Receive Money Faster with Real-Time Payments
Real-time payments, often referred to as RTP or Instant Transfers, are a type of electronic transfer that allows money to be moved to and from merchants, vendors, individuals and other financial institutions instantaneously. The system is designed to process these transactions in real-time or near-real-time, which means that the funds are transferred and made available to the recipient typically within seconds. This is significantly faster than traditional payment methods, such as paper checks or Automated Clearing House (ACH) transfers, which can take several days to process.
CSE has worked to integrate RTP for members, and we are now officially in the network as a RECEIVER for members’ funds. Members can now benefit from merchants and vendors who send their funds in real time. (NOTE: We are still working through the setup process for CSE to become a Sender of Real-Time Payments.)
Real-Time Payments are still relatively new to the marketplace, however, adoption rates are climbing quickly and we expect many retailers and merchants will get into RTP sooner rather than later!
HOW CAN I RECEIVE THE QUICKEST PAYMENTS AS POSSIBLE?
If you want to receive funds as quickly as possible into your CSE accounts, it is important that you input your account information the right way when setting up payments or transfers with any merchant, vendor or financial institution that will send money to your CSE account.
For ALL CSE accounts, the Routing Number is the same: 241274459. Along with the Routing Number, you will need your full Instant Transfer number. You can find that number by logging in to your CSE accounts online. You can also use the entire MICR number on the bottom of a CSE check. (NOTE: Using just a 5- or 6-digit CSE member number will NOT work for RTP.)
After logging in, click on the account that you want payments received to. This can be a savings, checking, or other sub account.
In eBranch:
Once you click into an account, you’ll see account details at the top. Find MICR / Instant Transfer # and click View.
In Mobile App:
From the Account Overview page, tap on the account you would like to setup a transfer into. Click on Details tab. On the Details tab, find MICR / Instant Transfer # and tap View.
WHAT HAPPENS IF A MERCHANT DOES NOT SUPPORT REAL-TIME PAYMENTS?
If a merchant, vendor or financial institution does not send payments in the Real-Time Payments network, your payment will come in another way, generally via ‘ACH’. When a merchant makes the switch to RTP, you will begin receiving payments in real-time, as long as you have setup your accounts with the full MICR / Instant Transfer # and information that is outlined above.
BEST PRACTICES
As Real-Time Payments become increasingly popular, we do want to point out a few items to give you the best RTP experience.
- Watch for fees if sending money in real-time. Some merchants and vendors charge a convenience fee.
- If you have a CSE account setup with an entity to send money to already, you will likely need to re-setup or edit your CSE account with the Instant Transfer # as outlined above.
We’re excited for the future of payments, as accessing money will continue to become more convenient. If you have questions about Real-Time Payments, please do not hesitate to reach out to a CSE representative.
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