Get Your Money Faster with Instant Payments.
Instant Payments are electronic funds transfers (EFTs) that are transmitted nearly instantaneously and are available 24 hours a day, 365 days a year.
Faster Payments for the Digital World
Instant Payments are the newest payment infrastructure in over 40 years. FirstBank Personal and Business checking and savings1 account holders can receive Instant Payments from participating financial institutions. You get immediate availability of funds through either the RTP® Network or the FedNow® Service.
Simple and Secure
Funds are available within seconds of receipt and are final and irrevocable unless you consent to return the funds. Instant Payment transactions can be viewed online or on your account statement, similar to all other account transactions.
Let Your Money Talk
Instant Payments also simplify communication between payment parties by enabling messaging and includes all correspondence with the payment. Track invoice and billing information along with the funds to enhance your personal or business cash flow.
How Instant Payments Work
Just provide your FirstBank routing number (107005047) and account number to an individual or business that has an RTP® or FedNow® enabled bank or credit union. There is no need to enroll or sign up beforehand. If the routing or account number provided to the sender is incorrect or the sender inputs it incorrectly, the payment may not reach your FirstBank account.
FirstBank checking and savings1 account holders can only receive payments at this time. The ability to send Instant Payments will also be available in the future. While FirstBank customers may receive up to $1,000,000 per transaction using the Real-Time Payments Network or $500,000 per transaction using the FedNow® Service, other financial institutions may place additional limitations on their senders.
Instant Payment transactions will now be included in the per item calculation ($.50/transaction fee) on business accounts, when applicable. This fee does not apply to Non-Profit Checking or Club & Association Checking accounts.
For questions about Instant Payments on your account, please contact us at 1-800-964-3444.
Instant Payment Examples:
Consumer
- Consumers can receive their pay instantly from their employers, particularly short-term and freelance workers for ridesharing or delivery companies.
- Consumers can receive real-time proceeds from a sale, such as a used vehicle.
Business
- Businesses can receive payments from other companies and consumers for invoices or funds due.
Frequently Asked Questions
How do I receive an Instant Payment?
If the payer can send Instant Payment transactions via either the RTP® Network or the FedNow® Service, all you need to do is provide them with your FirstBank routing and account number - it is that simple.
Are funds final?
Yes, all Instant Payment transactions are immediate, final, and irrevocable unless you consent to return the funds.
What are the transfer limits?
The transfer limit on the RTP® Network and the FedNow® Service are currently $1,000,000 and $500,000 per transaction respectively.
Does it matter when I receive an Instant Payment?
You can receive an Instant Payment at any time, including nights, weekends, and holidays, 24 hours a day, 365 days a year and can access the funds immediately. However, for the funds to be applied to any debit transactions occurring that day, the Instant Payment must be received by the cutoff time of 9:59 pm Mountain Time/8:59 Pacific Time. For example, if you have an automatic payment scheduled for a specific date and the Instant Payment funds you are receiving will be used to cover that payment, the Instant Payment must be received by the cutoff time on that date or you may be overdrawn.
How do I find my checking or savings account number?
It is easy to find your checking or savings account number however you choose to bank with FirstBank.
- When you log in to Online Banking, your account number is partially hidden for security purposes. Click on "Show account number" and the full account number will be displayed.
- In the Mobile App, your account number is partially hidden for security purposes. Click on the account, which will bring up the transactions screen for that account. Click on the down arrow directly above Future Transactions and your full account number will be displayed below your balance information.
- Your account number is at the bottom of your checks. The first set of numbers is the FirstBank routing number (107005047), and your account number is the ten-digit number to the right of the routing number.
- Visit a FirstBank branch or call 1-800-964-3444.
Are Instant Payments the same as Same Day ACH?
No, Instant Payments are not the same as Same Day ACH. The RTP® Network and FedNow® Service are separate payment networks that work differently. Instant Payments are processed individually in real time. Same Day ACH payments are processed in batches and settle after the payments clear.
What is the difference between Instant Payments and Zelle®?
Zelle® is a customer-facing payment service and Instant Payments belong to one of two behind-the-scenes payment settlement systems: the RTP® Network or the FedNow® Service. Zelle® allows senders to send a payment using the receiver's phone number or email, while Instant Payments use your actual account and routing numbers. Zelle® payments typically settle later through the ACH network and have a $2,500 daily limit.
Are there any changes to my account terms now that FirstBank supports Instant Payments
- There are changes to the FirstBank Consumer Electronic Banking Agreement and Commercial Electronic Banking Agreement. The changes include an overview of Instant Payments including, but not limited to, that they are available 24/7/365, are final and irrevocable, list eligible account types, and that all Instant Payments will be processed in accordance with the RTP® Operating Rules, the FedNow® Operating Procedures and other applicable rules and regulations.
- There are changes to the FirstBank Deposit Agreement. The changes include that the Real-Time Payment System and the FedNow® Service have been added to FirstBank's Electronic Banking Services and that Instant Payments will be received through either the Real-Time Payments System or the FedNow® Service.
- There are changes to the FirstBank Funds Availability Policy. The changes include that funds deposited via the Real-Time Payments Network or the FedNow® Service will be available on the day the deposit is received and that the posting cutoff time for Real-Time Payments is 9:59pm Mountain Time.
Disclosures
- Excludes Health Savings Accounts, College Savings Accounts, Individual Retirement Accounts, and Certificates of Deposit.
RTP® is a registered service mark of The Clearing House Payments Company L.L.C.
FedNow® is a registered service mark of the Federal Reserve Banks.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.