Paze is a real-time payment service that lets you send money when ready to anyone with a U.S. bank account
Paze is a faster payment network owned by Bank of America, Truist, and U.S. Bancorp. It moves money between bank accounts in seconds rather than the one to three business days that standard transfers take. When you send money through Paze, the recipient's bank receives it when ready and can make it available right away—though some banks may hold it briefly depending on their own policies.
Bank of America customers can send and receive Paze payments through the BofA mobile app or online banking. You don't need a separate account or app; it works within the tools you already use. The service is free for personal transfers, though some business uses may have different terms.
Paze competes with other real-time payment systems like FedNow (run by the Federal Reserve) and The Clearing House's RTP network. The main difference is which banks participate in each network—Paze is available through Bank of America and its partner banks, while other networks have different member lists.
Key Takeaways
- Paze transfers money between bank accounts in seconds, not days, and is free for personal use through Bank of America.
- You send money using the recipient's email address or phone number, not their account number, making the process simpler than traditional wire transfers.
- The money arrives at the receiving bank when ready, though the recipient's bank may take a few minutes to post it to their account.
- Paze only works between banks that are part of the Paze network; if the recipient's bank doesn't participate, the transfer will not go through.
- You can cancel a Paze payment only if the receiving bank hasn't accepted it yet, which usually means within seconds of sending.
How to send money through Paze with Bank of America
Open the BofA mobile app or log into online banking and look for the "Send Money" or "Transfers" section. Select Paze as your transfer method. Enter the recipient's email address or U.S. phone number—you do not need their account number or routing number. Add the amount and a note if you want, then review and confirm.
The money leaves your account when ready. The receiving bank gets it within seconds. The recipient will see a notification that money is on the way and can usually access it right away, though some banks may show a brief pending status.
If you need to cancel, do it as soon as you realize the mistake. Once the receiving bank has accepted the payment—which happens almost when ready—you cannot reverse it. At that point, you would need to contact the recipient and ask them to send the money back.
Which banks work with Paze
Bank of America is the primary issuer, but Paze also works with Truist and U.S. Bancorp customers. The network is growing, and more banks are expected to join, but the list is not as large as some other real-time payment networks.
Before you send a Paze payment, confirm that the recipient's bank is part of the network. If their bank doesn't participate, the transfer will fail and your money will return to your account. Bank of America's website and app show which banks currently support Paze, or you can ask the recipient directly.
Paze versus other ways to send money
Paze is faster than ACH transfers (which take one to three business days) and simpler than wire transfers (which require account and routing numbers). It is also free, whereas wire transfers often cost $15 to $30. The main limitation is that both the sender and recipient must bank with Paze-participating institutions.
If the recipient's bank is not on the Paze network, you have other options: Zelle (which works through most major banks and is also free and when ready), a traditional ACH transfer, or a wire transfer. Zelle is often the better choice if the recipient's bank doesn't support Paze, because Zelle has a much larger network.
| Method | Speed | Cost | Needs both banks to participate? |
|---|---|---|---|
| Paze | Seconds | Free | Yes |
| Zelle | Seconds to minutes | Free | Yes |
| ACH transfer | 1–3 business days | Free | No |
| Wire transfer | Same day or next day | $15–$30 | No |
Fraud and security with Paze
Paze payments are sent to an email address or phone number, not a bank account number. This reduces the risk of sending money to the wrong account by mistake. However, it also means you should verify the recipient's contact information before sending—if you have the wrong email or phone number, the money could go to someone else.
Once a Paze payment is accepted by the receiving bank, it cannot be reversed. This is different from some other payment methods where you can dispute a transaction. If you send money to the wrong person, your only recourse is to contact them and ask for a refund.
Bank of America monitors Paze transactions for fraud, just as it does with other transfers. If you notice an unauthorized Paze payment from your account, report it to Bank of America when ready. The sooner you report it, the better your chances of recovering the money.
Limits on how much you can send
Bank of America sets daily and monthly limits on Paze transfers. These limits vary depending on your account type and history. Check your BofA app or call customer service to find out your specific limits.
If you need to send more than your limit allows, you can split the payment across multiple days, use a wire transfer, or contact Bank of America to request a limit increase. Some business accounts may have higher limits than personal accounts.
Frequently Asked Questions
Can I send a Paze payment to someone at a bank that doesn't support Paze?
No. If the recipient's bank is not part of the Paze network, the transfer will fail and your money will return to your account within a few minutes. Use Zelle or an ACH transfer instead.
What happens if I send a Paze payment to the wrong phone number or email?
The money will go to whoever has that phone number or email address registered with their bank. Once the receiving bank accepts it, you cannot reverse it. Contact Bank of America right away if this happens—they may be able to help, but there is no may provide.
How long does a Paze payment take?
The money reaches the receiving bank in seconds. The recipient's bank may show it as pending for a few minutes before posting it to their account, depending on the bank's internal processes.
Is Paze the same as Zelle?
No. Both are when ready payment services, but they are separate networks run by different companies. Paze is owned by Bank of America, Truist, and U.S. Bancorp. Zelle is owned by a consortium of larger banks. Most people have access to Zelle through their bank, so it is often the easier choice if your recipient's bank doesn't support Paze.
Can I get my money back if I send it to the wrong person?
Not automatically. Paze payments cannot be reversed once accepted. Your only option is to contact the recipient and ask them to send the money back. If they refuse, you may need to pursue other legal remedies, but this is difficult and time-consuming.