How does Chase QuickPay work?


Quick Answer

As of September 2015, Chase QuickPay is a free online service that allows users to send cash to and receive money from any individual with a U.S. bank account and an email address registered with the service. The sender forwards funds to another person using a mobile phone number or email address. When the recipient sees the "payment waiting" message, that person signs into Chase.com and accepts the payment. The funds are then deposited into the recipient's account.

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Full Answer

Although both parties in the transaction need to register with the Chase website to use QuickPay, only one person has to have a Chase checking account. These transactions are secure because neither party sees the other's account number or financial information.

When QuickPay transfers money between two Chase accounts, funds are typically available to the recipient no later than the next business day. When one account belongs to an institution other than Chase, the funds typically take one to two business days to clear. The recipient has 10 business days to accept a Chase QuickPay payment before the bank cancels the payment and notifies the sender by email.

Chase suggests a number of uses for QuickPay, such as paying a babysitter and giving a gift to a family member. The bank also suggests using the service to reimburse someone for a share of a restaurant bill or rent.

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