Thread: how to open an account for my parents?

Please advise on the procedure to open an account for my parents using my Picpay money. I understand that i have to change my investing % from 100% to 0% till I get the amount that i want to open my parents account with.
Is that correct?
What are the next steps???
How to move that amount to my Picpay?
Should I open a new Picpay for my parents first, and then move the amount there? How it is done?
Or can I open a Pips account for my Parents directly without a Picpay account for them?
Confused!!! :? :? :? :oops: :oops: :oops:
Thanks

What you have to do is this.

Set your investment to 100% withdraw, untill you have enough money in your available funds.

Your available funds goes to your picpay.

You cannot transfer money from picpay to picpay anymore, so you will have to open an account using your picpay. Then give your parents the login name and password. Or let them choose this while you are not looking!!


Your parents can open their own picpay account if they are ready to make some withdrawals from their pips account.

Good luck!

Hi mirjef, thanks.
I will be the one looking after their account, my parents are not so computer inclined, later when they will be ready to do it on their own they will take over.

Did i understand correctly:
- I have to open a new PIPs account, using my parents data
- then I have to use my picpay account ID/numbers data where it will be asked about the funding for their Pips account
Correct?
And they dont really need Picpay account until they want to withdraw, correct?
Thanks

Originally Posted by jak

Hi mirjef, thanks.
I will be the one looking after their account, my parents are not so computer inclined, later when they will be ready to do it on their own they will take over.

Did i understand correctly:
- I have to open a new PIPs account, using my parents data
- then I have to use my picpay account ID/numbers data where it will be asked about the funding for their Pips account
Correct?
And they dont really need Picpay account until they want to withdraw, correct?
Thanks

CORRECT.

Why would you open an account for your parents that is just cruel no money is coming out.

I would wait a while before opening an account for anyone
as I wouldn't like to responsible - :roll:

Originally Posted by abbycher

I would wait a while before opening an account for anyone
as I wouldn't like to responsible - :roll:

"responsible" for what!

We all know a return is not guaranteed. The responsible thing to do is to say - "I am opening an account for you. currently it is not returning anything, but possibly one day it will. If it does return anything, then well and good. If it doesn't you haven't lost anything." And who knows while your waiting something good may happen. For me I am positive about this and I see nothing wrong with creating accounts for others, because in the first year it's wise not to withdraw anything, and by one years time the problems could well be solved. Think positive friends.

I also would hold off opening an account for my parents. There's not been any good news since january and I fear that the next few days will be even worse. It's true that Gary, Faizal and Warren have all left, my mate who has been with PIPS since near the very beginning hears about these things and he's gotten very scared about it all.

Wow! I just had a technical question.

===============
"Why would you open an account for your parents that is just cruel no money is coming out "
===============
-My parents know about the situation at pips
-They are not spending a cent on a new accout, its from my picpay to their new free pips account
Where is the "CRUEL" part?
No new Fresh money is invested in pips for my parents, so if anything goes wrong and pips goes down, I will be the only looser, but if pips gets back on track, then both me and my parents will benefit.
That how i see it.