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Receive Instant Payments for Personal and Business Accounts - Benefits and FAQs

What is an instant payment?

It is a payment system that offers electronic transfers of funds from a sender's account to the receiver’s checking or savings account within seconds. The payment is transmitted through a faster payment network, such as the FedNow® Service from the Federal Reserve or RTP® from The Clearing House. Funds will typically update the current available balance in a Truliant account within seconds.

  • For personal accounts, instant payments provide convenient, faster payments to friends and family or for brokerage accounts or insurance payments.
  • For business accounts, instant payments offer improved cash flow, quicker access to funds for payroll and suppliers, and enhanced reconciliation processes.

How to Use

  • An instant payment can be received 24 hours a day, 7 days a week, 365 days a year.
  • The sender controls the transfer amount, recipient, and timing, and must initiate the transaction from an external financial institution.
  • Authorization is performed by the sender’s financial institution, which is then responsible for verifying and approving the payment.
  • Funds are transferred directly between participating financial institutions within seconds, thus debiting the sender’s account and crediting the receiver’s account in real time. The funds should post within 20 seconds.

Basic FAQs

Q: What information is needed for someone to send me an instant payment?
A: The sender will need the Truliant routing number (253177832) and your account number.
 
Q: Do I need to enroll in a service to be able to receive an instant payment?
A: No enrollment is needed.
 
Q: Are there any fees associated with using/receiving an instant payment?
A: There is no fee to receive a payment.
 
Q: Can I transfer money both ways (incoming and outgoing)?
A: At this time, Truliant will only receive instant payments.
 
Q: Is authorization required to receive transactions?
A: No authorization is needed from Truliant. Authorization is given when the routing number and account number are provided.
 

Availability & Limits FAQs

Q: Which accounts are available to receive payments?
A: Checking and Savings accounts. This service cannot be used to pay directly to a loan or credit card.

Q: How long does it take for funds to reflect in my account?
A: The payments should post within 20 seconds. If it does not post within 25 seconds, the sender must contact their financial institution to inquire about the payment.

Q: What financial institutions are supported or in-network? 
A: The financial institution must be a participant with the FedNow Service or RTP (Real Time Payments—The Clearing House). If so, the sender will see its name on a list of eligible participants.

Q: Will the instant payment service also be available for business account holders?
A: Yes.

Q: Can I receive instant payments from international accounts?
A: No international transactions are allowed. Only domestic payments are allowed.

Q: Is there a limit on how much someone can send?
A: The transaction limit is up to $10 million.
 

Security FAQs

Q: Is sharing my account information with a trusted party safe?
A: Truliant does not determine what you deem a trusted party. You must determine if you trust the person to whom you are providing your account number.

Q: How secure is the instant payment process?
A: Instant payments are encrypted and use our standard credit union security protocols.

Q: Will the sender get a receipt or confirmation?
A: Yes, instant confirmations are standard and usually include time, amount and recipient information.
 

Troubleshooting FAQs

Q: What if I receive money by mistake that does not belong to me?
A: Call Truliant to start the process of returning the funds, 800-822-0382.

Q: The incorrect account number was typed in and sent. Can I dispute it?
A: The sender must contact their financial institution for a Request for Return of Funds.

Q: If someone is supposed to send me money and then claims it was fraud, what happens? 
A: The funds will be put on hold until further investigation by the Truliant Fraud Department.

Q: If I'm expecting an instant payment and do not receive it, or there is an error with the transaction causing it not to post to my account, how does it get resolved? 
A: If the payment has not been posted within 20 seconds of the sender initiating the payment, you need to contact the sender to complete a Request for Return of payment and/or have them review the account number where the payment was sent. If the payment is rejected for any reason (invalid account number, account number/name mismatch), the sender should receive a message stating that the instant payment was rejected.

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