Originally Posted by
roki
So, I owe my dad a student loan debt of about $9K. I've been paying him via bank transfer $500 monthly (free), but obviously not getting rewarded for this. We both use amazon all the time, but I haven't ever used Amazon payments (although I have an account set up). It's prompting me for my SSN, which I don't really have a problem providing. Do they want it for tax reasons or for anti-fraud reasons?
If I pay with my Citi AA card, and he simply transfers into his bank account, are there any service/% fees involved? I handle a lot of my Dad's finances, and he's okay with whatever as long as there are no fees or interest involved in anything :P
Lastly, if I continue my one-way $500/mo transfer to my Dad, with no looping or anything like that, that's a perfectly legitimate use of the service, correct? I should have no issues, even though we have the same last name?
Thanks for any help!
-roki
They state that they want it for tax reasons. If you transfer a lot (I forget the amounts - something like 200 transfers and $20k) they will file something with the IRS. But I bet it helps with fraud and duplicate accounts too.
Sounds like an entirely legitimate use. I don't think there is an inherent problem with having the same last name.