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 . the system and method provide easy and convenient electronic money transfer with immediate availability of funds for money transfer from a sender &# 39 ; s account without requiring either the sender or recipient to have a bank account or credit card . it is especially beneficial for members of the unbanked population .