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.