There’s more to Online Bill Pay than just paying bills

July 29th, 2014 Melissa Payne
online banking

While most people have become accustomed to online banking and the benefits it can offer, there are additional – lesser known – features on the platform that can help make financial transactions easier.

MidWestOne’s online banking and online bill pay platforms give you immediate access to your financial information and allow you to monitor accounts, pay bills, review secure monthly statements, manage finances and stay up-to-date with e-alerts or text messages. In addition, within the system’s online bill pay section there are two features that you may not yet be familiar with: the ability to transfer funds to other financial institutions and Popmoney®.

Transfer funds to other financial institutions

The transfer funds section gives you the ability to transfer money between a MidWestOne deposit account and additional accounts you might have with other financial institutions.  To set this up, you’ll be taken through a process that is similar to PayPal, where you’ll be asked to verify that you own the accounts through the use of what’s called “micro transactions.”

Once your account has been confirmed you can transfer money between both accounts through the MidWestOne online banking interface. There is no fee for transferring money from other accounts to your MidWestOne accounts. However, there is a small fee of $2 for transferring money from your MidWestOne account to other institutions. Keep in mind that this fee is less expensive than what you would be paying for a money transfer.


The Popmoney personal payment system lets you send money to friends, family or almost anyone from your checking account to theirs. All you need is their name and email address or mobile phone number. This makes paying your friends and family as easy as emailing and texting and eliminates the hassles of checks and cash.

To set up a payment you can enter information in one of three ways:

  1. Using the recipient name and email address
  2. Using the recipient name and cell phone number
  3. Or using the recipient’s banking routing number and account number

When you’ve entered the recipient’s information, the system will generate a text message or email that will contain instructions about how to access the funds. You can even include custom messages to ensure your family or friends will understand it’s a legitimate transaction.

The Popmoney transaction is encrypted using industry leading software, hardware and algorithms.  Security is also utilized at specific points and actions in the product. For example, to help prevent an unauthorized person from fraudulently depositing someone else’s payment, one-time passcodes are used.  For every initial payment to a new email address or mobile phone number, a one-time passcode is sent to the user. The user must provide the passcode back to Popmoney to verify his/her “ownership” of that mobile number or email address before he can deposit the payment.

The cost for a Popmoney transaction is $0.50. This is the cost of a stamp and gives you the peace of mind knowing that you can securely transfer money without having to send a letter or carry around lots of cash.  The transaction can be conducted quickly and you can track the successful completion.

With these two online banking services in your arsenal, managing your finances will become significantly easier.

About the author

Melissa Payne is the Service Center Managing Officer at MidWestOne Bank.

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