Method and system for creating banking sub-accounts with varying limits

• US 20070040015A1
• Filed: 08/16/2005
• Published: 02/22/2007
• Est. Priority Date: 08/16/2005
• Status: Active Grant

• Current Assignee: Google LLC (Alphabet Inc.)
• Original Assignee: International Business Machines Corporation
• Inventors: Rodriguez, Herman, Carlson, Michael
• Granted Patent: US 7,389,912 B2
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system for providing credit card sub-accounts with varying credit limits is useful to consolidate many accounts into one account. The present invention allows a user to add others to an existing account with the safety of setting credit limits for each sub-account to prevent sub-account holders from abusing the user'"'"'s account features, funds, credit limits, and the like. Credit limits for sub-accounts can be configured by an exact amount, a percentage of the total credit limit, a percentage of the credit available, or a combination of these methods, and can also be per transaction, type of establishment where transaction takes place, or types of products or services attempting to be purchased.

Claims

1. A computer implemented method for providing sub-accounts to a banking account holder, comprising:

enabling creation of sub-accounts associated with an existing account;

creating at least one sub-account for a sub-account holder having at least a first limit; and

consolidating transactions for said at least one sub-account and said account.

2. The method of claim 1 wherein the creation of sub-accounts is by an account holder.

3. The method of claim 1 wherein the creation of sub-accounts is performed on behalf of the account holder.

4. The method of claim 1 further comprising configuring at least one transaction limit or any restriction of use for the at least one sub-account.

5. The method of claim 1 further comprising storing transactions for said account holder.

6. The method of claim 5 further comprising presenting the stored transactions to the account holder and the at least one sub-account holder.

7. The method of claim 6 wherein said presentation of the stored transactions is transmitted electronically to the at least one of the account holder and sub-account holder.

8. A computer implemented system for providing banking sub-accounts to a banking account holder, the system comprising:

means for enabling creation of sub-accounts associated with an existing account;

wherein said enabling means includes a CPU;

wherein said CPU interconnects with an operating system;

means for creating at least one sub-account for a sub-account holder having at least a first limit; and

means for consolidating transactions for said at least one sub-account and said account.

9. The system of claim 8 wherein the creation of sub-accounts is by an account holder.

10. The system of claim 8 wherein the creation of sub-accounts is performed on behalf of the account holder.

11. The system of claim 8 further comprising configuring at least one transaction limit or any restriction of use for the at least one sub-account.

12. The system of claim 8 further comprising storing transactions for said account holder.

13. The system of claim 12 further comprising presenting the stored transactions to the account holder and the at least one sub-account holder.

14. The system of claim 13 comprising presenting the sub-account holder'"'"'s portion of the stored transactions to sub-account holder.

15. A computer program having code recorded on a computer readable medium for providing sub-accounts to a banking account holder, comprising instructions for:

enabling creation of sub-accounts associated with an existing account;

creating at least one sub-account for an account holder having at least a first limit; and

consolidating transactions for said at least one sub-account and said account.

16. The computer program of claim 15 wherein the creation of sub-accounts is performed on behalf of the account holder.

17. The computer program of claim 15 further comprising configuring at least one transaction limit or any restriction of use for the at least one sub-account.

18. The computer program of claim 15 further comprising storing transactions for said account holder.

19. The computer program of claim 18 further comprising presenting the stored transactions to the account holder and the at least one sub-account holder.

20. The computer program of claim 19 further comprising;

limiting transactions of sub-account holder by account holder; and

notifying account holder of sub-account holder'"'"'s violations of said limitations.