DSBconnect P2P and External Transfers

Person to Person (P2P) 

DSBconnect P2P allows you to make instant funds transfers to friends, family and yourself, just by a simple email or text. Use P2P to send money to your child in college, give a cash gift to family and friends, pay back friends for that fun outing, pay your babysitter, and pay rent to your roommates.  You can also use to send funds to other checking accounts you have at other banks (debit card required on the receiving account).

The one requirement for a P2P to work is the receiver must have a valid and open U.S. debit card at any bank or credit union. This is a DEBIT card, not a CREDIT card. 

Benefits of P2P transfers:

 * Once the receiving debit card is verified, transfer is immediate, no waiting.

*  Eliminates the hassles of checks and cash, allowing for paperless payments.

 * Recipient can deposit the funds directly into his/her bank account -- without making a trip to bank.

* Transfer funds to accounts you own at other banks.

 * Faster delivery than personal payments sent on DSB Bill Pay.

Recommended situations to use P2P transfers:

When you need to transfer funds to an individual quickly and all you know is their email address or mobile phone number (or debit card number, if known, such as a family member). You can use P2P to send funds to (but not from) debit card numbers you have at other banks. 

To use P2P:

P2P is a permission-based service extended to account holders. If interested in using this, please contact the bank.  Once your registration is enabled for P2P, to make a P2P, login and click Transfer Money > New Transaction > choose your FROM account > Add New Payee > choose Person to Person > follow screens to set up and send. Daily transaction limit is $3,000, and upon request, it can be increased to $10,000 max. P2P can be used 24/7 and will adjust the Available Balance immediately, however the same-day transaction deadline for the debit out to post to the daily ending balance is 3:00 pm CST. 

External Transfers Account-to-Account

External Transfers sends funds to and from other qualified accounts you own at other financial institutions nationwide through the ACH network.

Benefits of External Transfers: 

 * Send and receive funds from other outside bank accounts you have. 

* You don't have to pay a $20 wire transfer fee.  

 * All done behind one single login to DSBconnect. 

* Faster delivery than an item sent on DSB Bill Pay. 

Recommended situation to use External Transfers:

We recommend this service when you know you want to transfer funds to outside bank accounts you own not linked to a debit card there; if it is linked to a debit card, use the P2P instead. Use External Transfers to send funds to outside accounts that do not have a linked debit card. Qualified accounts types to receive External Transfers are checking, savings and loan account numbers at U.S. financial institutions; other account type, such as card-based accounts (Chime), money movement apps (Venmo, Paypal) and non-bank brokerage accounts, may not work work in certain situations and settings. Use External Transfers when you want to send funds FROM that outside account to an account you own at Denison State Bank.

Click the Transfer Money functions in DSBconnect > New Transaction. If this is first time to use External Transfers, you will have to accept the disclosure provided to you. Daily transaction limit is $10,000; bank can override to higher limit upon request. Funds are transferred on the ACH system, taking 3 business days to complete the transfer. (Example: you schedule the transfer on a Monday, the funds debit out on Monday, and they credit on the receiving account on Wednesday morning).