Gift cards are difficult to add money to and even more difficult to retrieve money from, plus ATM-like fees. PayPal used to have student cards connected to their parent's PayPal account but that was discontinued. There is a way to use multiple regular PayPal accounts in the same way.
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Jonathan James Doe has a Google email, [email protected]
He opens a regular PayPal account (as Jonathan Doe, [email protected]) and connects it to his internet-specific bank account at Brick & Mortar Bank. It takes 3-5 days for his money to travel from the bank to PayPal, so PayPal extends a minimal $500 line of credit that he uses for all of his online purchases. (He can make payments from the same bank account.)
Jon his happy with this arrangement, but decides that he needs separate cards for his regular, weekly gasoline allowance and pharmacy co-pay budget. Further, his car insurer requires a credit card to auto-draw its monthly premiums and he doesn't want to give them access to all of his money or his credit (in case there is ever a dispute over the amount to be paid).
He opens three new, separate PayPal accounts:
Whenever he gets paid (at the first of the month?), he sends a month's-worth of allowances to his internet-specific bank account. From there, he forwards it to his very first PayPal account. His allowances sit in that account until he pays his allowances from them. (Online purchases will ignore that money, because they were told to draw from the line of credit, instead.) He'll probably pay out the Rx & CIns right away, but he will pay the Gas allotments at $15 per week. All of these activities will be reported to his one email address, [email protected] .
If he ever wants to bring money back to his bank, he just pays the money back to his first account and transfers it back from there, with no fees.
*That keeps them from over-drawing, but pay-at-the-pump can still over-draw.
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Jonathan James Doe has a Google email, [email protected]
He opens a regular PayPal account (as Jonathan Doe, [email protected]) and connects it to his internet-specific bank account at Brick & Mortar Bank. It takes 3-5 days for his money to travel from the bank to PayPal, so PayPal extends a minimal $500 line of credit that he uses for all of his online purchases. (He can make payments from the same bank account.)
Jon his happy with this arrangement, but decides that he needs separate cards for his regular, weekly gasoline allowance and pharmacy co-pay budget. Further, his car insurer requires a credit card to auto-draw its monthly premiums and he doesn't want to give them access to all of his money or his credit (in case there is ever a dispute over the amount to be paid).
He opens three new, separate PayPal accounts:
- as Jon Doe, [email protected]
- as JJ Doe, [email protected]
- as James Doe, [email protected]
Whenever he gets paid (at the first of the month?), he sends a month's-worth of allowances to his internet-specific bank account. From there, he forwards it to his very first PayPal account. His allowances sit in that account until he pays his allowances from them. (Online purchases will ignore that money, because they were told to draw from the line of credit, instead.) He'll probably pay out the Rx & CIns right away, but he will pay the Gas allotments at $15 per week. All of these activities will be reported to his one email address, [email protected] .
If he ever wants to bring money back to his bank, he just pays the money back to his first account and transfers it back from there, with no fees.
*That keeps them from over-drawing, but pay-at-the-pump can still over-draw.
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