What is Person-to-Person (P2P) Payments?

Person-to-person payments let you move money directly to another individual’s account using simple identifiers like phone numbers, email addresses, or account nicknames. Old National Bank’s P2P service streamlines splitting bills, repaying loans, sending gifts, and making everyday transfers without cash or checks. Designed for speed and ease of use, it removes friction from routine money exchanges so you can focus on what matters.

Key Benefits

• Instant or near-instant transfers: Send funds quickly so recipients can access money when they need it.
• No more cash or checks: Eliminate the need to meet in person or mail payments.
• Convenience: Initiate payments from your mobile app or online banking portal in just a few taps.
• Transparent controls: Track pending and completed transfers, review history, and manage saved contacts easily.
• Flexible funding: Choose from linked checking accounts, debit cards, or eligible payment sources within your Old National Bank profile.
• Cost-effective: Competitive fee structure for routine transfers, with clear disclosures so you always know what to expect.

How It Works

1. Log in: Open the Old National Bank mobile app or online banking and navigate to Payments & Transfers.
2. Select Person-to-Person: Choose the P2P option and select the sender account and funding method.
3. Add recipient: Enter the recipient’s phone number, email address, or select a saved contact. For first-time recipients, you may need to confirm identity details.
4. Enter amount and note: Specify the transfer amount and add a memo or note to clarify purpose.
5. Review and send: Confirm transfer details, review any applicable fees, and authorize the payment.
6. Notification and receipt: Both sender and recipient receive confirmations. Recipients may be prompted to confirm their identity or link an account to accept funds.

Security and Privacy

Security is central to every transfer. Old National Bank uses industry-standard encryption and multi-layered authentication to protect your information. Access controls, transaction monitoring, and fraud detection systems reduce risk and provide peace of mind. Privacy safeguards ensure personal and financial data are handled according to strict policies so your transactions remain confidential and secure.

Tips to stay safe:

• Verify recipients before sending money — double-check phone numbers and email addresses.
• Use secure networks and avoid public Wi‑Fi when sending funds.
• Enable app authentication features like biometrics or a secure passcode.
• Review recent activity and report any unfamiliar transactions promptly.

Common Use Cases

P2P payments at Old National Bank are ideal for everyday scenarios:

• Splitting dining or travel expenses with friends
• Paying a roommate for shared utilities and rent
• Sending birthday gifts or holiday money
• Repaying small personal loans between family members
• Quick reimbursements for work-related expenses

Fees, Limits, and Timing

Old National Bank provides transparent information about any fees, limits, and expected delivery times within the app and online banking experience. Typical factors that affect cost and timing include the chosen funding source, transfer amount, recipient verification status, and the transfer method selected. Most transfers complete quickly, but some may take longer if additional verification is required.

Eligibility and Requirements

To use P2P payments you must have an active Old National Bank account and be enrolled in online or mobile banking. Recipients may need to link a bank account or provide verification details depending on how they choose to receive funds. Certain transfer types and higher-value transactions may require additional authentication for regulatory and security reasons.

Tips for Smooth Transfers

• Save frequent recipients to speed up future transactions.
• Include clear notes so recipients understand the payment purpose.
• Confirm recipient details before sending to avoid delays.
• Set up recurring transfers for predictable, repeated payments.
• Keep the app updated to access the latest features and security enhancements.

Frequently Asked Questions

How quickly does the recipient receive the money?

Many transfers are processed instantly or within minutes. Some transfers may be subject to verification and could take longer to complete.

Can I cancel a payment?

If the payment is still pending and the recipient has not accepted the transfer, cancellation may be possible. Once a transfer completes, reversal depends on recipient cooperation and applicable policies.

Is there a daily or monthly limit?

Limits are in place to protect customers and comply with regulations. Specific limits vary by account type and customer profile and are disclosed in the app and account agreements.