Method and system for facilitating switching of financial institution accounts

• US 20050021456A1
• Filed: 04/29/2004
• Published: 01/27/2005
• Est. Priority Date: 04/29/2003
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Steele, Tolan Doak, Schall, Fran, Randall, Kim
• Granted Patent: US 7,742,986 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

Techniques for switching a financial institution account for a debit account holder are provided. A request to convert a financial institution account is received from a customer. Information is obtained from the customer and used to identify a list of possible financial institution candidates. The list of possible financial institution candidates includes financial institutions that have an on-going relationship with an existing payment association and are interested in offering a new financial institution account to the customer. A new financial institution account is then established with a financial institution selected from a list of possible financial institution candidates. Then, the new financial institution account is linked to one or more additional accounts. The one or more additional accounts may be an account with the customer'"'"'s existing payment association or accounts associated with any recurring transactions.

Claims

1. A system for facilitating switching of financial institution accounts for a debit account holder, the system comprising:

control logic configured to obtain information from the debit account holder;

control logic configured to identify a list of possible financial institution candidates based on the obtained information;

control logic configured to establish a new financial institution account with a financial institution selected from the list of possible financial institution candidates; and

control logic configured to link the new financial institution account to one or more additional accounts.

2. The system of claim 1, wherein the one or more additional accounts include a payment association account established by the debit account holder'"'"'s existing payment association;

and wherein the debit account holder is able to retain any accrued benefits with the existing payment association via the payment association account.

3. The system of claim 2, wherein the payment association account comprises a new account established by the debit account holder'"'"'s existing payment association.

4. The system of claim 2, wherein the debit account holder is able to accrue additional benefits in addition to the accrued benefits with the existing payment association via the payment association account.

5. The system of claim 1, further comprising control logic configured to receive a request from the debit account holder to convert an existing financial institution account to the new financial institution account.

6. The system of claim 1, wherein the information obtained comprises information needed to establish the new financial institution account.

7. The system of claim 1, wherein the list of possible financial institution candidates includes financial institution candidates that support a payment association currently associated with the debit account holder.

8. The system of claim 1, further comprising control logic configured to receive a selection of the financial institution from the list of possible financial institution candidates.

9. The system of claim 1, further comprising control logic to obtain additional information for the debit account holder that is needed to open the new financial institution account.

10. The system of claim 1, further comprising control logic configured to determine one or more recurring transactions relating to a current financial institution account for the debit account holder.

11. The system of claim 10, further comprising control logic configured to contact one or more respective sources for the one or more recurring transactions and effectuate a switch for the one or more recurring transactions to the new financial institution account.

12. The system of claim 11, wherein the one or more additional accounts comprise a source account associated with a source in the one or more sources;

and wherein a recurring transaction in the one or more recurring transactions is associated with the source account thereby allowing the recurring transaction to be performed with the new financial institution account and the source account.

13. The system of claim 1, further comprising control logic configured to send information regarding the new financial institution account to the debit account holder.

14. A method for facilitating switching of a current financial institution account for a debit account holder to a new financial institution account, the method comprising:

obtaining information from the debit account holder;

determining a list of possible financial institution candidates based on the obtained information;

establishing a new financial institution account with a financial institution selected from the list of possible financial institution candidates; and

linking the new financial institution account to one or more additional accounts.

15. The method of claim 14, wherein the one or more additional accounts include a payment association account established by the debit account holder'"'"'s existing payment association;

and wherein the debit account holder is able to retain any accrued benefits with the existing payment association via the payment association account.

16. The method of claim 15, wherein the payment association account comprises a new account established by the debit account holder'"'"'s existing payment association.

17. The method of claim 15, wherein the debit account holder is able to accrue additional benefits in addition to any accrued benefits with the existing payment association via the payment association account.

18. The method of claim 14, further comprising receiving a request from the debit account holder to convert an existing financial institution account to the new financial institution account.

19. The method of claim 14, wherein the information obtained comprises information needed to establish the new financial institution account.

20. The method of claim 14, wherein the list of possible financial institution candidates include financial institution candidates that support a payment association currently associated with the debit account holder.

21. The method of claim 14, further comprising receiving a selection of the financial institution in the list of possible financial institution candidates.

22. The method of claim 14, further comprising obtaining additional information for the debit account holder that is needed to open the new financial institution account.

23. The method of claim 14, further comprising determining one or more recurring transactions relating to a current financial institution account for the debit account holder.

24. The method of claim 23, further comprising contacting one or more respective sources for the one or more recurring transactions in order to effectuate a switch for the one or more recurring transactions to the new financial institution account.

25. The method of claim 24, wherein the one or more additional accounts comprise a source account associated with a source in the one or more sources;

and wherein a recurring transaction in the one or more recurring transactions is associated with the source account thereby allowing the recurring transaction to be performed with the new financial institution account and the source account.

26. The method of claim 14, further comprising sending information regarding the new financial institution account to the debit account holder.

27. A method for converting a first financial institution account for a customer, the first financial institution account being associated with a payment association, the method comprising:

receiving a request to convert the first financial institution account;

determining a list of possible financial institutions that are associated with the payment association;

establishing a second financial institution account with a financial institution in the list of possible financial institutions; and

retaining any accrued benefits for the customer with the payment association via the second financial institution account.

28. The method of claim 27, wherein the customer is able to accrue additional benefits in addition to any accrued benefits with the payment association via the second financial institution account.

29. The method of claim 27, wherein the first and second financial institution accounts comprise direct deposit debit financial institution accounts.

30. The method of claim 27, further comprising linking the second financial institution account to one or more additional accounts.

31. The method of claim 30, wherein the one or more additional accounts comprise an account with the payment association.

32. The method of claim 30, wherein the one or more additional accounts comprise an account with a source of a recurring transaction that was linked to the first financial institution account.

33. The method of claim 27, further comprising obtaining information needed to establish the second financial institution account.

34. The method of claim 27, wherein the list of possible financial institutions includes financial institution candidates that support the payment association associated with the first financial institution account.

35. The method of claim 27, further comprising receiving a selection of a financial institution from the list of possible financial institutions.

36. The method of claim 27, further comprising obtaining additional information for the customer that is needed to open the second financial institution account.

37. The method of claim 27, further comprising determining any recurring transactions relating to the first financial institution account for the customer.

38. The method of claim 37, further comprising contacting one or more respective sources for the recurring transactions in order to effectuate a switch for the recurring transactions to the second financial institution account.

39. The method of claim 27, further comprising sending information regarding the second financial institution account to the customer.

40. A system for facilitating switching of financial institution accounts for a debit account holder, the system comprising:

a customer device configured to communicate information; and

an account servicer comprising;

logic configured to receive, from the user device, a request to convert the first financial institution account;

logic configured to determine a list of possible financial institutions that are associated with a payment association; and

logic configured to establish a second financial institution account with a financial institution selected from the list of possible financial institutions,

wherein the first financial institution account and the second financial institution account are associated with the payment association.

41. The system of claim 40, wherein the customer device comprises a voice device.

42. The system of claim 40, wherein the customer device comprises an interface configured to communicate with the account servicer over a computer network.

43. The system of claim 40, wherein the account servicer comprises an application.

44. The system of claim 40, wherein the debit account holder is able to retain any accrued benefits with the existing payment association via the second financial institution account.

45. The method of claim 40, wherein the account servicer further comprises logic configured to link the second financial institution account to one or more additional accounts.

46. The method of claim 45, wherein the one or more additional accounts comprise a payment association account with the payment association.

47. The system of claim 45, wherein the one or more additional accounts comprise a source account associated with a source of a recurring transaction that was linked to the first financial institution account.

48. A method for facilitating switching any linkages for a current financial institution account for an account holder to a new financial institution account, the method comprising:

obtaining information from the account holder;

determining a list of possible financial institution candidates based on the obtained information;

establishing a new financial institution account with a financial institution selected from the list of possible financial institution candidates;

determining one or more additional accounts linked to the current financial account; and

linking the new financial institution account to the one or more additional accounts determined.

49. The method of claim 48, wherein the one or more additional accounts include a payment association account established by the debit account holder'"'"'s existing payment association;

and wherein the debit account holder is able to retain any accrued benefits with the existing payment association via the payment association account.

50. The method of claim 49, wherein the payment association account comprises a new account established by the debit account holder'"'"'s existing payment association.

51. The method of claim 49, wherein the debit account holder is able to accrue additional benefits in addition to any accrued benefits with the existing payment association via the payment association account.

52. The method of claim 48, wherein determining the one or more additional accounts linked to the current financial institution account comprises determining one or more recurring transactions relating to a current financial institution account for the debit account holder.

53. The method of claim 52, wherein linking the one or more additional accounts comprises contacting one or more respective sources for the one or more recurring transactions in order to effectuate a switch for the one or more recurring transactions to the new financial institution account.

54. The method of claim 53, wherein the one or more additional accounts comprise a source account associated with a source in the one or more sources;

and wherein a recurring transaction in the one or more recurring transactions is associated with the source account thereby allowing the recurring transaction to be performed with the new financial institution account and the source account.

55. The method of claim 48, wherein the first and second financial institution accounts comprise at least one of a debit account, credit card account, money market account, stock trading account, and savings account.

56. The method of claim 48, wherein the account holder comprises at least one of a debit account holder and a credit card account holder.

57. A system for facilitating switching any linkages for a current financial institution account for an account holder to a new financial institution account, the system comprising:

control logic configured to obtain information from the account holder;

control logic configured to determine a list of possible financial institution candidates based on the obtained information;

control logic configured to establish a new financial institution account with a financial institution selected from the list of possible financial institution candidates;

control logic configured to determine one or more additional accounts linked to the current financial account; and

control logic configured to link the new financial institution account to the one or more additional accounts determined.

58. The system of claim 57, wherein the one or more additional accounts include a payment association account established by the debit account holder'"'"'s existing payment association;

and wherein the debit account holder is able to retain any accrued benefits with the existing payment association via the payment association account.

59. The system of claim 58, wherein the payment association account comprises a new account established by the debit account holder'"'"'s existing payment association.

60. The system of claim 58, wherein the debit account holder is able to accrue additional benefits in addition to any accrued benefits with the existing payment association via the payment association account.

61. The system of claim 57, wherein the control logic configured to determine one or more additional accounts linked to the current financial institution account comprises control logic configured to determine one or more recurring transactions relating to a current financial institution account for the debit account holder.

62. The system of claim 61, wherein the control logic configured to link the one or more additional accounts comprises control logic configured to contact one or more respective sources for the one or more recurring transactions in order to effectuate a switch for the one or more recurring transactions to the new financial institution account.

63. The system of claim 62, wherein the one or more additional accounts comprise a source account associated with a source in the one or more sources;

and wherein a recurring transaction in the one or more recurring transactions is associated with the source account thereby allowing the recurring transaction to be performed with the new financial institution account and the source account.

64. The system of claim 57, wherein the first and second financial institution accounts comprise at least one of a debit account, credit card account, money market account, stock trading account, and savings account.

65. The system of claim 57, wherein the account holder comprises at least one of a debit account holder and a credit card account holder.