28 responses

  1. retirebyforty
    June 14, 2011

    Paypal sounds very convenient, but I really don’t like the lock out thing. Did you just fixed your RSS? I didn’t get anything for almost 2 weeks and now I got 11 posts. :)

    • moneycone
      June 14, 2011

      I have the same apprehension with paypal and that’s the reason I use an ACH hub!

      BTW, thanks for pointing out the RSS issue – I actually have no idea why feedburner is behaving this way. Haven’t touched anything in my feeds.

      Updated commentluv plugin, don’t know if that has anything to do with this behavior. (And sorry about the feed spam, wasn’t intentional whatever caused it! )

  2. Miss T @ Prairie Eco-Thrifter
    June 15, 2011

    My husband and I have joined most of our accounts but if we needed to I think I would use paypal. Funny thing is I have used paypal for years now but never considered using it for transferring money between family.

  3. Robert @ The College Investor
    June 15, 2011

    PayPal works great for friends when I was sharing a place. Now, my wife and I use what you do, we share a join account that is linked to our individual accounts.

    • moneycone
      June 16, 2011

      Same here! Once I even got a call from PayPal asking why there were so many transactions – me and my roommates used Paypal to split bills!

  4. Buck Inspire
    June 16, 2011

    Great tips and screenshots. I’ve been using PayPal for Yakezie. The ACH hub sounds like a good idea, thanks!

    • moneycone
      June 16, 2011

      Thanks Buck! PayPal is certainly very convenient! Make sure you select the personal tab instead of the Purchase tab which is selected by default to avoid any fees.

  5. Financial Success for Young Adults
    June 16, 2011

    Paypal is a great method and if you verify your account you can get a Paypal business debit. No hidden fees and you have instant access to your paypal account balance!

    • moneycone
      June 16, 2011

      Haven’t tried doing that, thanks for the tip!

  6. MoneyCone
    June 16, 2011

    @Miss T: I would use Paypal, but for their dispute resolution rules. Quite draconian in my view.

    But for small amounts they are great!

  7. OneCentsibleGuy
    June 17, 2011

    I think it’s pretty important to keep separate accounts and, as there are so many money transferring options, it’s definitely possible. I’ve never used member-to-member transfer. In fact, I’m not even sure whether my bank has that option, but it sounds like the best bet. Funny how complex it has become just to give money to your spouse, but keeping separate accounts makes it much easier to track spending and avoid overdrafts.

    • moneycone
      June 21, 2011

      I’m seeing more banks allowing the option of doing a member to member transfer. I hope this trend catches on!

  8. Untemplater
    June 18, 2011

    Hub accounts are new to me. I’ve done the paypal transfer thing before w/ the Mr. but usually do online transfers from my personal checking into our shared joint account, and then he transfers from there to his personal account. That’s funny you and the Mrs. have loyalties to different banks and like to keep it that way. What about sports teams? :)

    • moneycone
      June 21, 2011

      It starts with the sports team Untemplater, it starts with the sports team!! :)

  9. Everyday Tips
    June 20, 2011

    We have joint accounts. However, this post is very informative, which is why I love your site. You opened my eyes to high-yielding checking accounts, which I hope to open real soon!

    • moneycone
      June 21, 2011

      Thanks ET! Glad you enjoy my posts!

  10. Squirrelers
    June 20, 2011

    While I like the idea of joint accounts, I do think that your post is informative and provides options for handling separate finances. I have used PayPal for transferring money to friends a few times but don’t recall avoiding fees. Anyway, whether I did or not, it’s good to definitively know that there are such options.

    • moneycone
      June 21, 2011

      Thanks Squirrelers! By default, PP is set to deduct fees – you need to choose the personal tab to avoid it.

  11. Work At Home Market
    June 20, 2011

    I love using PayPal. It’s very convenient and user friendly. I’ve never had any problems!

    • moneycone
      June 21, 2011

      I use PP when paying friends and for really small amounts.

  12. Money Reasons
    June 20, 2011

    I really like paypal, I think I would go that route for the money transfer between spouses.

    It’s funny, we just booked our flight through continental airlines and one of the payment options was paypal. I was kind of surprised..

    • moneycone
      June 21, 2011

      That is neat! A good way to not expose your credit card details is by paying via credit card but through PayPal!

  13. youngandthrifty
    June 22, 2011

    Don’t you have to pay paypal fees when transferring money?

    We have separate accounts and one joint account and it’s been working out alright so far (crosses fingers)

    • moneycone
      June 22, 2011

      Not if you choose the personal tab.

  14. Yes, I Am Cheap
    June 22, 2011

    I’m not allowed a PayPal account so no go there for me. But everyone that I know has a Chase account since they “rescued” a few banks in the downturn. I just discovered that instant transfer thingie to another Chase customer. It’s extremely convenience, saves me a trip to the bank and waiting in line, and instant!

    • moneycone
      July 1, 2011

      Why no Paypal?

      Agree with the convenience of instant member to member transfers.

  15. Funny about Money
    June 30, 2011

    Good post!

    My son and I bank at the same credit union and use a joint account to consolidate funds to cover the monthly mortgage payments for a house we’re co-purchasingkk. The mortgage is with the credit union, too. Since he’s the primary borrower, he gets the bills and he pays them by EFT direct out of the joint account. It’s extremely handy.

    Because it’s a credit union, we’re required to have a small savings account to keep a checking account. He uses that to accrue emergency savings for repairs and upgrades. So, all the transactions associated with the house go through those those two accounts. Eventually, when he gets tired of living in the place, we’ll probably rent it, so having a CU account separate from our personal accounts will be convenient for business purposes.

    My business partner and I use Paypal for transferring funds back and forth and to receive money from certain clients. But we try to keep that to a minimum…I’m not very comfortable with PP, given some of the experiences others claim they’ve had.

    • moneycone
      July 1, 2011

      I have the same misgivings about PP as well! Thanks for sharing your experience.

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