Systems and methods for implementing a grace period in electronic transfers
First Claim
1. A method of facilitating the repayment of a loan to a creditor, comprising:
- receiving a request from a customer to initiate loan acceleration;
on about the last day of a grace period relating to a loan payment of the customer, processing an electronic funds transfer to pay the loan payment;
prior to the end of the grace period, sending information to the creditor that credits the customer for having paid the loan;
debiting a first amount from an account of the customer;
contemporaneously with a payday of the customer, debiting a second amount from an account of the customer, wherein the second amount is debited prior to the end of a subsequent grace period relating to a subsequent loan payment of the loan.
2 Assignments
0 Petitions
Accused Products
Abstract
A method of facilitating the repayment of a loan to a creditor includes receiving a request from a customer to initiate loan acceleration. On about the last day of a grace period relating to a loan payment of the customer, an electronic funds transfer to pay the loan payment is processed. Prior to the end of the grace period, information is sent to the creditor that credits the customer for having paid the loan. A first amount is debited from an account of the customer. Contemporaneously with a payday of the customer, a second amount is debited from an account of the customer. The second amount is debited prior to the end of a subsequent grace period relating to a subsequent loan payment of the loan.
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Citations
24 Claims
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1. A method of facilitating the repayment of a loan to a creditor, comprising:
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receiving a request from a customer to initiate loan acceleration;
on about the last day of a grace period relating to a loan payment of the customer, processing an electronic funds transfer to pay the loan payment;
prior to the end of the grace period, sending information to the creditor that credits the customer for having paid the loan;
debiting a first amount from an account of the customer;
contemporaneously with a payday of the customer, debiting a second amount from an account of the customer, wherein the second amount is debited prior to the end of a subsequent grace period relating to a subsequent loan payment of the loan. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A system for facilitating the repayment of a loan to a creditor, comprising:
a host computer system programmed to;
process an electronic funds transfer to pay a loan payment of the customer on about the last day of a grace period relating to the loan payment of the customer;
prior to the end of the grace period, send information to the creditor that credits the customer for having paid the loan;
initiate processing of a debit of a first amount from an account of the customer;
contemporaneously with a payday of the customer, initiate processing of a debit of a second amount from an account of the customer, wherein the second amount is debited prior to the end of a subsequent grace period relating to a subsequent loan payment of the loan. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
Specification