Mutual Fund Card Method and System

• US 20070005497A1
• Filed: 08/02/2006
• Published: 01/04/2007
• Est. Priority Date: 02/23/2000
• Status: Active Grant

• Current Assignee: JP Morgan Chase & Co
• Original Assignee: Bank One Corporation (JP Morgan Chase & Co)
• Inventors: Sullivan, Kevin
• Granted Patent: US 8,700,529 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computerized method and system for implementing such method, the method comprising establishing a card payment instrument account for an approved customer and an investment account for the benefit of the approved customer. A rebate is calculated periodically based on credit card usage and the rebate is applied to fund the investment account periodically. The rebate is the only funding of the investment account accomplished through the card payment instrument account.

Claims

1. A computerized method for transferring funds resulting from accountholder use of a payment instrument account to an investment account of the accountholder, comprising:

maintaining a database having information of a payment instrument account of an accountholder, the payment instrument account comprising one or more of a credit card account, a debit card account, and a stored value account;

maintaining a database having information of an investment account of the accountholder that is funded with funds determined as a result of accountholder use of the payment instrument account;

storing information of accountholder transactions carried out using the payment instrument account; and

determining a funds transfer amount based on accountholder use of the payment instrument account to conduct one or more transactions.

2. The method of claim 1, wherein the funds transfer amount is funded by the accountholder.

3. The method of claim 1, wherein the funds transfer amount is funded by the issuer.

4. The method of claim 1, wherein the database having, information of a payment instrument account and the database having information of an investment account are collocated in the same database.

5. The method of claim 1, wherein the accountholder transactions are carried out using a transaction card corresponding to the payment instrument account.

6. The method of claim 1, wherein the funds transfer amount is computed based on the transaction amount of the one or more transactions.

7. The method of claim 1, wherein the funds transfer amount is computed for each transaction made by the accountholder.

8. The method of claim 1, wherein the funds transfer amount is computed for a plurality of transactions made by the accountholder.

9. The method of claim 1, wherein one or more determined funds transfer amounts is transferred to the investment account of the accountholder.

10. The method of claim 1, wherein the determined funds transfer amounts is transferred to the investment account following each time that a funds transfer amount is determined.

11. The method of claim 1, wherein determined funds transfer amounts are aggregated and transferred to the investment account as an aggregated transaction.

12. The method of claim 1, wherein the determined funds transfer amount is accumulated with other determined funds transfer amounts and transferred to the investment account when a predetermined criteria is satisfied.

13. The method of claim 12, wherein the predetermined criteria is a duration of time upon which the accumulated funds transfer amount is transferred.

14. The method of claim 9, wherein the transfer is an electronic transfer of funds.

15. The method of claim 1, wherein the investment account is one that is designated by the accountholder.

16. A computerized method for transferring funds resulting from accountholder use of a payment instrument account to an investment account of the accountholder, comprising:

maintaining a database having information of a payment instrument account of an accountholder, the payment instrument account comprising one or more of a credit card account, a debit card account, and a stored value account;

maintaining a database having information of an investment account of the accountholder that is funded with funds determined as a result of accountholder use of the payment instrument account;

storing information of accountholder transactions carried out using the payment instrument account; and

determining a funds transfer amount based on accountholder use of the payment instrument account to conduct one or more transactions; and

transferring one or more determined funds transfer amounts to the investment account of the accountholder.

17. The method of claim 16, wherein an accountholder transaction results in first funds being routed to a merchant from whom the accountholder is making a purchase, and in second funds being routed to the investment account of the accountholder.

18. The method of claim 17, wherein the routing of the first funds results from a first transaction on the payment instrument account and the routing of the second funds results from a different transaction other than the first transaction on the payment instrument account.

19. The method of claim 17, wherein the funds transfer amounts are funded by the accountholder.

20. The method of claim 17, wherein the funds transfer amounts are funded by a third party.

21. The method of claim 20, wherein the third party comprises one or more of the issuer and a partner.

22. The method of claim 17, wherein determined funds transfer amounts accumulate as points that are transferred as funds into the investment account.

23. The method of claim 17, wherein determined funds transfer amounts accumulate without being transferred to the investment account until a predetermined criteria is met.

24. The method of claim 24, wherein the predetermined criteria is a duration of time before accumulated fund amounts can be transferred.

25. An article of manufacture comprising computer readable media with program code to cause a computer to perform;

maintaining a database having information of a payment instrument account of an accountholder, the payment instrument account comprising one or more of a credit card account, a debit card account, and a stored value account;

maintaining a database having information of an investment account of the accountholder that is funded with funds determined as a result of accountholder use of the payment instrument account;

storing information of accountholder transactions carried out using the payment instrument account; and

determining a funds transfer amount based on accountholder use of the payment instrument account to conduct one or more transactions; and

transferring one or more determined funds transfer amounts to the investment account of the accountholder.