Transfer of deposit and debit subscriptions using a single financial account
First Claim
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.
1 Assignment
0 Petitions
Accused Products
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.
22 Citations
20 Claims
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1. A method of transferring an automatic subscriptions transaction corresponding to a third party from one financial institution to another institution, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system for transferring an automatic subscriptions transaction from one financial institution to another institution, comprising:
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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. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer programming product for transferring an automatic subscriptions transaction corresponding to a third party from one financial institution to another institution, comprising:
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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. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification