topic Re: Tool for recurring payments to friend / family? in Personal Finance

Tool for recurring payments to friend / family?

Savwire — Thu, 24 Nov 2022 21:13:07 GMT

Is there anyway I can setup recurring payments to a friend? Like recurring electronic bill pay, but directly to another person, fee-free?

Seems simple but can't find this option anywhere. Not Paypal, banks charge $20 for wire transfers, etc etc. Seems like such a simple thing that should be available.

Someone told me Zelle has that option, but when I signed up, there was no option like this.

Re: Tool for recurring payments to friend / family?

pizza1 — Thu, 24 Nov 2022 21:37:31 GMT

mmm, at my bank, there's an option for "person/other" to add as a new creditor under my bill pay. Does your bank have something similar?

Re: Tool for recurring payments to friend / family?

Savwire — Thu, 24 Nov 2022 21:39:14 GMT

Hello Pizza,

It does, but from my understanding, it sends a check via mail to them.

I was wondering if there were any electronic solutions, with a quicker transfer time.

(Would be a hassle to collect checks and cash them, however perhaps it's the only way?)

Re: Tool for recurring payments to friend / family?

Kforce — Fri, 25 Nov 2022 00:09:26 GMT

@Savwire wrote:
Is there anyway I can setup recurring payments to a friend? Like recurring electronic bill pay, but directly to another person, fee-free?
Seems simple but can't find this option anywhere. Not Paypal, banks charge $20 for wire transfers, etc etc. Seems like such a simple thing that should be available.
Someone told me Zelle has that option, but when I signed up, there was no option like this.

I am interested in the answer to this also.

Many, many years ago my oldest daughter and I opened a joint savings at the same CU she has other accounts.

I can link for electronic "ACH" transfer from my CU accounts to this joint account.

She then can instantly transfer when received, into her main checking.

My other daughter gets funds thru my CU bill pay service and goes as a check.

I also think in this day & age, one should be able to set up push only ACH accounts with out being an owner.

Silly me

Re: Tool for recurring payments to friend / family?

NoMoreE46 — Fri, 25 Nov 2022 02:32:31 GMT

I think < link Popmoney > allows recurring e-payments to a person. There is a bunch to read to confirm.

@Savwire wrote:
Is there anyway I can setup recurring payments to a friend? Like recurring electronic bill pay, but directly to another person, fee-free?
Seems simple but can't find this option anywhere. Not Paypal, banks charge $20 for wire transfers, etc etc. Seems like such a simple thing that should be available.
Someone told me Zelle has that option, but when I signed up, there was no option like this.

Re: Tool for recurring payments to friend / family?

OmarR — Fri, 25 Nov 2022 03:21:21 GMT

@Kforce wrote:
@Savwire wrote:
Is there anyway I can setup recurring payments to a friend? Like recurring electronic bill pay, but directly to another person, fee-free?
Seems simple but can't find this option anywhere. Not Paypal, banks charge $20 for wire transfers, etc etc. Seems like such a simple thing that should be available.
Someone told me Zelle has that option, but when I signed up, there was no option like this.
I am interested in the answer to this also.

Many, many years ago my oldest daughter and I opened a joint savings at the same CU she has other accounts.
I can link for electronic "ACH" transfer from my CU accounts to this joint account.
She then can instantly transfer when received, into her main checking.

My other daughter gets funds thru my CU bill pay service and goes as a check.

I also think in this day & age, one should be able to set up push only ACH accounts with out being an owner.

Silly me

I do someting similiar with close family members. I enter their ACH info & link it up to mine. I use the "two small trial deposits" to finalize the link.

I am sure that there is some kind of TOS that says that I am supposed to be the owner of the external account, but I have never had any problems or been shut down. Also, this is only with close, trusted family (my brothers & parents). Since the transactions are all at my end, they have to 100% trust that I won't be doing a PULL for all of their money.

FTR, and not that it really matters, but my transactions are all simple & personal, such as bday $$ for my nephews, etc. So the ACH's are only several per year and not overboard.

On that similiar page, my wife banks with 5/3 (ever since she was 18) and I do not. I also PULL or PUSH to her accounts at least once every 2 weeks and they (nor Chase or USAA on my end) have ever given me problems.

Re: Tool for recurring payments to friend / family?

Anonymous — Fri, 25 Nov 2022 10:58:26 GMT

@Kforce wrote:
@Savwire wrote:
Is there anyway I can setup recurring payments to a friend? Like recurring electronic bill pay, but directly to another person, fee-free?
Seems simple but can't find this option anywhere. Not Paypal, banks charge $20 for wire transfers, etc etc. Seems like such a simple thing that should be available.
Someone told me Zelle has that option, but when I signed up, there was no option like this.
I am interested in the answer to this also.

Many, many years ago my oldest daughter and I opened a joint savings at the same CU she has other accounts.
I can link for electronic "ACH" transfer from my CU accounts to this joint account.
She then can instantly transfer when received, into her main checking.

My other daughter gets funds thru my CU bill pay service and goes as a check.

I also think in this day & age, one should be able to set up push only ACH accounts with out being an owner.

Silly me

Be glad to let you share your desire ... please feel free to share

Re: Tool for recurring payments to friend / family?

sourpuss29 — Fri, 25 Nov 2022 16:02:17 GMT

My primary FI is Chase; and even though I've never used it, the option to make such person-to-person transfers is available through Zelle.

Re: Tool for recurring payments to friend / family?

Revelate — Sat, 26 Nov 2022 01:20:59 GMT

@sourpuss29 wrote:
My primary FI is Chase; and even though I've never used it, the option to make such person-to-person transfers is available through Zelle.

Oooh, neat. I didn't know there was a Repeat toggle there at least in the app. That may be institution by institution, but some clearly offer it.

Re: Tool for recurring payments to friend / family?

sourpuss29 — Sat, 26 Nov 2022 01:43:59 GMT

@Revelate wrote:
@sourpuss29 wrote:
My primary FI is Chase; and even though I've never used it, the option to make such person-to-person transfers is available through Zelle.
Oooh, neat. I didn't know there was a Repeat toggle there at least in the app. That may be institution by institution, but some clearly offer it.

I'm old school, which is why I have no interest in using such a feature; however, since we're heading into 2023, more FIs DEFINITELY need to get with the times.