Transfer of deposit and debit subscriptions using a single financial account

• US 20060106694A1
• Filed: 11/12/2004
• Published: 05/18/2006
• Est. Priority Date: 11/12/2004
• Status: Abandoned Application

• Current Assignee: International Business Machines Corporation
• Original Assignee: International Business Machines Corporation
• Inventors: Rodriguez, Herman, Carlson, Michael P.
• Application Number:
  US10/988,468
• Publication Number:
  US 20060106694A1
• Time in Patent Office: Days
• US Class Current: 705/35
• 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 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

Abstract

Provided is a method for transferring automatic debit and deposit transactions from an account at one financial institution to another account at another financial institution. When the account is opened, the old financial institution forwards the request for payment or deposit to the new financial institution. The new institution sends an address correction to the party that automatically submits the automatic transaction, identifying both the old and new accounts. If the transaction is a payment, the payment originates from the new account at the new bank and is transmitted to the original destination. If the transaction is a deposit, the transaction originates from the original institution and is transmitted to the new account at the new institution.

Claims

1. A method of transferring an automatic subscriptions transaction corresponding to a third party from one financial institution to another institution, comprising:

identifying an automatic subscription transaction associated with a first account at a first financial institution;

capturing account specifics corresponding to the automatic subscription transaction;

transmitting the account specifics to a second financial institution;

identifying a second account at the second financial institution; and

notifying the third party of the account specifics, the first financial institution, the second financial institution and the second account so that the third party can redirect the automatic subscription transaction from the first account to the second account.

2. The method of claim 1, wherein the automatic subscription transaction is a deposit transaction and the first financial institution notifies the third party.

3. The method of claim 1, wherein the automatic subscription transaction is a debit transaction and the second financial institution notifies the third party.

4. The method of claim 1, wherein at least one of the financial institutions is a bank.

5. The method of claim 1, wherein the account specifics include an amount, an account holder associated with the automatic subscription transaction and the third party associated with the automatic subscription transaction.

6. The method of claim 1, wherein the transmitted account specifics are in the form of an address change.

7. The method of claim 1, wherein the first and second accounts are each integrated accounts having one of more components, each component being at any particular time either an asset or liability.

8. A system for transferring an automatic subscriptions transaction from one financial institution to another institution, comprising:

an automatic subscription transaction corresponding to a third party associated with a first account at a first financial institution;

account information corresponding to the automatic subscription transaction;

logic for transmitting the account information to a second financial institution;

a second account at the second financial institution; and

logic for notifying the third party of the account information, the first financial institution, the second financial institution and the second account so that the third party can redirect the automatic subscription transaction from the first account to the second account.

9. The system of claim 8, wherein the automatic subscription transaction is a deposit transaction and the first financial institution executes the notification logic.

10. The system of claim 8, wherein the automatic subscription transaction is a debit transaction and the second financial institution executes the notification logic.

11. The system of claim 8, wherein at least one of the financial institutions is a bank.

12. The system of claim 8, wherein the account information comprises:

an amount,

information pertaining to an account holder associated with the automatic subscription transaction; and

information pertaining to the third party associated with the automatic subscription transaction.

13. The system of claim 8, wherein the transmitted account information is in the form of an address change form.

14. The system of claim 8, wherein the first and second accounts are each integrated accounts having one of more components, each component being at any particular time either an asset or liability.

15. A computer programming product for transferring an automatic subscriptions transaction corresponding to a third party from one financial institution to another institution, comprising:

a memory;

logic, stored on the memory, for identifying an automatic subscription transaction associated with a first account at a first financial institution;

logic, stored on the memory, for capturing account specifics corresponding to the automatic subscription transaction;

logic, stored on the memory, for transmitting the account specifics to a second financial institution;

logic, stored on the memory, for identifying a second account at the second financial institution; and

logic, stored on the memory, for notifying the third party of the account specifics, the first financial institution, the second financial institution and the second account so that the third party can redirect the automatic subscription transaction from the first account to the second account.

16. The computer programming product of claim 15, wherein the automatic subscription transaction is a deposit transaction.

17. The computer programming product of claim 15, wherein the automatic subscription transaction is a debit transaction.

18. The computer programming product of claim 15, wherein at least one of the financial institutions is a bank.

19. The computer programming product of claim 15, wherein the account specifics include an amount, an account holder associated with the automatic subscription transaction and the third party associated with the automatic subscription transaction.

20. The computer programming product of claim 15, wherein the transmitted account specifics are in the form of an address change.