PORTABILITY OF FINANCIAL TOKENS

• US 20080301048A1
• Filed: 06/04/2007
• Published: 12/04/2008
• Est. Priority Date: 06/04/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Monk, Justin T.
• Granted Patent: US 7,809,637 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method determines that a first relationship between a holder of a portable consumer device and a first employer is terminated. In response to determining that the first relationship is terminated, the method also disassociates account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device. In addition, the method establishes a second relationship between the employee and a second employer and links the account information of the portable consumer device with the second employer.

Claims

1. A method, comprising:

determining that a first relationship between a holder of a portable consumer device and a first employer is terminated;

in response to determining that the first relationship is terminated, disassociating the account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device;

establishing a second relationship between the holder and a second employer; and

linking the account information of the portable consumer device with the second employer.

2. The method of claim 1, further comprising:

stripping benefits information provided by the first employer from the portable consumer device; and

placing the portable consumer device in an orphan standing; and

alerting the holder that the benefits information is stripped from the portable consumer device.

3. The method of claim 1, further comprising alerting the holder that the account information of the portable consumer device is disassociated from the first employer.

4. The method of claim 1, wherein:

the portable consumer device is a payroll card; and

the first and second employers are employers of the holder.

5. The method of claim 1, wherein

linking the account information of the portable consumer device comprises providing, to the second employer, direct deposit and routing numbers associated with an account on the portable consumer device;

and

further comprising using, by the second employer, the direct deposit and routing numbers to deposit funds available on the portable consumer device.

6. The method of claim 1, wherein:

the issuer is a bank;

the holder has a bank account with the bank; and

the account information links the bank account to transactions made on the portable consumer device.

7. The method of claim 1, further comprising, using, by the second employer, the account information to deposit funds into a bank account of the holder of the portable consumer device.

8. The method of claim 1, further comprising withdrawing access from the first employer to account information on the portable consumer device of the holder.

9. The method of claim 1, wherein the account information includes a direct deposit number and a routing number.

10. The method of claim 1, wherein the second employer is also the first employer.

11. The method of claim 1, wherein determining that a first relationship is terminated comprises receiving a trigger from the first employer indicating that the first relationship is terminated.

12. A computer readable medium comprising code for performing the method of claim 1.

13. A server computer comprising the computer readable medium of claim 1.

14. A system comprising:

a database for storing account information of a portable consumer device; and

a server computer coupled to the database and operable to;

retrieve account information of the portable consumer device from the database;

determine that a first relationship between a holder of a portable consumer device and a first employer is terminated;

in response to determining that the first relationship is terminated, disassociating the account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device;

establish a second relationship between the holder and a second employer; and

linking the account information of the portable consumer device with the second employer.

15. The system of claim 14, further comprising an access device in operative communication with the server computer.

16. The system of claim 14, the server computer is further operable to:

strip benefits information provided by the first employer from the portable consumer device;

place the portable consumer device in an orphan standing; and

alert the holder that the benefits information is stripped from the portable consumer device.

17. The system of claim 14, the server computer further operable alert the holder that the account information of the portable consumer device is disassociated from the first employer.

18. The system of claim 14, wherein:

the portable consumer device is a payroll card; and

the first and second employers are employers of the holder.

19. The system of claim 14, wherein:

to link account information of the portable consumer device comprises providing, to the second employer, direct deposit and routing numbers associated with an account on the portable consumer device; and

the server computer is further operable to use, by the second employer, the direct deposit and routing numbers to deposit funds available on the portable consumer device.

20. The system of claim 14, wherein:

the issuer is a bank;

the holder has a bank account with the bank; and

the account information links the bank account to transactions made on the portable consumer device.

21. The system of claim 14, wherein the server computer is further operable to use, by the second employer, the account information to deposit funds into a bank account of the holder of the portable consumer device.

22. The system of claim 14, the server computer is further operable withdraw access from the first employer to account information on the portable consumer device of the holder.

23. The system of claim 14, wherein the account information includes a direct deposit number and a routing number.

24. The system of claim 14, wherein the second employer is also the first employer.

25. The system of claim 14, wherein to determine that a first relationship is terminated comprises to receive a trigger from the first employer indicating that the first relationship is terminated.

26. A system, comprising:

means for determining that a first relationship between a holder of a portable consumer device and a first employer is terminated;

means for disassociating account information of the portable consumer device from the first employer in response to determining that the first relationship is terminated;

means establishing a second relationship between the holder and a second employer; and

means for linking the account information of the portable consumer device with the second employer.

27. A method, comprising:

determining that a first relationship between a holder of a portable consumer device and a first employer is terminated;

in response to determining that the first relationship is terminated, disassociating account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device;

stripping one or more benefits provided by the first employer from the portable consumer device;

determining a status of the portable consumer device; and

if the status of the portable consumer device is one of a plurality of pre-determined statuses, placing the portable consumer device in an orphan standing.

28. The method of claim 27, further comprising associating a standard fee schedule with the portable consumer device.

29. The method of claim 27, wherein the plurality of predetermined statuses includes active, issued, suspended, lost, stolen, returned, and damaged.

30. A method, comprising:

obtaining a portable consumer device from a first employer, the account on the portable consumer device associated with the first employer;

determining that the first relationship with the first employer ended;

receiving information on the portable consumer device that disassociates account information on the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device;

establishing a second relationship with a second employer; and

receiving information on the portable consumer device that automatically links account information on the portable consumer device to the second employer.