I currently give cash to several people on a regular basis: small cash gifts to help out unemployed relatives, tutors for my child, neighbors' children doing some yard work, and so on. The amounts range from $20 to $100/week. Is there a way to fully automate this?
- Recipient can easily access funds (withdraw cash at an ATM or pay for purchases anywhere a regular debit or credit card is accepted)
- Recipient cannot overspend (if I give them $50/week, they cannot spend more than that)
- Funds are automatically loaded from my bank account
- Low upfront or monthly fees and no hidden fees (inactivity fees, low balance fees, etc)
To remain practical, the solution must not add the burden of income/payroll taxes and/or reporting to tax/labor authorities (as compared to cash - I am well aware that tax and labor laws apply to cash so let's not belabor that).
Thanks in advance for your help!