PAY YOURSELF FIRST WITH AUTO BILL PAY SYSTEM AND METHOD

• US 20050177502A1
• Filed: 05/24/2004
• Published: 08/11/2005
• Est. Priority Date: 02/06/2004
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Thomas, Tracey R.
• Granted Patent: US 8,538,874 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments

Abstract

The invention encourages users to not only pay themselves first, but to pay themselves first in the largest amounts possible, even if they are not able to fully pay outstanding debts. In general, the system obtains information related to the user'"'"'s income, income sources, user'"'"'s debts (e.g., bills) and user'"'"'s goals. The system then provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, minimum amounts due, due dates and available income. The system and/or the user may then determine a payment hierarchy which includes transferring funds to the user'"'"'s savings account prior to paying all or a portion of certain bills. The system also transfers instructions related to payment of user debts to an automatic bill payment system to facilitate payment of the user debts.

Claims

1. A method of incorporating a savings system with an automatic bill payment system, said method including:

receiving user financial information, wherein said financial information includes at least one of user income information related to user income, user income source information related to user income sources, user debt information related to user debts to payees and user goal information related to user goals;

providing a recommendation, wherein said recommendation includes suggestions for minimizing user debt payments and maximizing user savings;

establishing a payment hierarchy, based at least in part on said recommendation, wherein said payment hierarchy includes at least a portion of said user income allocated to said user savings account and a portion of said user income allocated to said user debts; and

,

transferring at least a portion of said user income to a user savings account based on said payment hierarchy;

and, transferring instructions related to payment of said user debts to said automatic bill payment system.

2. The method of claim 1, wherein said transferring step includes transferring payment hierarchy instructions including at least one of providing payee information, user information, and payment amount information.

3. The method of claim 1 further including causing generation of an electronic funds transfer message causing a transfer of funds from a user account to a payee account.

4. The method of claim 1, wherein said transferring step includes transferring at least a portion of said user income and payment hierarchy information to an automatic bill payment system.

5. The method of claim 1, wherein said transferring step includes transferring at least a portion of said user income and selected payee information to an automatic bill payment system.

6. The method of claim 1, wherein said transferring step includes transferring at least a portion of said user income and payment hierarchy information to an automatic bill payment system, and allowing said user to at least one of select bills to be paid and to select a date for a bill to be paid.