Transfer Account Systems, Computer Program Products, And Computer-Implemented Methods To Prioritize Payments From Preselected Bank Account

• US 20090164353A1
• Filed: 12/18/2008
• Published: 06/25/2009
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Larson, Troy
• Granted Patent: US 8,108,272 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/145 Payments according to the detected use or quantity
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A financial institution computer maintains one or more lists of account identifiers for accounts enrolled in a prioritized payment program including pre-authorization of certain payment requests by select creditors. The computer estimates a value of one or more prioritized payments associated with a first account and authorizes a first sweep payment to a second account at a second financial institution from a third stand-in account at a payroll processor, so that the estimated value is held back in the stand-in account. Then the computer receives an automatic deposit associated with an account identifier for a first account. The financial institution computer generates prioritized payments from the first account to select creditors and generates a second sweep payment, if necessary, from the first account to the second account, responsive to the incoming automatic deposit. The second account can be, for example, a demand deposit account or a prepaid card account.

Claims

1. A system for providing prioritized payments from the proceeds of automatic deposits, the system comprising:

a computer associated with a first financial institution defining a financial institution computer, the financial institution computer having memory, associated with an electronic communications network, and positioned to receive an automatic deposit; and

a computer program product associated with the financial institution computer, stored on a tangible computer memory media, operable on a computer, and used to provide prioritized payments, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

maintaining one or more lists of account identifiers for accounts enrolled in a prioritized payment program by the financial institution computer, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors,

estimating a value of one or more prioritized payments associated with a first account at a first financial institution by the financial institution computer, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by the one or more select creditors,

authorizing a first payment to a second account at a second financial institution from a third stand-in account at a payroll processor by the financial institution computer, the first payment responsive to the estimated value of the one or more prioritized payments, so that the estimated value of the one or more prioritized payments is held back in the stand-in account at the payroll processor to thereby define a first sweep payment,

receiving by the financial institution computer a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit being associated with an account identifier for the first account,

generating one or more prioritized payments from the first account enrolled in the prioritized payment program to one or more select creditors by the financial institution computer, and

generating a second payment, if necessary, from the first account enrolled in the prioritized payment program to the second account at the second financial institution by the financial institution computer, the second payment being responsive to the incoming automatic deposit, a value for the second payment being a value of the automatic deposit minus a value of the one or more prioritized payments to thereby define a second sweep payment.

2. A system of claim 1, wherein the first account enrolled in the prioritized payment program is a demand deposit account, and wherein the associated second account at the second financial institution is one or more of the following:

a demand deposit account, a checking account, a savings account, a money market account, a brokerage account, and an account associated with a prepaid card.

3. A system of claim 1, wherein a payment request by a select creditor is initiated in response to a query from the financial institution computer after notification that an incoming automatic deposit is associated with an account identifier for the first account enrolled in the prioritized payment program.

4. A system of claim 1,

wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll;

a government-initiated electronic transfer of benefits payment; and

a bank-initiated payment to a merchant for credit card sales;

wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following;

a gift card purchase, a remittance to family located outside of a country where an account holder is located, and a bill payment to a third-party; and

wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

5. A computer program product, stored on a tangible computer memory media, operable on a computer, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

maintaining one or more lists of account identifiers for accounts enrolled in a prioritized payment program by a computer associated with a first financial institution defining a financial institution computer, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors;

estimating a value of one or more prioritized payments associated with a first account at a first financial institution by the financial institution computer, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by the one or more select creditors;

authorizing a first payment to a second account at a second financial institution from a third stand-in account at a payroll processor by the financial institution computer, the first payment responsive to the estimated value of the one or more prioritized payments, so that the estimated value of the one or more prioritized payments is held back in the stand-in account at the payroll processor to thereby define a first sweep payment;

receiving by the financial institution computer a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit being associated with an account identifier for the first account;

generating one or more prioritized payments from the first account enrolled in the prioritized payment program to one or more select creditors by the financial institution computer; and

generating a second payment, if necessary, from the first account enrolled in the prioritized payment program to the second account at the second financial institution by the financial institution computer, the second payment being responsive to the incoming automatic deposit, a value for the second payment being a value of the automatic deposit minus a value of the one or more prioritized payments to thereby define a second sweep payment.

6. A computer program product of claim 5, wherein the first account enrolled in the prioritized payment program is a demand deposit account, and wherein the associated second account at the second financial institution is one or more of the following:

a demand deposit account, a checking account, a savings account, a money market account, a brokerage account, and an account associated with a prepaid card.

7. A computer program product of claim 5, wherein a payment request by a select creditor is initiated in response to a query from the financial institution computer after notification that an incoming automatic deposit is associated with an account identifier for the first account enrolled in the prioritized payment program.

8. A computer program product of claim 5, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll;

a government-initiated electronic transfer of benefits payment; and

a bank-initiated payment to a merchant for credit card sales.

9. A computer program product of claim 5, wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where an account holder is located, and a bill payment to a third-party.

10. A computer program product of claim 5, further comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

generating fees for the first financial institution for the one or more prioritized payments from the first account enrolled in the prioritized payment program to the one or more select creditors.

11. A computer program product of claim 5, wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

12. A computer program product of claim 5, wherein the first financial institution is a federally-chartered bank subject to federal banking laws and regulations and not subject to state banking laws and regulations.

13. A computer-implemented method of providing prioritized payments from the proceeds of an automatic deposit, the computer-implemented method comprising:

maintaining one or more lists of account identifiers for accounts enrolled in a prioritized payment program by a computer associated with a first financial institution defining a financial institution computer, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors;

estimating a value of one or more prioritized payments associated with a first account at a first financial institution by the financial institution computer, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by the one or more select creditors;

authorizing a first payment to a second account at a second financial institution from a third stand-in account at a payroll processor by the financial institution computer, the first payment responsive to the estimated value of the one or more prioritized payments, so that the estimated value of the one or more prioritized payments is held back in the stand-in account at the payroll processor, to thereby define a first sweep payment;

receiving by the financial institution computer from the payroll processor a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit being associated with an account identifier for the first account;

generating one or more prioritized payments from the first account enrolled in the prioritized payment program to one or more select creditors by the financial institution computer; and

generating a second payment, if necessary, from the first account enrolled in the prioritized payment program to the second account at the second financial institution by the financial institution computer, the second payment being responsive to the incoming automatic deposit, a value for the second payment being a value of the automatic deposit minus a value of the one or more prioritized payments to thereby define a second sweep payment.

14. A computer-implemented method of claim 13, wherein the first account enrolled in the prioritized payment program is a demand deposit account, and wherein the associated second account at the second financial institution is one or more of the following:

a demand deposit account, a checking account, a savings account, a money market account, a brokerage account, and an account associated with a prepaid card.

15. A computer-implemented method of claim 13, wherein a payment request by a select creditor is initiated in response to a query from the financial institution computer after notification that an incoming automatic deposit is associated with an account identifier for the first account enrolled in the prioritized payment program.

16. A computer-implemented method of claim 13, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll;

a government-initiated electronic transfer of benefits payment; and

a bank-initiated payment to a merchant for credit card sales.

17. A computer-implemented method of claim 13, wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where an account holder is located, and a bill payment to a third-party.

18. A computer-implemented method of claim 13, further comprising generating fees for the first financial institution for the one or more prioritized payments from the first account enrolled in the prioritized payment program to the one or more select creditors.

19. A computer-implemented method of claim 13, further comprising requiring enrollment of the first account in the prioritized payment program of the financial institution as a condition of a loan.

20. A computer-implemented method of claim 13, wherein the first financial institution is a federally-chartered bank subject to federal banking laws and regulations and not subject to state banking laws and regulations.