Megan Brooks
Aspiration is a financial startup that offers a free payments feature, allowing users to pay a business or friend using the mobile app. After scheduling a payment, Aspiration mails out a paper check to the designated recipient within five to seven business days. This payment feature is available to all users of the Aspiration mobile app, with no limit to the number of payments that can be sent. Money from a payment is always debited from Aspiration Spend and not Aspiration Save.
| Characteristics | Values |
|---|---|
| Name of the service | Payments |
| Type of service | Tool for sending money to pay bills or friends |
| Mode of payment | Paper check |
| Cost | Free |
| Limit on the number of payments | None |
| Availability | Only on the Aspiration mobile app |
| Time taken for the payment to reach the payee | 5-7 business days |
| Cancellation | Can be canceled on the mobile app up until the day before the scheduled send date |
| Stop payment | Call 800-683-8529. A stop payment can be issued up to 14 days after the check is mailed as long as it has not been deposited |
Explore related products
What You'll Learn
Aspiration's free payments feature
To use the free payments feature, users must first schedule a payment on the mobile app. After scheduling, the money will be debited from the user's Aspiration Spend account once the recipient receives and deposits the check. It is important to note that there is no overdraft protection available for these transactions, so users must ensure they have sufficient funds in their account to cover the payment.
The free payments feature is just one of the many benefits offered by Aspiration. The company prides itself on providing eco-friendly banking options with minimal fees. Aspiration Spend & Save accounts have no monthly fees, and the debit card functions like a standard checking account debit card. Additionally, Aspiration offers FDIC insurance of up to $2 million in deposits, significantly higher than the typical bank account protection of $250,000.
Aspiration also has a unique pricing model called "Pay What Is Fair" (PWIF), where users can decide how much to pay for the service. This model deviates from traditional flat management or service fees, empowering users to determine the value of the service for themselves. With its combination of free payments, eco-consciousness, and innovative pricing, Aspiration offers a refreshing alternative to traditional banking.
Understanding SWIFT and IBAN: Standard US Banking Protocols
You may want to see also
Explore related products
How to pay a friend
Aspiration offers a free payment feature that allows you to pay a friend using the Aspiration mobile app. Here's how to pay a friend using Aspiration:
Step 1: Access the Payments Feature on the Aspiration Mobile App
Locate and access the "Payments" feature in the Aspiration mobile app. This feature is used to send money to pay bills or friends.
Step 2: Schedule a Payment
Schedule a new payment by entering the amount, designating your friend as the payee, and selecting a send date. Money will be debited from your Aspiration Spend account once your friend receives and deposits the check. Please note that there is no overdraft protection available for checks written, so ensure you have sufficient funds in your account.
Step 3: Recipient Receives the Payment
After you schedule the payment, Aspiration will mail out a paper check to your friend within 5-7 business days. The check will have your name and address printed on it, and your friend can then deposit the check to receive the funds.
In addition to Aspiration, there are several other methods to pay a friend:
PayPal
PayPal is a popular option for sending money to friends and family. You can transfer funds quickly and securely from your bank account or PayPal balance for free. To use PayPal, you need to create an account and log in to access the Payments or Send feature. Enter your friend's name, PayPal username, email, or phone number, along with the amount and currency. You can also add a personalized note. Review the transaction details and choose "Send." The money typically arrives within minutes, and PayPal Purchase Protection covers eligible transactions.
Venmo
Venmo is another widely used app for sending and receiving money. It offers a socially engaging experience, allowing you to connect with your network and see your friends' transactions (with privacy settings available). Venmo is free to use when linking a bank account, debit card, or prepaid debit card. Using a credit card incurs a 3% transaction fee. After verifying your identity, you can send up to $60,000 per week.
Bank Wire Transfer
If you need to send larger amounts of money directly from your bank account to your friend's bank account, a bank wire transfer is a suitable option. It is typically best for transferring $10,000 or more, and the funds are delivered within hours or minutes.
Capital One Banks: Which States Have Branches?
You may want to see also
Explore related products
Payment security
Aspiration's free payments feature, Payments, allows users to pay a friend or business using the Aspiration mobile app. After scheduling a payment, Aspiration mails out a paper check to the designated payee within five to seven business days. Payments can be cancelled on the mobile app up until the day before the scheduled send date.
Aspiration accounts have several security features. Accounts are protected with automatic sign-out when left open on a computer or the app. Login requires multi-factor authentication, which may involve receiving a code via mobile phone and entering it to access the account.
Aspiration Spend & Save accounts have no monthly fee, and the debit card works like a standard checking account debit card. Aspiration Spend & Save accounts are FDIC-insured, with up to $2 million in deposits protected. Aspiration's Summit Account is also FDIC-insured, with no fees for domestic and foreign ATMs. Aspiration Bank donates 10% of its earnings to charities.
The GreenFi Account (formerly Aspiration Spend & Save) offers FDIC insurance of up to $1.25 million. GreenFi accounts are issued by Coastal Community Bank, which is FDIC-insured. GreenFi accounts offer check-writing privileges, with the first 25 checks free. GreenFi also offers a Plant Your Change program and phone insurance when the monthly phone bill is paid with the GreenFi debit card.
Restarting Bank Transfers: When and Why?
You may want to see also
Cancelling a payment
Aspiration's free "Payments" feature allows users to pay a friend or business using the mobile app. After scheduling a payment, Aspiration mails out a paper check to the designated payee, which takes 5-7 business days to arrive.
Payments can be canceled on the mobile app up until the day before the scheduled send date. To stop a payment after a check has already been mailed, users must call Aspiration at 800-683-8529. A stop payment can be issued up to 14 days after the check is mailed, as long as it has not yet been deposited.
It is important to note that money will only be debited from the user's Aspiration Spend account once the payee receives and deposits the check, not at the time the payment is scheduled. Therefore, users should ensure they have enough funds in their account to cover the payment when it is deposited. Undeliverable checks will be returned to the user's permanent address on file.
Wells Fargo: Is the Bank on the Brink?
You may want to see also
Payment processing times
Aspiration's "Payments" tool allows users to send money to pay their bills or a friend. The designated payee will receive a mailed paper check with the sender's name and address printed on it. This service is free, and there is no limit to the number of payments you can send. Payments can only be made through the Aspiration mobile app and are expected to arrive within 5-7 business days from the scheduled send date. Payments can be canceled on the mobile app up until the day before the scheduled send date.
It is important to note that money will be debited from Aspiration Spend and not Aspiration Save. Therefore, users should ensure they have sufficient funds in their Aspiration Spend account to cover the payment. Additionally, there is no overdraft protection available for checks written.
After a check has been mailed, Aspiration can issue a stop payment up to 14 days after, as long as the check has not been deposited. Undeliverable checks will be returned to the sender's permanent address on file.
Your Money, Your Right: Banks Must Refund Unauthorised Transactions
You may want to see also
Frequently asked questions
Yes, Aspiration Bank has a free payments feature that allows you to pay a friend or business using the mobile app.
You schedule a payment on the mobile app, Aspiration mails out a paper check with your name and address printed on it, and the recipient gets the payment within five to seven business days.
No, there is no limit to the number of payments you can send.
Yes, payments can be canceled on the mobile app up until the day before the scheduled send date.
You can call Aspiration at 800-683-8529. They can issue a stop payment up to 14 days after the check is mailed as long as it has not been deposited.
