As part of our ongoing mission to make banking more convenient, secure and accessible, we’re introducing a new way for you to send and receive money in real time, right from your digital banking app. With the new Instant Payments feature, powered by the Federal Reserve’s FedNow^® Service and The Clearing House’s Real-Time Payments (RTP^®) network, you’ll be able to move money faster than ever before — no more waiting around for standard transfers to clear. The ability to receive payments is live as of April 2025, and the ability to send instant payments will be live in the second half of this year.

What are Instant Payments?

Instant Payments are just what they sound like: money transfers that happen instantly. Unlike traditional ACH transfers, which can take one to three business days, or wire transfers that are limited to business hours and often come with higher fees, Instant Payments are available 24/7, 365 days a year.

This means that when someone sends money to your Grow account from a participating bank or credit union, the funds will appear immediately — ready to use whenever you need them.

Here’s how Instant Payments stack up compared to other common transfers:

Instant Payments	Feature	ACH Transfers	Wire Transfers
Speed	Seconds	Same day (business hours)	1-3 business days
Cost	Minimal1	$20-$35	Free
Availability	24/7/365	Weekdays only	Weekdays only

We’re rolling out Instant Payments in phases.

We’re launching Instant Payments in two phases to ensure a smooth experience:

Phase 1: Receive funds instantly beginning in April 2025

Starting in April 2025, you’ll be able to receive Instant Payments to your Grow account. This is great for:

• Receiving money from friends, family or merchants within seconds.
• Making quick transfers from other accounts you own at participating financial institutions.
• Paying your Grow loan faster — just send funds to your share account, then move them to your loan in online banking.

The receive funds feature is available when the sender’s financial institution participates in either the FedNow^® Service or RTP^® network. Curious if a financial institution is on the list? You can check the current list of FedNow^® participants here and RTP^® network here.

Account number format for electronic transactions

To send money to your Grow account through the instant payments feature, please use the account number format for electronic transactions. Here’s how to find it:

• In the Grow Mobile Banking app, select your checking account, then tap on Show Details in the top right corner. Use the account number listed under Checking Account Number.²
• In Grow Online Banking, select your checking account, then click Account Details. Use the account number displayed as Checking Account Number for Electronic Transactions.

Phase 2: Send funds instantly, beginning later in 2025

In the second half of 2025, we’ll roll out the ability to send Instant Payments from your Grow account to other banks or credit unions in the FedNow or RTP networks. You’ll be able to initiate transfers in Grow Online and Mobile Banking, just like other transactions today — but faster!

Stay tuned for additional information about Instant Payments. We’ll be sharing more details on sending capabilities, including limits and security features, as we get closer to launch.

We’re always working to enhance your digital banking experience. Instant Payments are just one part of our larger strategy to bring you faster, more flexible financial tools that help you manage your money your way. Questions? Contact our team.

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• General Education