METHOD AND APPARATUS FOR MAPPING SOURCES AND USES OF CONSUMER FUNDS
First Claim
1. A bill-paying service method, comprising:
- enrolling a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account (DDA) that is periodically credited with a payroll income on a first regular schedule;
periodically debiting said DDA through a transmission of an ACH-file to an originating depository financial institution (ODFI) and using any funds obtained to credit a custody account;
charging a service fee to said subscriber by debiting said custody account; and
paying said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.
3 Assignments
0 Petitions
Accused Products
Abstract
A bill-paying system includes a customer deposit account which receives periodic payroll deposits of an individual or a couple. A bill-paying service enrolls the individual or couple for a fee, and is authorized to transfer money from the deposit account to the accounts of various creditors. An originating depository financial institution, such as a bank, handles the transfers of money, and such transfers are preferably done electronically. The automated clearing house (ACH) network supports such electronic money transfers. The various bills and debts of the individual or couple come due at times that are asynchronous to their income structure. The bill-paying service is authorized to debit the deposit account for more than the basic minimums due the creditors each month. Such excess is used to accelerate the repayment of various loans and debts according to what particular application at that time will have the greatest long-term beneficial effect.
34 Citations
20 Claims
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1. A bill-paying service method, comprising:
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enrolling a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account (DDA) that is periodically credited with a payroll income on a first regular schedule; periodically debiting said DDA through a transmission of an ACH-file to an originating depository financial institution (ODFI) and using any funds obtained to credit a custody account; charging a service fee to said subscriber by debiting said custody account; and paying said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer implemented bill-paying service method comprising:
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enrolling, at a computer system, a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account (DDA) that is periodically credited with a payroll income on a first regular schedule; periodically debiting, by the computer system, said DDA through a transmission of an ACH-file to an originating depository financial institution (ODFI) and using any funds obtained to credit a custody account; charging, by a debt repayment computing system, a service fee to said subscriber by debiting said custody account; and paying, by the debt repayment computing system, said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.
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15. A machine-readable medium for providing a bill-paying service which, when executed by a machine, causes the machine to:
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enroll a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account (DDA) that is periodically credited with a payroll income on a first regular schedule; periodically debit said DDA through a transmission of an ACH-file to an originating depository financial institution (ODFI) and using any funds obtained to credit a custody account; charge a service fee to said subscriber by debiting said custody account; and pay said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification