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Dec 08, 2008 -- PayPal experimenting with student account

Clark's college sophomore daughter recently called him in need of $440 for an emergency car repair. His immediate concern was how to get her the money as soon as possible.

Enter a new beta test of the PayPal Student Account, which allows parents to instantly send their children money. However, enrollment in the beta is only open to those who have an existing PayPal membership. The whole concept for this arose when PayPal VP Don Fotsch had a similar dilemma as Clark did in trying to get money to his kids.

The PayPal student account allows instant availability of funds for a 2% transaction fee. So every $100 you send becomes $98. But Clark loves that PayPal is providing competition to the banks' choke-hold on the money transfer business.

Unfortunately, Clark won't be able to answer any questions submitted via commenting. If you have a question, please try posting it to our message boards.

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What others are saying

  • Sending emergency money to kids
    Clark - We have a granddaughter attending college in Canada and we are financing her tuition(a loan). Our credit union in South Carolina allows us to pay the college directly when she needs funds for tuition and books. It only takes a phone call to the credit union where they temporarily flag our checking account for a dollar amount
    needed for the transaction. No fees and it is actually cheaper for her (loan) since we are paying in US dollars. No doubt we could also do a similar transaction from our bank to hers in Canada should she need emergency funding.
    By Barbara Janiak @ 12/10/08 09:22:40 AMreport abuse
  • bank transfer
    hey, Clark, listen to this. If you and you kid both have BANK OF AMERICA accounts and you have an 'agreement account' with your kid's account, you can transfer $$ to them for FREE (online or over the phone). Nice benefit from the much abused B of A!
    By Ken in the Pacific Northwest @ 12/09/08 10:44:40 PMreport abuse
  • Use Bill Pay
    Some Internet banks, like ING, let you send free electronic checks directly to a payee's account. That's how I give my college kid money when he asks.
    By Jimmy @ 12/09/08 12:18:03 PMreport abuse
  • Kids & getting $ to them
    Clark, how about you and your daughter banking at the same credit union? You could deposit money into her account locally. She could withdraw it via an ATM where she is located. I bet the cost would be less than 2% (maybe free).
    By charlotte @ 12/09/08 11:02:03 AMreport abuse
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