METHOD, SYSTEM, AND COMPUTER PROGRAM FOR ON-DEMAND SHORT TERM LOAN PROCESSING AND OVERDRAFT PROTECTION

• US 20060059085A1
• Filed: 12/16/2004
• Published: 03/16/2006
• Est. Priority Date: 09/16/2004
• Status: Abandoned Application

• Current Assignee: Scott A. Tucker
• Original Assignee: Scott A. Tucker
• Inventors: Tucker, Scott A.
• Application Number:
  US10/905,128
• Publication Number:
  US 20060059085A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 10/00 Administration; Management
• 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 40/03 Credit; Loans; Processing thereof

Abstract

A method, system, and computer program for on-demand short term loan processing and overdraft protection is disclosed which utilizes computing equipment (10) to expedite and facilitate loan approval, overdraft protection, and the transfer of funds. The method generally includes the steps of: establishing a customer account for a customer; receiving a request for overdraft protection from the customer; utilizing computing equipment to approve the request for overdraft protection; receiving a request for funds due to a transaction initiated by the customer; utilizing computing equipment to automatically provide an overdraft protection amount when the customer account lacks sufficient funds to cover the initiated transaction; and automatically withdrawing the overdraft protection amount and an overdraft fee from the customer account when additional funds are deposited into the customer account.

Claims

1. A method for overdraft protection to be utilized by a lender, the method comprising the steps of:

(a) establishing a customer account for a customer;

(b) receiving a request for overdraft protection from the customer;

(c) utilizing computing equipment to automatically approve the request for overdraft protection such that human involvement is not required to approve the request for overdraft protection;

(d) receiving a request for funds through a communications network due to a transaction initiated by the customer;

(e) utilizing computing equipment to automatically provide an overdraft protection amount when the customer account lacks sufficient funds to cover the initiated transaction; and

(f) automatically withdrawing the overdraft protection amount and an overdraft fee from the customer account when additional funds are deposited into the customer account.

2. The method as set forth in claim 1, wherein the customer account is established through the communications network.

3. The method as set forth in claim 2, wherein the customer account is established through a web-page.

4. The method as set forth in claim 1, wherein the lender is an unconventional lender.

5. The method as set forth in claim 1, wherein the additional funds correspond to a deposited paycheck.

6. The method as set forth in claim 1, wherein the customer account is a loan account.

7. The method as set forth in claim 6, further including the steps of:

(g) receiving a loan request from the customer through the communications network;

(h) approving the loan request immediately by utilizing computing equipment such that human involvement is not required to approve the loan request;

(i) depositing a loan amount immediately into the customer account utilizing the computing equipment such that human involvement is not required to deposit the loan amount into the customer account; and

(j) automatically withdrawing the loan amount and a loan fee from the customer account by utilizing the computing equipment when additional funds are deposited into the customer account.

8. The method as set forth in claim 1, further including the step of utilizing computing equipment to automatically determine an overdraft protection limit such that human involvement is not required to determine the overdraft protection limit.

9. The method as set forth in claim 8, wherein the computing equipment automatically determines the overdraft protection limit by utilizing stored customer account data.

10. The method as set forth in claim 1, wherein the computing equipment utilizes stored customer account data to automatically approve the overdraft protection request.

11. A method for overdraft protection to be utilized by a lender, the method comprising the steps of:

(a) establishing a customer account for a customer;

(b) storing customer account data that corresponds to usage of the customer account;

(c) receiving a request for overdraft protection from the customer;

(d) utilizing computing equipment to automatically approve the request for overdraft protection based on the stored customer account data such that human involvement is not required to approve the request for overdraft protection;

(e) utilizing computing equipment to automatically determine an overdraft protection limit based on the stored customer account data such that human involvement is not required to determine the overdraft protection limit;

(f) receiving a request for funds through a communications network due to a transaction initiated by the customer;

(g) utilizing computing equipment to automatically provide an overdraft protection amount when the customer account lacks sufficient funds to cover the initiated transaction and the deficiency in customer account funds does not exceed the overdraft protection limit; and

(h) automatically withdrawing the overdraft protection amount and an overdraft fee from the customer account when additional funds are deposited into the customer account.

12. The method as set forth in claim 11, wherein the customer account is established through the communications network.

13. The method as set forth in claim 12, wherein the customer account is established through a web-page.

14. The method as set forth in claim 11, wherein the lender is an unconventional lender.

15. The method as set forth in claim 11, wherein the additional funds correspond to a deposited paycheck.

16. The method as set forth in claim 11, wherein the customer account is a loan account.

17. The method as set forth in claim 16, further including the steps of:

(i) receiving a loan request from the customer through the communications network;

(j) approving the loan request immediately by utilizing computing equipment such that human involvement is not required to approve the loan request;

(k) depositing a loan amount immediately into the customer account utilizing the computing equipment such that human involvement is not required to deposit the loan amount into the customer account; and

(l) automatically withdrawing the loan amount and a loan fee from the customer account by utilizing the computing equipment when additional funds are deposited into the customer account.

18. A computer program comprising a combination of code segments stored in a computer-readable memory and executable by a processor, the computer program comprising:

a code segment operable to receive an overdraft protection request from a customer through a communications network, wherein the overdraft protection request corresponds to a pre-existing customer account;

a code segment operable to approve the overdraft protection request such that human involvement is not required to approve the overdraft protection request;

a code segment operable to receive a request for funds through the communications network due to a transaction initiated by the customer;

a code segment operable to automatically provide an overdraft protection amount when the customer account lacks sufficient funds to cover the initiated transaction; and

a code segment operable to automatically withdraw the overdraft protection amount and an overdraft fee from the customer account when additional funds are deposited into the customer account.

19. The computer program set forth in claim 18, wherein the computer program includes a web-server operable to receive the overdraft protection request through the communications network.

20. The computer program set forth in claim 18, wherein the computer program includes voice-recognition capabilities operable to receive the overdraft protection request by telephone.

21. The computer program set forth in claim 18, further including a code segment operable to store customer account data that corresponds to usage of the customer account.

22. The computer program set forth in claim 21, wherein the stored customer account data is utilized to approve the overdraft protection request.

23. The computer program set forth in claim 21, further including a code segment operable to determine an overdraft protection limit based on the stored customer account data.

24. The method as set forth in claim 21, wherein the customer account is a loan account.