By: Julie Zeimet, Deposit Operations Officer
There are many things to think about financially when sending a child off to college:
However, one piece of the financial puzzle that often gets overlooked is how you will quickly and easily send money to your child when they are away from home – and their home bank.
One easy solution is a digital payment tool called Popmoney®.
What is Popmoney?
Popmoney is a personal payment service that enables you to send and receive money digitally. You don’t need the person’s bank account information. Instead, you simply fill in either their email address or mobile phone number to send or request money.
Compared to mailing your child a check:
- Faster! No lag in delivery time.
- More secure. No concerns about compromising your account information or getting lost in the mail. (OR lost in their dorm room…let’s be honest!)
- Less hassle. You don’t need a stamp or envelope. The recipient doesn’t need to go to a bank to deposit a check.
- Any time. You don’t need to be at home, near a mailbox, or in front of your computer. You can send money right from your mobile phone.
There are also advantages to using Popmoney instead of an online transfer, including that you don’t need their account number to set up transfer privileges. Simply enter in their mobile phone number!
Benefits of Popmoney
I’ve already mentioned that Popmoney is fast, easy, and more secure than some of the more traditional ways to send money to your student, but there are some other great features and benefits to using this payment tool, as well:
- College students can pay each other. Splitting a pizza? Sharing rent? Chipping in for gas money? With one action, your student can send a request for payment from all involved and his or her friends can pay with the touch of a button. No more claiming they’re out of cash.
- No charge to sign up.
- Since it is tied directly to your bank account, there are no fees to “disburse” the funds to your account like some of the other digital pay services
- If your bank offers the Popmoney service (like State Bank of Cross Plains), any other transaction fees may also be waived or reduced. Learn more about SBCP’s Popmoney service here.
It’s easy to start using Popmoney. To take advantage of the free or reduced services available through State Bank of Cross Plains, be sure to enroll online through our website. You need to be enrolled in Bill Payment first, and then Popmoney is one of the digital pay options.
There is a lot of support to get you started or to help you learn more about how Popmoney works and why it’s so useful, including:
- A video demo of how Popmoney works
- A step-by-step written guide explaining how to enroll online
- Frequently Asked Questions on the Popmoney website
- SBCP’s toll free call center: 1-855-256-7328
The future of payments is digital. It’s easy to get started and take advantage of this secure, convenient, and flexible payment tool. Plus, it’s one less thing to worry about when it comes to dropping your child off at college.