Setting a periodic transfer / Dealing with a fiscal beggar

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bnes
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Setting a periodic transfer / Dealing with a fiscal beggar

Post by bnes » Sat May 13, 2017 7:05 pm

What options are there to provide, say, $2000/month in support to an relative who refuses to maintain a bank account?

I've looked into various visa/mc debit cards, but the fees are high and the procedures not well tailored to the need (for example many cards can't be refilled without the card present, or can't be filled via a remote deposit).

The relative is neither employed nor fiscally responsible. Any solution would have to be free of overdraft fees or ways to a deeper debt hole than already exists. The individual is a fiscal beggar, the idea is to flow all support through the account, rather than to have it random and piecemeal.

livesoft
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by livesoft » Sat May 13, 2017 7:07 pm

They should meet you once a month somewhere and you give them cash.
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blueman457
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by blueman457 » Sat May 13, 2017 7:09 pm

livesoft wrote:They should meet you once a month somewhere and you give them cash.
+1

mortfree
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by mortfree » Sat May 13, 2017 7:11 pm

Apply for a new credit card with a low credit amount. Say $1000.

Then add the relative as a user of the card.

I get the impression that distance is an issue here too.

RudyS
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by RudyS » Sat May 13, 2017 8:01 pm

Money orders, purchased at Kroger and redeemable there. Or other stores.

ImUrHuckleberry
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by ImUrHuckleberry » Sat May 13, 2017 8:05 pm

What about a re-loadable prepaid debit card?

mpsz
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by mpsz » Sat May 13, 2017 8:10 pm

These are technically bank accounts, but what about:

https://www.bankofamerica.com/deposits/ ... k-account/ -- checking account with no overdraft fees, and serious limitations to ways in which you can overdraft.

https://www.chase.com/debit-reloadable- ... epaid-card -- prepaid debit card, but not from some random company. You can load this via transfer or direct deposit.

mayhapbh
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by mayhapbh » Sat May 13, 2017 8:15 pm

Consider this: https://www.bluebird.com

It's essentially a debit card. Can be funded even if you don't have the card with you. No overdraft fees. The "Family Accounts" option may be particularly useful.
Last edited by mayhapbh on Sat May 13, 2017 8:25 pm, edited 1 time in total.
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123
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by 123 » Sat May 13, 2017 8:23 pm

You could simply open a joint savings/checking account with them that provides for ATM access. If you have ownership in the account you can deposit/transfer money in (ACH/Check/whatever. To avoid overdrafts a checking account, without checks, might work. A savings account may have limits on the number of transaction per statement cycle.
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soupcxan
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by soupcxan » Sat May 13, 2017 8:32 pm

123 wrote:You could simply open a joint savings/checking account with them that provides for ATM access. If you have ownership in the account you can deposit/transfer money in (ACH/Check/whatever. To avoid overdrafts a checking account, without checks, might work. A savings account may have limits on the number of transaction per statement cycle.
You are recommending that someone sign up for joint and several liability on a bank account with someone else who is financially irresponsible? :confused

Beensabu
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by Beensabu » Sat May 13, 2017 9:08 pm

Venmo. It's used to exchange money between individuals. If they want the money to pay someone not using Venmo, they can link it to a bank account. They can find someone willing to give them cash for a transfer, or they can open a bank account.
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Watty
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by Watty » Sat May 13, 2017 9:16 pm

bnes wrote:...to an relative who refuses to maintain a bank account?
In fairness they may not be able to open a bank account if they have bad credit or a history of bouncing checks.

I know little about it but Walmart has been getting into providing financial services to people without banks so you could check out their website. A big question is if he or she lives near a Walmart.

You can likely get copies of their utility bills sent to you and pay them and the rent directly.

In certain situation you can claim an adult as a dependant on your income taxes so you should look into that.

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whaleknives
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by whaleknives » Sat May 13, 2017 10:08 pm

bnes wrote:. . . a relative who refuses to maintain a bank account . . . filled via a remote deposit . . . free of overdraft fees or ways to a deeper debt . . .
Would a bank reloadable debit card work? See website for more details.
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renue74
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by renue74 » Sat May 13, 2017 10:17 pm

I had a friend who gives $ to their sister in law. Same deal. No bank accounts, unemployed, etc.

He simply went to Western Union and wired money.

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brother7
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by brother7 » Sat May 13, 2017 11:03 pm

mayhapbh wrote:Consider this: https://www.bluebird.com
It's essentially a debit card. Can be funded even if you don't have the card with you. No overdraft fees. The "Family Accounts" option may be particularly useful.
+1. I used Bluedbird to help someone with finances. I had a Bluebird card, the other person had a Bluebird card. I would deposit money at Walmart Money Center to my account for free, then go online and transfer money to the other person's account. All of this is free which is why I chose Bluebird.

bayview
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by bayview » Sat May 13, 2017 11:17 pm

bnes wrote:What options are there to provide, say, $2000/month in support to an relative who refuses to maintain a bank account?
If they refuse to open an account, then I refuse to help.

Sorry, but conceding to the demands of someone who is begging makes no sense to me.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

JGoneRiding
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by JGoneRiding » Sun May 14, 2017 12:23 pm

We use PayPal for a similar situation

indexlover
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by indexlover » Sun May 14, 2017 12:42 pm

https://www.nerdwallet.com/blog/banking ... ndividual/

My pick is paypal. BTW Venmo is owned by paypal

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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by RadAudit » Sun May 14, 2017 12:46 pm

Wal-Mart has a procedure where you can send money to an individual.
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neurosphere
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by neurosphere » Sun May 14, 2017 12:53 pm

soupcxan wrote:
123 wrote:You could simply open a joint savings/checking account with them that provides for ATM access. If you have ownership in the account you can deposit/transfer money in (ACH/Check/whatever. To avoid overdrafts a checking account, without checks, might work. A savings account may have limits on the number of transaction per statement cycle.
You are recommending that someone sign up for joint and several liability on a bank account with someone else who is financially irresponsible? :confused
I have done exactly this for a similar situation. Instead, I send him physical checks every 2 weeks which require them to be cashed/deposited. The ATM card is an ATM card only without a debit feature. I know I assume liability for any problems. I'm not sure what the worse case scenario to me would be. How much could he (or anyone else) remove from an account which has essentially a couple hundred dollars at any given time? Fake wire transfers? Fraudulent ACH? Would the bank honor those if there is no overdraft protection? I guess I could get hit with the fees for denying those requests. I'm crossing my fingers I guess.
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bnes
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by bnes » Mon May 15, 2017 12:24 am

bayview wrote:If they refuse to open an account, then I refuse to help. Sorry, but conceding to the demands of someone who is begging makes no sense to me.
Worse, someone who is dodging unpaid taxes. The situation sucks, but family situations often suck.

Note Bluebird looked attractive, but so many places don't take American Express, it kind of ruins it.

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Misenplace
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by Misenplace » Mon May 15, 2017 12:37 am

Keep in mind the gift tax rules. You can give someone up to 14k a year before you must file form 709 (28k for a married couple):
https://www.irs.com/articles/7-things-y ... t-gift-tax

Otherwise, must say there is good advice above on how to do it of which I was unaware.

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JoMoney
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by JoMoney » Mon May 15, 2017 3:55 am

"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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hand
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by hand » Mon May 15, 2017 5:17 am

Can you make the money transfer problem smaller by directly paying (ACH transfer) some recurring expenses like rent?
This also gives you some level of control that funds are being used as intended.

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mrc
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by mrc » Mon May 15, 2017 5:43 am

bnes wrote:
bayview wrote:If they refuse to open an account, then I refuse to help. Sorry, but conceding to the demands of someone who is begging makes no sense to me.
Worse, someone who is dodging unpaid taxes. The situation sucks, but family situations often suck.

Note Bluebird looked attractive, but so many places don't take American Express, it kind of ruins it.
Be careful: AIDING AND ABETTING
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bayview
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by bayview » Mon May 15, 2017 5:53 am

bnes wrote:
bayview wrote:If they refuse to open an account, then I refuse to help. Sorry, but conceding to the demands of someone who is begging makes no sense to me.
Worse, someone who is dodging unpaid taxes. The situation sucks, but family situations often suck.

Note Bluebird looked attractive, but so many places don't take American Express, it kind of ruins it.
Ouch.
mrc wrote: Be careful: AIDING AND ABETTING
Agreed. bnes, if this relative is finally caught on the tax dodging, you're probably in trouble.

I now think that this thread is heading to its demise, due to the issue of possibly helping break the law.
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Re: Setting a periodic transfer / Dealing with a fiscal beggar

Post by LadyGeek » Mon May 15, 2017 4:31 pm

The OP is suggesting this person is dodging taxes (tax evasion).

Discussions of dishonest behavior or bypassing the law is totally unacceptable. This thread has run its course and is locked.
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