System, method, and computer program product for saving and investing through use of transaction cards

• US 20070185810A1
• Filed: 07/27/2006
• Published: 08/09/2007
• Est. Priority Date: 09/30/2005
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Keeley, Greg, Yee, Jeannette J., Kalra, Simran K.
• Granted Patent: US 7,904,386 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system, method, and computer program product are used for saving through use of transaction cards. This is done through associating a transaction account of the transaction card with one or more deposit accounts. An amount of funds to be deposited from the transaction account into the deposit account is established. A number of times a deposit will be made is established. A time duration between the deposits when more than one deposit will be made is established. An event that initiates at least a first one of the deposits is established. The amount of funds from the transaction card account is deposited into the deposit account based on the above criteria.

Claims

1. A method for depositing funds into a deposit account through use of a transaction card, comprising:

(a) associating a transaction account of the transaction card with the deposit account;

(b) establishing an amount of funds to be deposited from the transaction account into the deposit account;

(c) establishing a number of times a deposit will be made;

(d) establishing a time duration between the deposits when more than one deposit will be made;

(e) establishing an event that initiates at least a first one of the deposits; and

(f) depositing the amount of funds from the transaction card account into the deposit account based on steps (b)-(e),

wherein steps (b)-(e) are performed by an issuing transaction card company and a cardholder of the transaction card.

2. The method of claim 1, wherein the event comprises at least one of:

(a) a billing period of the transaction card, (b) when more money is paid on a bill of the transaction card than is billed, (c) when a bill of the transaction card has been paid, (d) when an indication is made during payment of a bill of the transaction card that the deposit is authorized, or (e) when more money is paid on a bill of the transaction card than is required.

3. The method of claim 1, wherein step (b) comprises using a percentage of monthly charges as the amount of funds.

16. The method of claim 1, wherein the deposit account comprises a plurality of deposit accounts.

4. A method for depositing funds into a deposit account through use of a transaction card, comprising:

(a) associating a transaction account of the transaction card with the deposit account;

(b) establishing an amount of funds to be deposited from the transaction account into the deposit account; and

(c) automatically depositing the amount of funds at an end of each billing period of the transaction account.

5. A method for depositing funds into a deposit account through use of a transaction card, comprising:

(a) associating a transaction account of the transaction card with the deposit account;

(b) calculating a percentage of charges that were charged to the transaction account during a billing period as an amount of funds to be deposited from the transaction account into the deposit account; and

(c) automatically depositing the amount of funds at an end of the billing period of the transaction account.

6. A method for depositing funds into a deposit account through use of a transaction card, comprising:

(a) associating a transaction account of the transaction card with the deposit account;

(b) establishing an amount of funds to be deposited from the transaction account into the deposit account;

(c) determining whether a cardholder of the transaction card has paid a threshold amount on a current monthly bill; and

(d) when in step (c) it is determined the payment is above the threshold amount, depositing the amount of funds in the deposit account.

7. A method for depositing funds into a deposit account through use of a transaction card, said transaction card being associated with a transaction account in which billing statements are sent to a holder of said transaction card each billing cycle, comprising the steps of:

(a) associating said transaction account with said deposit account;

(b) establishing a savings amount to be deposited into said deposit account at least once per billing cycle;

(c) submitting, at least once per billing cycle, a mandatory charge to said transaction account, wherein a record of charge is created in the amount of said savings amount; and

(d) depositing, at least once per billing cycle, said savings amount into said deposit account;

wherein said record of charge in the amount of said savings amount is independent of any transactions occurring in said transaction account during the billing cycle; and

wherein said savings amount is available to said holder of said transaction card prior to receiving a billing statement for the billing cycle.

8. The method of claim 7, wherein step (b) is performed by said holder of said transaction card.

9. The method of claim 8, wherein steps (a), (c) and (d) are performed by an issuing transaction card company.

10. The method of claim 7, wherein said transaction account and said deposit account are established at one entity.

11. The method of claim 7, wherein said transaction account and said deposit account are established at different entities.

12. The method of claim 7, wherein said transaction account and said deposit account are established at affiliated entities.

13. The method of claim 7, further comprising the step of:

(e) depositing an additional savings amount into said deposit account;

wherein said additional savings amount is established by said holder of said transaction card by overpaying the amount billed on a billing statement received for a billing cycle.

14. A method for depositing funds into a deposit account through use of a transaction card, comprising:

(a) associating a transaction account of the transaction card with the deposit account;

(b) using a percentage of monthly charges or a predetermined amount as an amount of funds to be deposited by a transaction card account company, which provides the transaction card, into the deposit account;

(c) having a holder of the transaction card establish an amount of funds to be deposited from the transaction account into the deposit account;

(d) establishing a number of times the deposits will be made;

(e) establishing a time duration between the deposits when more than one deposit will be made;

(f) establishing an event that initiates at least a first one of the deposits; and

(g) depositing the amount of funds from the transaction card account company based on step (b) and the transaction card account based on step (c) into the deposit account based on steps (d)-(f).

15. The method of claim 14, wherein the deposit account comprises a plurality of deposit accounts.