Family bank 2020/Carlos Pueblo

Family bank 2020/Carlos Pueblo

Our daughter Michelle in Austin, Texas had invited us to visit her several times at the end of last year. There were several reasons that we could not make it due to our son Arthur and myself took turn to catch cold. Finally, she asked for a small loan to help her to purchase a small rental house in San Antonio, Texas; therefore, I had been very busy to gather fund among our family members in Houston to meet her need and our practice of family bank. We first did it in 2011 to help her to purchase two foreclosed houses in Austin and were very fruitful as a matter of fact and she paid it back quickly. These are reasons why we do it instead of going through regular banking system.

She has an excellent credit with a very correct idea of money. She like to invest in both security and real estate. I don't see any problem for her to get a regular loan for this small investment. By doing this family loan, she will help us as well to resolve no interest on our cash saving and save some time and money for herself.

First, I gather cash at hand from Amy and myself and deposit it to her checking account at Houston branch and inform her right away. She checked her money balance on her account momentarily. Second, I requested two bankcards balance transfer, one directly electronic done directly to her and one to my checking account and I wrote a check to deposit to her account. Third, I waited till January 2, 2020 to request my RMD, the requirement minimum distribution of all my pension funds. All banks involved to these transactions are very efficient than before that check deposit or balance transfer can be cash available over night.

A last check from my annuity fund was in last Saturday. We went to broker house to deposit to our accounts to purchase back some of the security which I sold. I have a final RMD account to redeem in March and sufficient fund to cover two bankcards balance transfer within a year.
I pay 3% transfer fee out front while she give me 3.25% annually for 5 years.