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Dime community bank
Receive Instant Payments (RTP® & FedNow®)
The RTP® & FedNow® services are new instant payment platforms provided by The Clearing House and the Federal Reserve. These services expand real-time payments nationwide, providing a platform that is secure, efficient, and available at any time. Instant payments on these networks enhance efficiency by accelerating transactions and simplifying the payment process among consumers, businesses, and government agencies. Instant availability and payment confirmation empower both senders and receivers to monitor the payment status closely, enabling quick access to funds. By being a Dime customer, you can now receive instant payments through the RTP and FedNow services.
Benefits of RTP® & FedNow®
Explore the many benefits of instant payments:
- Loans
Consumers who need short-term loans in an emergency can benefit from real-time payments. - Earned Wage Access
Access to earned wages or real-time pay helps workers during difficult economic times.
- Merchant Funding
Real-time payments allow merchants to receive their funds 24/7, improving cash flow and removing payment delays. - Mortgages
Real-time payments streamlines the real-estate closing process, and increases customer satisfaction.
Frequently Asked Questions
What is an instant payment?
An instant payment is a payment sent through a third party network, such as The Clearing House’s RTP® network or the Federal Reserve’s FedNow® Service that enables participating U.S. banks and credit unions to transfer funds instantly. Instant payments cannot be canceled or amended after they are sent.
When are the funds from instant payments available in my account?
When you receive an instant payment the available balance updates immediately. The funds typically update the current available balance in your account as soon as Dime receives the transaction.
How do I know who sent an instant payment?
The name of the business or person who sent the payment appears in the transaction description. Special characters (like dollar signs or dashes) may not appear on the description.
What do I need to do to receive an instant payment?
To receive an instant payment, you will need to provide the sender the routing number and account number for the account where you would like to receive the payment. Your routing number and account number are listed in your online bank account or on a check. To find our routing number click Here.
How do I know if I received an instant payment?
Similar to how you view your incoming transactions today, a receipt will be posted on your account statement that reads either “NOWRTP From” or “NOWFED From” followed by the sender’s name.