Exploring 4 Methods of Transferring Funds

When you require: Facilitate small-scale transfers to and from acquaintances, like reimbursing your babysitter or repaying a friend for a meal.

The nature of it: Zelle operates as a system for peer-to-peer payments, enabling you to send or receive money from individuals you know and trust through your bank. Its distinguishing feature lies in the swiftness of the transaction, typically taking only a few minutes if the recipient's email address or U.S. mobile number is already registered with Zelle.

In contrast, other payment options often involve an intermediary company, resulting in transfers taking several days to complete. However, Zelle distinguishes itself by having participating banks, such as Huntington, directly facilitate speedy transactions between accounts when you send money to a friend whose bank is also part of Zelle. (While you can send money to individuals whose bank is not affiliated with Zelle, they may experience longer waiting periods to receive the funds.)

Zelle is free to utilize through Huntington but imposes limitations on the amount of money you can send per day.

Instructions for payment: Zelle is integrated into the Huntington Mobile app. After logging into the app, access the Payments icon at the bottom, then select either the Send or Request button, and follow the provided prompts to send or receive a payment.

Precautions to consider: Always remember that Zelle facilitates direct transfers between bank accounts. Consequently, once a payment is sent, it cannot be canceled or disputed at a later time. Therefore, it is imperative to solely utilize Zelle with individuals you personally know and trust, such as family, friends, and professionals like personal trainers, babysitters, or neighbors. It is advisable to refrain from using Zelle for online transactions, such as purchasing tickets from unknown sources, as it lacks certainty regarding the delivery of your purchase.

Due to Zelle's rapidity and convenience, it has become a target for scammers who employ fraudulent phone calls or emails to obtain your personal information and subsequently withdraw funds from your account. Under no circumstances should you provide account details to anyone who contacts you via phone call, email, or text message.

Further information: Explore the links for additional details on beginning your Zelle journey and gaining expert tips on using Zelle.

Bill Pay

When it is necessary to: Remit payment to a company, such as your cable provider or landscaper.

The nature of it: Online Bill Pay serves as a substitute for traditional check writing and mailing. When establishing a payee, Huntington either transfers funds from your account using ACH (the same system utilized for checks) or generates and dispatches a printed check on your behalf. Generally, it takes a few days for funds to reach the recipient and clear. It often acts as a favorable alternative to setting up direct withdrawals, as it eliminates the necessity of divulging your account information to another company.

Instructions for payment: If you possess a Huntington checking account with online banking, you can employ Bill Pay. Simply navigate to the Bill Pay section on your account page and input the recipient's details. Choose whether you want the payment to be processed automatically or only upon your manual submission.

Precautions to consider: The primary risk revolves around the potential for fraudsters to employ phishing techniques, such as fake emails, texts, or phone calls, to deceive you into sending money, often by masquerading as a representative from your utility company and providing altered payment instructions. Always verify any payment details by contacting the company directly or visiting its official website. If you suspect that you have fallen victim to a scam, promptly reach out to Huntington at [email protected].

Further information: Learn more about Huntington's Bill Pay service.

Wire Transfer

When it is necessary to: Expeditiously perform substantial payments, such as making a down payment on a house or providing a rental deposit.

Overview: In the past, wire transfers were the sole option for swiftly transferring funds from one account to another on the same day, prior to the introduction of peer-to-peer payments. Similar to Zelle, wire transfers operate through bank networks, ensuring minimal delay before the recipient can access the money. However, due to their requirement for additional information, a visit to a branch, and often a fee, wire transfers are typically more suitable for significant payments like mortgages or business-to-business transactions.

Payment Process: To initiate a wire transfer, you will need the recipient's account and routing numbers. Subsequently, visit a Huntington branch and complete the necessary transfer form.

Precautions to Consider: Generally, wire transfers are a secure method of transferring funds, granted that you are familiar with the recipient. One common scam to be aware of is mortgage wire fraud, where an individual impersonating a real estate or title agent sends a fraudulent email containing false wire information just before the closing.

Additional Information:

- Learn more about preventing wire fraud: Preventing Wire Fraud

- View a Printer Friendly PDF: Printer Friendly PDF

Real-Time Payments (RTP®)

Overview: RTP® represents a groundbreaking payment system that marks the first significant innovation in the U.S. financial landscape in over four decades. This system addresses the growing demand for faster and more efficient payment methods. We are pleased to announce that deposit accounts can now receive RTP credit transactions, providing immediate access to funds credited to your account and offering comprehensive information about your deposit transactions.

Additional Information:

- Explore Real-Time Payments: Real-Time Payments®