So, you’ve sent your child off to college. Because you’ve probably been overwhelmed by all the planning, changes and emotions involved in this next big stage in his or her life, one thing that may have slipped your mind is how you’ll provide a secure source of spending money for your son or daughter.
What are your options?
Parents have a number of options when it comes to providing money to a child away at college. The “big three” are credit cards (either in his or her own name or as an authorized user on your account), debit cards or pre-paid cards, each with its own benefits and drawbacks.
And now there’s another option – one that’s simple, direct and secure. It’s called Popmoney. Popmoney is an online and mobile solutions that allows you to send and receive money (or payments) via email or text, or send directly to your child’s bank account if he or she has one.
Once you send money, your child will be notified when the money is available – usually within just one business day. The notification will include instructions on how to direct the payment into his or her checking or savings account.
Here are a few additional benefits of using Popmoney:
- You can send money regardless of where your child (or any recipient, for that matter) banks
- You can also send payments to a business using Popmoney; you can even send recurring payments, like tuition!
If your recipient’s financial institution is part of the Popmoney network, transactions can be completed using his or her own financial institution’s online banking site. If not, they can go to Popmoney.com to pick up the funds and direct the funds to their bank account.
Is Popmoney secure?
Popmoney is highly secure. From the moment information is sent to Popmoney to the time it’s stored and accessed again, it’s encrypted using industry leading software, hardware and algorithms; security is also encapsulated into specific points and actions in the product. For example, to prevent an unauthorized person from fraudulently depositing someone else’s payment, one-time pass codes are used. For every initial payment to a new email address or mobile phone number, a one-time pass code is sent to the user. The user needs to provide that pass code back to Popmoney to verify his “ownership” of that mobile number or email address before he can deposit the payment.
Whether you use Popmoney to send money to a cash-strapped college student, settle a bill or to pay the sitter, the best part is that if you have Online Bill Pay with FNB Fox Valley, there’s no charge to sign up and no charge to send or receive money! Check out our website (under Online/Mobile Banking) to learn more about Popmoney and our other online solutions.