System, Program Product, and Computer-Implemented Method For Loading a Loan on an Existing Pre-Paid Card

• US 20090287577A1
• Filed: 05/13/2009
• Published: 11/19/2009
• Est. Priority Date: 05/14/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Galit, Scott H.
• Granted Patent: US 8,538,879 B2
• Time in Patent Office: Days
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered
• CPC Class Codes: G07F 7/086 by passive credit-cards adapted therefor, e.g. constructive particularities to avoid counterfeiting, e.g. by inclusion of a physical or chemical security-layer for security documents G07D7/00; for the reading of record-carriers in general G06K7/00; for the design of coded credit-cards G06K19/10

Abstract

Embodiments of the present invention provide systems, program products, and methods of loading a loan on a pre-paid card. A bank receives authorization from a lender to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with the pre-paid card processor. Next, the bank credits the loan proceeds to the pre-paid card processor for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.

Claims

1. A computer system for loading loan proceeds to a pre-paid card, the computer system associated with a bank, configured as a bank computer, and in communication through an electronic communications network with a lender computer positioned to approve a loan request from a borrower and with a pre-paid card processor computer positioned to load loan proceeds to an existing pre-paid card, comprising:

a processor positioned to credit loan proceeds for an existing pre-paid card responsive to an authorization received from the lender computer;

an input/output unit for transferring data to the processor; and

a memory having stored therein a computer program product, stored on a tangible computer memory media, operable on the processor, the computer program product comprising a set of instructions that, when executed by the processor, cause the computer to load loan proceeds to a pre-paid card by performing the operations of;

receiving authorization by the bank computer from the lender computer to credit loan proceeds from the lender to the approved borrower on an existing pre-paid card associated with the pre-paid card processor, and

crediting the loan proceeds relatively instantaneously by the bank computer to the pre-paid card processor computer for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

2. A system of claim 1, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives authorization from the lender computer to credit loan proceeds to the approved borrower on the existing pre-paid card.

3. A system of claim 1, wherein the authorization received by the bank computer from the lender computer includes information identifying the existing pre-paid card.

4. A system of claim 1, wherein the approved borrower previously purchased the pre-paid card associated with the pre-paid card processor at a retailer, and wherein the bank is a federally-chartered bank subject to federal banking laws and regulations and not subject to state banking laws and regulations.

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

receiving authorization by a computer associated with a bank defining a bank computer from a computer associated with a lender defining a lender computer to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with a pre-paid card processor; and

crediting the loan proceeds relatively instantaneously by the bank computer to a computer associated with the pre-paid card processor defining a pre-paid card processor computer for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

6. Program product of claim 5, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives authorization from the lender computer to credit loan proceeds from the lender to the approved borrower on the existing pre-paid card.

7. Program product of claim 5, wherein the authorization received by the bank computer from the lender computer includes information identifying the existing pre-paid card.

8. Program product of claim 5, wherein the approved borrower previously purchased the pre-paid card associated with the pre-paid card processor at a retailer.

9. Program product of claim 5, wherein the approved borrower and the lender have no business relationship prior to the loan transaction including the authorization from the lender to credit loan proceeds to the approved borrower.

10. Program product of claim 5, wherein the lender and the bank are the same financial institution or affiliated financial institutions.

11. Program product of claim 5, wherein the bank and the pre-paid card processor are the same financial institution or affiliated financial institutions.

12. Program product of claim 5, wherein receiving authorization by the bank computer from the lender computer to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with a pre-paid card processor is responsive to a loan request of the lender by the borrower using Internet technology.

13. Program product of claim 5, wherein receiving authorization by the bank computer from the lender computer to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with a pre-paid card processor is responsive to a loan request of the lender by the borrower using a telephone conversation with an interactive voice response unit (IVRU).

14. A computer-implemented method of loading loan proceeds to a pre-paid card, the method comprising:

receiving authorization by a computer associated with a bank defining a bank computer in a first computer process from a computer associated with a lender defining a lender computer to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with a pre-paid card processor; and

crediting the loan proceeds relatively instantaneously in a second computer process by the bank computer to a computer associated with the pre-paid card processor defining a pre-paid card processor computer responsive to the received authorization from the first computer process for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

15. A computer-implemented method of claim 14, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives authorization from the lender computer to credit loan proceeds from the lender to the approved borrower on the existing pre-paid card.

16. A computer-implemented method of claim 14, wherein the authorization received by the bank from the lender includes information identifying the existing pre-paid card.

17. A computer-implemented method of claim 14, wherein the approved borrower previously purchased the pre-paid card associated with the pre-paid card processor at a retailer.

18. A computer-implemented method of claim 14, wherein the approved borrower and the lender have no business relationship prior to the loan transaction including the authorization from the lender to credit loan proceeds to the approved borrower.

19. A computer-implemented method of claim 14, wherein the lender and the bank are the same financial institution or affiliated financial institutions so that the bank computer converts loan request data from the borrower into a value associated with the pre-paid card.

20. A computer-implemented method of claim 14, wherein the bank and the pre-paid card processor are the same financial institution or affiliated financial institutions so that bank computer converts loan data into transaction data responsive to a card reader device reading data from the prepaid card and modifying the data to include point of sale data.