Abstract: A system facilitates processing of funds between a transferor and a transferee, where at least the transferor has a transferor deposit sub-account administered via a depository administrator. The transferor can request a transfer or hold of funds in the transferor account to or for the benefit of the transferee. If the transferee does not have an account, the transferee is provided an opportunity to establish one. Subsequently, the depository administrator processes the funds between the transferor and transferee accounts. With the addition of automated teller machine access to respective customer deposit sub-accounts, users can more easily deposit or withdraw funds from their own account or effect a transfer of funds to another account via Internet access. The transfer of funds can also be linked to the occurrence of a particular event or the like. Transferees may be notified of the transfer or hold of funds for their benefit.