Gifts

It’s that time again—graduation! For high school seniors and college graduates, this is a time to close one chapter and move on to the next one. Whether that’s planning for dorm room décor or starting the job search, there are many expenses for graduates to pay for. To help with some of those expenses, consider using our person-to-person payment options or writing a check so they can use mobile deposit!

P2P Payments

P2P makes sending money to a person as easy as possible. As a Farmers & Merchants Bank customer, you automatically have access to P2P payments through online banking or the Bank’s app on your smartphone, and you can use it to send and receive funds at any time. It’s never been easier to share money with friends and family and unlike Venmo, there are no fees.

There are three ways to send P2P payments:

  1. Debit Card: If you want to send money via debit cards, all you need is the other person’s debit card number and expiration date. Once you input the information, the other person’s debit card information goes away.
  2. Email Address: If you have a graduate’s email address, you can use it to transfer funds to that person. The recipient will receive an email confirming payment. Once the recipient inputs their debit card number and expiration date, funds will immediately transfer to that account. The sender never sees the recipient’s debit card information so it’s all confidential.
  3. Text Message: You can send or receive money via text just by knowing your graduate’s phone number! The friend or family member only needs to respond to the text with a debit card number and expiration date, and funds will immediately transfer. Debit card information is kept confidential.

Note: The recipient does not have to be a customer of the Bank or have an app installed. The transfer is simply debit card to debit card!

How to send a P2P payment:

  1. Log in to your online account or open the “Farmers & Merchants Bank NE” app on your mobile device.
  2. Go to the “Move Money” tab.
  3. Click on “New Transaction” and the account from which you want to move funds.
  4. Either click on a Recipient already listed or click “Add New Payee.”
  5. If you choose a recipient already listed, click their name and input the amount of money to transfer.
  6. If adding a new Payee, click “Person to Person.”
  7. If the Payee is new, you have one of three options to pay: Email Address, Mobile Phone, or Debit Card.
  8. Once you transfer funds, you’ll see the transaction come through immediately as “pending.” It will then go through an overnight posting before it’s complete.

Graduates love P2P because of the instant gratification—you can send money quickly, and they can receive it right away! They have enough things to worry about and plan, so take one thing off their to-do list and use P2P payments to reward them for all their hard work.

Maybe you prefer to write a good old-fashioned check—that’s okay too!

Mobile Deposits

One of the classic ways to reward a grad is to write a card and stick a check in! This way is great, especially if you know your grad is an FMB customer. They can use mobile deposit to endorse the check and have access to the money in less than 24 hours—another way to get instant gratification. Mobile deposits are fast, secure, easy, and convenient for every Farmers & Merchants Bank customer.

How to deposit checks using the FMB mobile app:

  1. Endorse the back of the check with your signature
  2. Under your signature write “Mobile Deposit Only”
  3. Select “Deposit Checks” from the app tribar
  4. Click “FRONT”
  5. Take a photo of the front of the check
  6. Click “BACK”
  7. Take a photo of the back of the check
  8. Select “AMOUNT”
  9. Enter the check amount
  10. Select “ACCOUNT”
  11. Choose an account to deposit check into
  12. Select “REVIEW”
  13. Ensure information is correct
  14. Select “SUBMIT”

Note: To avoid a rejected Mobile Deposit, checks must have both the endorsement signature and “Mobile Deposit Only” written on them. Mobile Deposits submitted after 3 p.m. will process the next day. Checks will deposit within 24 hours of submission.

P2P and mobile deposits don’t stop at graduation! Use P2P payments to send money to everyone in your network—your friend on their birthday, your kids while they are away at college, or a family member that needs it. P2P gives everyone the joy of instant gratification.