Methods and apparatus for mapping sources and uses of consumer funds
First Claim
1. A bill-paying service method, comprising:
- enrolling a subscriber who is a debtor to a first creditor and who has authorized debits to be taken from a designated account, the designated account adapted to periodically receive a payroll deposit on a first regular schedule that is over time in excess of a minimum payment on a first debt owed by the debtor to the first creditor;
periodically debiting the designated account and using any funds obtained to credit a custody account; and
paying the first creditor on behalf of the debtor from the custody account, wherein the paying occurs on a second regular schedule that differs from the first regular schedule, and wherein the paying is in an amount calculated for an accelerated repayment of the first debt.
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Accused Products
Abstract
The present invention provides exemplary bill paying service methods and systems. One such bill paying service method (1000) includes enrolling a subscriber (Step 1010) who is a debtor to a first creditor and who has authorized debits to be taken from a designated account. The designated account is adapted to periodically receive a payroll deposit on a first regular schedule that is over time in excess of a minimum payment on a first debt owed by the debtor to the first creditor. The designated account is periodically debited, and any funds obtained are used to credit a custody account (Step 1012). The first creditor is paid (Step 1016), on behalf of the debtor and from the custody account, on a second regular schedule that differs from the first regular schedule. Paying the first creditor occurs in an amount calculated for an accelerated repayment of the first debt (Step 1014). Such excess is used to accelerate the repayment of various loans and debts according to what particular application at that time will have the greatest long-term beneficial effect.
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Citations
37 Claims
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1. A bill-paying service method, comprising:
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enrolling a subscriber who is a debtor to a first creditor and who has authorized debits to be taken from a designated account, the designated account adapted to periodically receive a payroll deposit on a first regular schedule that is over time in excess of a minimum payment on a first debt owed by the debtor to the first creditor;
periodically debiting the designated account and using any funds obtained to credit a custody account; and
paying the first creditor on behalf of the debtor from the custody account, wherein the paying occurs on a second regular schedule that differs from the first regular schedule, and wherein the paying is in an amount calculated for an accelerated repayment of the first debt. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A bill-paying service method, comprising:
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enrolling a subscriber who is a debtor to a first creditor and to a second creditor, wherein the subscriber has authorized debits to be taken from a designated account, the designated account adapted to periodically receive a credit on a first credit schedule;
periodically debiting the designated account and using any funds obtained to credit a custody account;
paying the second creditor on behalf of the debtor a designated amount from the custody account; and
paying the first creditor from the custody account a first calculated amount, the first calculated amount calculated for an accelerated repayment of a first debt owed the first creditor. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A bill paying system, comprising:
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a mechanism adapted to be coupled to;
a designated deposit account (DDA) belonging to a debtor, the DDA being periodically credited with a first credit on a first regular credit schedule;
a custody account, the custody account adapted to receive funds from the DDA on a first funds transfer schedule; and
a first creditor account belonging to a first creditor of the debtor; and
wherein the mechanism is adapted for determining an amount of funds to be transferred from the custody account to the first creditor account to provide an accelerated repayment of a first debt owed the first creditor by the debtor. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 37)
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Specification