Abstract: A system for dynamic, real time transfer of money electronically from one individual to another without the need for either the transferor or transferee to have credit card or bank account, uses, for example, existing ATM networks. Real-time fund transfers can be further controlled based on selected criteria. The method includes depositing cash or check funds into a transferor primary account coupled to a financial network wherein the cash or check funds are immediately available for transfer, transferring a portion of the funds to a transferee account which is a subaccount of the transferor primary account, and withdrawing funds from the transferee account using a transferee account access card and a personal identification number from any access point in the financial network. In alternative embodiments, funds can be deposited directly to transferee accounts.