What is Cathay PeoplePayment?
Cathay PeoplePayment is a personal payment service that eliminates the hassles of checks and cash. Now, sending and receiving money is as easy as emailing. And you don't need a new account to send money. Just use your Cathay Bank checking or money market account.
How does Cathay PeoplePayment work?
Cathay PeoplePayment allows you to send money to friends, family, or anyone with a U.S bank account. You can log into your internet banking via your desktop or your Android or iPhone app. From desktop online banking, go to Make Payments > Pay people. Enroll in Cathay PeoplePayment following the directions. Once your enrollment has been approved you can send payments to friends and family who have a U.S. bank account using an e-mail address or bank account information.
Once you’ve enrolled Cathay Online Banking you can also access Cathay PeoplePayment via the Cathay Bank Mobile Banking App. (Note: You must have app version 3.3.8 or higher to access Cathay PeoplePayment.)
What are the different ways I can send money to someone?
You can send money using a recipient’s:
Email address: your contact will receive an email with instructions on how to direct the payment into their U.S. bank account.
Recipient’s account information (routing and account number): money will be directly deposited into the recipient’s account.
Name and address: a check will be mailed to the recipient at the address input.
Which accounts can I use to send money through Cathay PeoplePayment?
You can use your Cathay Bank checking or money market accounts. Cathay PeoplePayment transactions will count toward your monthly transaction limits. To learn more about your transaction limits, please read the deposit agreement.
When will the recipient receive the funds?
The timing to receive the funds depends on the method used to make the payment, and will be indicated at the time you schedule the payment. It could take additional time if your contact has not used Cathay PeoplePayment or will have to log in and accept the payment.
If you are sending the payment notification through email and your contact wants to collect the funds into their U.S. bank account; s/he must provide the account information by 6:00 p.m. Pacific Time in order to receive the funds in 3 business days.
How much does it cost to send money?
There is no charge to send money via Cathay PeoplePayment. It’s one of the benefits of banking with Cathay Bank.
How will I know if someone sends me money via Cathay PeoplePayment?
If the sender sends the money using your email address, you will receive an email with instructions on how to deposit the payment into your U.S. bank account. If the sender uses your U.S. bank account information, the money will be deposited directly into your account.
Can I send money outside the U.S. using Cathay PeoplePayment?
No, you can only send money to people who have U.S bank accounts. You cannot send money internationally.
What are the differences between sending money by Cathay PeoplePayment using an email, sending money using bank account information, and sending money using the recipient’s name and address?
When you use an email address to send money through Cathay PeoplePayment:
Recipients do not need to give you their bank account information
Recipients must choose the account where the funds will go
When you use bank account information to send money through Cathay PeoplePayment:
Funds are directly deposited into recipients' accounts
Recipients do not have to take any action to complete transactions; however, recipients must share their bank account information with you
When you use a recipient’s name and address to send money through Cathay PeoplePayment:
A check is issued in the recipient’s name and mailed to the address indicated.
What is the transaction limitation?
The transaction limit is $750 and a maximum of $1,000 per day may be sent via Cathay PeoplePayment.
How long does the recipient have to claim funds for funds sent via email?
If you send via an email message the recipient has 10 days to acknowledge and claim the funds. If funds are not claimed within 10 days the transaction will be cancelled and the funds will not be debited from your account.
If you send with the recipient’s account information, the recipient does not have to acknowledge any message to claim the funds; the funds will be deposited into their account within 3 business days. Similarly, if you send via name and address a check will be sent directly to the recipient; he or she does not have to claim the funds.
How can I get help if I’m having difficulty using Cathay PeoplePayment?
You may call our Customer Service at 1-800-9CATHAY (1-800-922-8429) 6:00 a.m. – 7:30 p.m. Pacific Time, Monday through Friday. Alternatively, you may send us a secure message via your online banking under Customer Service > Contact Us.