REMINDER: All RCB offices will be closed on Monday, January 20th in observance of Martin Luther King, Jr. Day.

 

We're Growing! Reading Cooperative Bank will soon welcome new branches in Wakefield, Lynnfield, and Melrose through our partnership with Wakefield Co-operative Bank! Read our announcement here.

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Why Use RCB to Pay Friends and Family?

  1. One-Stop-Shop for all your needs! Check your bank balance and send money from the same place. 
  2. Let Recipients decide! They get to choose where the money goes – bank account, Venmo, or debit card.*  
  3. Keep closer track of your money! No need to check your balance and switch to a payment app – you can pay directly from your RCB account.
  4. Don’t use mobile banking? You can access the same menu on your desktop. 

*Payments processed to a debit card subject to a $1 fee per transaction.
 

How it Works: 

Log in to Online Banking or download the Mobile App to try it out!

  • Log in to your Reading Cooperative mobile or online banking application. Don’t have the mobile app? Download it here.
  • Look for the two options: “P2P” or “Pay to Venmo”
  • Select the recipient (or recipients) phone or email address from your Address Book and enter the amount you want to send.
  • Click send. That’s it. You’re done and the recipient is given the choice what account the money goes to.
     

Safety First:

  • Never send money to someone you've never met.
  • Confirm the username or phone number of the person you are sending money to. 
  • Remember, authorized payments are final transactions.

How to Use P2P:

  • Enter contact information for the person you want to pay (coming soon: contacts flowing into the app right from your phone).
  • Enter the amount and add a memo.
  • Choose the account and payment frequency 
  • Click "Pay" and confirm that you’ve scheduled a payment.
  • The recipient will get a text message with a link to receive their funds. They can choose to deposit the money into their bank or Venmo account, or pay $1.00 to put it directly onto a debit card.

How to Use Venmo:

  • Log in and select "Pay to Venmo", then click "Pay".
  • Type in the amount you wish to send.
  • Enter contact information for the person you want to pay (coming soon: contacts flowing into the app right from your phone). 
  • Add a note or message.
  • Choose the account to pay from and click "Pay". 
  • Confirm the transaction by clicking "Submit".

Pay With Pay-a-Person:

Receiving P2P Payments:

Pay to Venmo:

FAQs

P2P stands for person-to-person payments.

When paying a friend, vendor, or bill.

No, the Online & Mobile Banking user does not need a Venmo account to send money from an RCB account.

The recipient will receive their payment by debit card or Venmo instantaneously, or within one business day if they choose to receive their payment by bank account.

Venmo is a P2P platform designed to deliver electronic payments in a fast, efficient, and user-friendly way.

It costs nothing to use unless the recipient chooses to receive their payment through a debit card, which would result in the recipient paying a $1 fee per transaction.

The sender will use a security question or phrase that the recipient will have to answer before they receive their payment.

Receiving funds comes at no cost to the recipient unless they choose to bypass their Venmo or bank account and have the funds go directly to a debit card – in which case, they would pay a $1 fee per transaction.

No, the recipient must choose between a bank account, debit card, or Venmo in order to receive their payment.

The recipient will receive a text notification confirming the transaction. The sender can also check their bank account or Venmo transaction history to see if a payment has been accepted.

No.

Contacts can be added by searching for the user's phone number and selecting them as a new contact once a matching account is found.

Both the recipient and the sender would need to know the correct answer to the P2P security question.

Choose the P2P option.

Your money will go to the bank account, debit card, or Venmo account of the recipient.

The recipient will receive their payment by debit card or Venmo instantaneously, or within one business day if they choose to receive their payment by bank account.

Yes, the recipient can change their delivery method to debit card, bank account, or Venmo. Selecting bank account or debit card applies to all currently scheduled and future payments. Selecting Venmo applies to future payments only.