METHOD, SYSTEM, AND COMPUTER PROGRAM FOR ON-DEMAND SHORT TERM LOAN PROCESSING AND OVERDRAFT PROTECTION
First Claim
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.
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Accused Products
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.
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Citations
24 Claims
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1. A method for overdraft protection to be utilized by a lender, the method comprising the steps of:
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(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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method for overdraft protection to be utilized by a lender, the method comprising the steps of:
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(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. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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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:
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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. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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Specification