What is the best way to transfer $100 into a family member's US bank account on a daily basis?

mbmast 06/12/2018. 6 answers, 555 views
money-transfer transfer elderly

I am trustee for an elderly relative who is not financially competent, and being taken advantage of by a girlfriend. He cannot hold onto money for long, and so I need to periodically provide him small amounts of money rather than larger transfers.

I need to transfer $100 to him on a daily basis (so that would be 365 X $100, or $36,500 a year). I'd like that transfer to be automatic (or as automatic as possible), and not require a check or a trip to the bank each day.

This money is for basic living expenses; rent is covered by the trust.

This family member is financially irresponsible and cannot hold on to sums greater than about $800. At under $800, it's not worth his girlfriend's time and resulting (temporary) aggravation to steal the money. Over $800, and it's gone. He consistently shares his ATM/PIN, over and over and over again.

How can this be accomplished?

6 Answers

TTT 06/12/2018.

Most banks offer inter-bank transfers on a recurring basis, but AFAIK the smallest recurring increment is typically weekly instead of daily. First you should verify that both the trust and beneficiary's accounts allow for at least 31 transfers per month, and if they do, as Hart CO suggested in the question comments, you could likely set up 7 recurring weekly transfers (one for each day of the week) of $100 each.

In the event that the trust doesn't allow for that many transfers per month, you could simply set up an intermediary checking account which receives weekly transfers from the trust, and then does daily transfers to the beneficiary's checking account.

As a side note, your question implies that if the beneficiary receives too much money all at once, his girlfriend might "take the money and run". If that were to happen and she didn't come back, it might be financially worth it in the long run... :)

Joe 06/12/2018.

As suggested in comments, one good solution may be to have a joint account. Most banks will allow transfers between self-controlled accounts; i.e., I can transfer easily (and recurring, if I want) from my savings to my checking or vice versa.

That joint account wouldn't have to be anything with more than that $100 per day. He also wouldn't have to be an owner of the account; you could probably set him up as an authorized user of the account without being able to control it in any meaningful way (this depends on the bank, but many do). Make sure it doesn't allow overdrafts (probably don't even allow checks, just cash?) and you'll be okay.

HerrimanCoder 06/12/2018.

I like Venmo. It's completely free and easy and they don't take a cut. Transfer from any bank account to any bank account.

Imran Khan 06/12/2018.

This is a little bit strange but you could use IFTTT (if this then that) and Square Cash to do it:


Neal 06/13/2018.

How about Zelle? I know it’s instant and really convenient.

Harper 06/13/2018.

I'm troubled by this: Either the person is financially competent, or they are not.

If he's genuinely not financially competent, then I would say the trustee should not be handing them $3000/month and trusting them to pay all their living-expense bills: gas, electric, auto insurance, car payments, etc. The trust should take those over and should own the car. Minimize the number of things the incompetent person needs cash for, to give them far less cash, to "sour the milk" for the soaking girlfriend.

Even grocery or eating-out money can be covered by supplying "gift cards" or retailer (trade) credit cards, e.g. they make Mobil credit cards only good at Mobil stations. He likes Applebees, give them a $100 Applebees gift card every month. If the girlfriend sells the Applebees cards on Craigslist to raise cash, then you have no trouble proving criminal elder abuse.

Now with that done -- to answer your question -- with that $3000/month chopped down to more like $700/month, now weekly or monthly automated transfers make more sense. Those are a lot easier to find, or simply do manually. Monthly or weekly is easy with PayPal, we use it for membership renewals.

By the way, one big reason banks don't like daily transfers is money-laundering laws. Making many small payments instead of a big one is classic smurfing, it is a typical sign of money laundering, and they are legally obliged to be on the watch for it, especially over the $10,000 reporting threshold. You're dinging all the bells by daily smurfing a $36,500 transfer. Ratchet that down to $25/day (realistically $175/week) and you're at $9125.

It may also be a good choice for the trust to sell the house and use the proceeds to place him into a quality retirement village/community. Some of them are truly marvelous, and the sale proceeds and the $36,500/year will more than cover the expenses of living in a good one. Once he does, 90% of his daily living expenses are part of membership, and he only needs about $10/day for food to cook, offsite entertainment, etc. Maybe $20/day if he retains a car and needs to buy fuel and is going out more. That should "sour the milk" good-and-plenty for the soaker.

It also means he never has to mow a lawn again or fix a furnace or roof.

The retirement community also **helps a lot* if the state takes away his driver's license, either because he acted eccentric at a license renewal or got in an accident where senior-itis appeared to be a factor. My parents had to make that transition, and it was almost painless due to the retirement village they chose 11 years prior when they were active seniors. They get by fine on about $300/month.

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