How can I send money to my daughter automatically each month?

[Txhunter3000]

Just have her send you a text... Dad you forgot again.

[Greenheadless]

you and the kiddo visit Wells-Fargo to get help.

Beat me to it.

[Aric]

I agree with a payroll deduction as the most efficient way to accomplish your goal.

[Codie]

Be VERY careful with giving her a credit card with a credit limit that is within 50% of what her “spending limit” is. If the card has a $500 credit limit and the card company reports to the reporting agencies with more than about $200 on it her credit will be hurt, not helped, even if the balance is soon after paid in full. Unless you can get a card with a credit limit of 10x what her “spending limit” is and trust her not to go past the spending limit then avoid a credit card solution.

[one66stang]

We just do it weekly thru Wells Fargo, automatically.
Money is sent on Mondays, make them budget thru the week to have money for the weekend

[Texas276]

Beat me to it.

She is 9 hours away.

[Texas276]

We just do it weekly thru Wells Fargo, automatically.
Money is sent on Mondays, make them budget thru the week to have money for the weekend

How? If you mean by automatic transfers. See original post. I can’t since I’m not an “owner” on her account.
I can do a bill pay, but that sends her a paper check, not really practical.

[Texas276]

Be VERY careful with giving her a credit card with a credit limit that is within 50% of what her “spending limit” is. If the card has a $500 credit limit and the card company reports to the reporting agencies with more than about $200 on it her credit will be hurt, not helped, even if the balance is soon after paid in full. Unless you can get a card with a credit limit of 10x what her “spending limit” is and trust her not to go past the spending limit then avoid a credit card solution.

Thanks, that’s good info for a new CC user.

[Texas276]

Thanks for all the help guys. I think the direct deposit is going to be the best option since she is 9 hours away, and going to the bank with her isn’t feasible and I don’t want her to have a separate bank account for the money I send her.

[Chief Big Toe]

Anyone done this before? Not sure why it’s so difficult.

I’m trying to send my daughter money once a month, automatically at college.
I bank with Wells Fargo and so does she, but I don’t “own” the account, her mother does. I can’t set up automatic transfers unless I “own” the account. Getting on that account is not a solution.

No one like Zelle, Venmo, or PayPal will do auto payments that I can figure out.

Bill pay with a paper check is the second to last resort just before me remembering to do it each month.

Anyone know how to do this?

MD

I set up an account with my bank (chase) she a had a High School, account and i did a weekly automatic deposit , when she went on the UT Tyler, the account changed to a collage account, and i continued with deposits ( more $$ of course), until she graduated. but most banks offer automatic transfers from account to account

[Encinal]

Keep in mind that Zelle and Venmo type payment apps report anything totaling over $600 the course of a year to the IRS as income

That is not true. Only things that you designate “goods and services” are reported.

[knighttime]

Have you considered getting your daughter a credit card with a low spending limit? Pretty sure you can find some good deals on 0% APR cards and set the limit low. She spends on it monthly, you pay the balance monthly. This way you can start building your daughter's credit score.

[meltingfeather]

Recurring online bank transfers are easy to set up.

[one66stang]

If you have Wells just open another account in your name, add her to it as a user. She should be able to go to a local Wells and sign the card. Then send her the debit card when it comes in or have it sent directly to her. Then you can do the set auto draft up .


Sent from my iPhone using Tapatalk

[chopsknives]

Keep in mind that Zelle and Venmo type payment apps report anything totaling over $600 the course of a year to the IRS as income

We got a notice from Zelle that they don't report at this time