FirstBank is excited to introduce Instant Payments, which makes funds immediately available and reduces cash flow challenges present with other payment methods.

What are Instant Payments?

Instant Payments are electronic funds transfers (EFTs) that can help you move money into a business or consumer account within seconds and can be immediately accessed. These payments are processed through one of two networks: the FedNow Service, operated by the Federal Reserve, and the Real-Time Payments (RTP®) Network, which is operated by The Clearing House (TCH).

In addition to immediate funds availability, other features of Instant Payments include:

• 24/7 processing: payments can be processed 24 hours a day, 7 days a week, and 365 days a year.
• Finality: payments are final and irrevocable. When a payment is made, it cannot be cancelled or automatically recalled.
• Payment security: since transactions flow through federally-insured banks and credit unions, there’s a high level of scrutiny and fraud detection. In addition, senders will receive confirmation the payment was accepted or rejected within seconds.
• Detailed information: senders can provide thorough notes regarding purpose of payment.  

How are Instant Payments used?

Instant Payments can benefit individuals, businesses and independent contractors, as well as Gig Economy Workers like food delivery or rideshare drivers. See below for some of the most common ways Instant payments are used:

• Transferring funds out of a digital wallet or third-party account like Venmo® or Robinhood® to a FirstBank account.
• Immediate distribution and access to funds in emergency situations.
• Disbursement of proceeds (ex: selling a used vehicle).
• Receiving payroll.
• Payment for independent contractor jobs, either independently or via third-party platforms (ex: GrubHub).
• Payments for business to business or business to consumer invoices.

How does it work?

• In order to receive funds into a FirstBank account, the sending bank must be on the RTP® or FedNow network and have the ability to submit Instant Payments.
• Once that’s confirmed, you’ll need to provide your FirstBank routing and account number to the individual or business who has the ability to send Instant Payments at their bank or credit union.
• Similar to receiving a wire transfer, double-checking your routing and account number is key to ensuring the transaction goes through.
• When providing personal information, make sure the source is actually who they say they are. To learn more, check out Beware of Crypto Criminals: How to Avoid Getting Scammed.
• All funds sent via Instant Payments are made available within seconds of receipt by FirstBank and considered final, unless consent is provided for return.

How do you know the transfer was received?

The payment will show up on your bank statement and transaction history as “Instant Payment” via Mobile and Online Banking.* If you have text or email alerts set up, you can also get immediate notifications.

How do Instant Payments differ from Zelle®?

• Zelle® is a customer-facing payment service, while Instant Payments are clearing and settlement utilities that operate behind the scene.
• Zelle® allows senders to initiate a payment using the receiver’s alias such as a phone number or email, whereas Instant Payments use actual account and routing numbers.
• Today, most Zelle® payments settle between financial institutions over ACH after the actual Zelle transfer.
• Finally, Zelle® has a $2,500 daily limit and should only be used to send or receive money to friends and family, whereas Instant Payments has multiple uses, including payroll or vendor payments. It can also make larger amounts of money (up to $1 million for RTP® and $500,000 for FedNow) immediately available, helping reduce pain points associated with slower payment systems like checks.

What are some restrictions with Instant Payments?

• While Instant Payments are capable of supporting a broad range of payments, some financial institutions may not offer it. At this time, there may be limitations in terms of which banks and companies can originate and/or receive payments.
• FirstBank customers are able to receive Instant Payments, however the ability to send Instant Payments is not currently available (but will be in the future).

For additional questions about Instant Payments, please reach out to customer service at 1-800-964-3444.

*Online Banking is free with eStatements. $3 per month with paper statements. Online Banking is required to use mobile and online products.

Zelle®: Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

“This page may contain links to external websites. These links are displayed for your convenience. FirstBank does not manage these sites and assumes no responsibility for the content, links, privacy policy, or security policy.”