How It Works FAQs

How does it work?

Parents (known as ‘Funders’) will regularly transfer funds to their children (known as ‘Members’) through their private banking team. There will be a set amount transferred for SPENDING (linked to a DDA with debit card), an amount for GROWING (linked to an investment account), and an amount for GIVING (linked to a DDA, no debit).

As the Member transacts and invests, that information will display on the Client Website. TILE receives that information and allocates the transactions to the SPENDING, GROWING, GIVING categories. The funder will then work with the private banking team to set up transfers through ACH requests.

Do the Parents/Funders just give money and that’s it?

No – keep in mind the goal is to facilitate a dialogue and education between the private banking team, clients, and their children about the responsibilities and benefits of wealth. The Member, the Funder, and the Private Banker each have their own logins to TILE so everyone is on the same page. One catch though – the Member determines how much of their information the Parent and private banking team can see.

Can the Funder see the same information as the Member? What about the Banking team?

The Member decides how much information they want to share with their Funder and Banker:

• Basic: View monthly balances for the Member’s SPEND, GROW, and GIVE accounts
• A Little: “Basic” plus total monthly activity broken down into subcategories
• A Little More: “A Little” plus details for each transaction that month
• A Lot: “A Little More” plus comparison data (aggregated from peer users of Spend Grow Give) of the Member’s SPEND, GROW, and GIVE accounts

The setting is determined by the Member on the Privacy page (See image below). Banker teams have the same access as the Funders, except the Banker always has full access to the Member’s GROW information.

How does TILE categorize the Member’s Spend transactions?

TILE automatically categorizes the Member’s debit and credit transactions to make it easy for the Member to see where they’re spending their money. Transaction details can be tedious to read on most banking sites (and monthly statements). For instance, while an expense transaction on a bank statement might read “POS SBX X89G NY NY 12.38,” TILE automatically records it instead as “Starbucks for $12.38” and files it under Food.

Is there trading from the site?

No.

So TILE is ‘read-only’?

Yes, basically. TILE will only display information from Citi’s online banking network. The one area where Members can transact through TILE is the GIVE section. They can donate to charities via TILE, and the amounts given will be tracked against their GIVE budget.