Method and apparatus for allowing secured overdrafts of reloadable debit card accounts
First Claim
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1. A method for providing overdraft funds to at least one user, the method comprising the steps of:
- a) having the user conduct a purchase using a reloadable debit card or the like;
b) wherein when the debit card carries insufficient funds to cover the purchase, overdrawing the debit card by an overdraft amount, that being the difference between the cost of the purchase and the funds available in the debit card; and
, c) having the user reimburse the overdraft amount.
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Abstract
The invention discloses a reloadable debit card which may be overdrawn by authorized merchants thus allowing future and recurring payments to be made via ACH transactions against this debit card. In addition, the cardholder may repay indebtedness simply by depositing funds onto the reloadable debit card.
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Citations
6 Claims
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1. A method for providing overdraft funds to at least one user, the method comprising the steps of:
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a) having the user conduct a purchase using a reloadable debit card or the like;
b) wherein when the debit card carries insufficient funds to cover the purchase, overdrawing the debit card by an overdraft amount, that being the difference between the cost of the purchase and the funds available in the debit card; and
,c) having the user reimburse the overdraft amount. - View Dependent Claims (2, 3, 4, 5, 6)
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Specification