Pre-Paid Card Transaction Computer To Load A Loan On A Pre-Paid Card

• US 20090287605A1
• Filed: 05/14/2009
• 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 8,175,972 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 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/351 Virtual cards
• 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 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

Abstract

A loan transaction for a pre-paid card is approved for a borrower so that release of the loan proceeds is pending an activation of a pre-paid card. A pre-paid card transaction computer activates a pre-paid card responsive to an activation request on behalf of the borrower. The pre-paid card transaction computer indicates the activated pre-paid card is to be used with a loan transaction pending the activation of the pre-paid card. The pre-paid card transaction computer loads the pending loan proceeds to the 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.

Claims

1. A pre-paid card transaction computer to load loan proceeds to a pre-paid card, the loan proceeds pending the activation of the pre-paid card, comprising:

a processor positioned to activate a pre-paid card responsive to a request on behalf of a borrower and to load pending loan proceeds to the pre-paid card;

an input/output unit for transferring data between the processor and a bank computer; 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 the pre-paid card by performing the operations of;

activating by the processor the pre-paid card responsive to an activation request on behalf of a borrower,

indicating in memory the pre-paid card to be used with a loan transaction pending the activation of the pre-paid card, and

loading pending loan proceeds by the processor to the pre-paid card responsive to the indication in memory of the pre-paid card to be used with the loan transaction so that the loan proceeds are released to an approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

2. A pre-paid card transaction computer of claim 1, wherein the operation of loading pending loan proceeds by the processor to the pre-paid card includes changing a physical structure of the pre-paid card to reflect a presence of funds sufficient up to a specified amount for purchase of goods or services.

3. A pre-paid card transaction computer of claim 1, wherein the operation of loading pending loan proceeds by the processor to the pre-paid card includes updating a tangible computer memory storing a pre-paid card account associated with the pre-paid card to reflect a presence of finds sufficient up to a specified amount for purchase of goods or services.

4. A pre-paid card transaction computer of claim 1, wherein the operation of indicating in memory the pre-paid card to be used with the loan transaction pending the activation of the pre-paid card includes transmitting to the bank computer by the pre-paid card transaction computer notice of an activation of a pre-paid card responsive to an activation of the pre-paid card, the notice of the activation of the pre-paid card including information identifying the approved borrower and the pre-paid card.

5. A pre-paid card transaction computer 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 pre-paid card transaction computer activates the pre-paid card.

6. A pre-paid card transaction computer of claim 5, wherein the approved borrower purchases the pre-paid card at a retailer, and wherein the loan proceeds are immediately available through the pre-paid card so that the borrow can use the pre-paid card at a point-of-sale for a purchase of goods or services.

7. A pre-paid card transaction computer of claim 1, wherein the pending loan proceeds are responsive to the bank computer receiving authorization from a lender computer to credit loan proceeds from the lender to an approved borrower on a pre-paid card so that release of the loan proceeds is pending an activation of a pre-paid card.

8. A pre-paid card transaction computer of claim 7, 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 specified amount associated with the pre-paid card.

9. A pre-paid card transaction computer to load loan proceeds to a pre-paid card, the computer in communication with a financial institution computer positioned to pend and then credit loan proceeds for a pre-paid card, comprising:

a processor positioned to activate a pre-paid card responsive to a request on behalf of a borrower, to transmit a notice of an activation of the pre-paid card to the financial institution computer, and to load pending loan proceeds to the pre-paid card;

an input/output unit for transferring data between the processor and the financial institution computer; 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 the pre-paid card by performing the operations of;

activating by the processor the pre-paid card responsive to an activation request on behalf of a borrower,

transmitting to the financial institution computer by the pre-paid card transaction computer notice of an activation of a pre-paid card responsive to an activation of the pre-paid card, and

loading pending loan proceeds by the processor to the pre-paid card responsive to the financial institution computer crediting the pending loan proceeds to the pre-paid card transaction computer for the activated pre-paid card so that the loan proceeds are released to an approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

10. A pre-paid card transaction computer of claim 9, wherein the operation of loading pending loan proceeds by the processor to the pre-paid card includes changing a physical structure of the pre-paid card to reflect a presence of funds sufficient up to a specified amount for purchase of goods or services.

11. A pre-paid card transaction computer of claim 9, wherein the activation request on behalf of the borrower includes an indication that the activation request is responsive to a pending loan.

12. A pre-paid card transaction computer of claim 9, wherein the notice of the activation of the pre-paid card includes information identifying the approved borrower and the pre-paid card.

13. A pre-paid card transaction computer of claim 9, 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 pre-paid card transaction computer transmits notice of the activation of the pre-paid card.

14. A pre-paid card transaction computer of claim 9, wherein the pending loan proceeds are responsive to the financial institution computer receiving authorization from a lender computer to credit loan proceeds from the lender to an approved borrower on a pre-paid card so that release of the loan proceeds is pending an activation of a pre-paid card.

15. A pre-paid card transaction computer to load a plurality of loan proceeds to a plurality of pre-paid cards, the computer in communication with a financial institution computer positioned to credit loan proceeds for a plurality existing pre-paid cards, comprising:

a processor positioned to load a plurality of loan proceeds to a plurality of existing pre-paid cards;

an input/output unit for transferring data between the processor and the financial institution computer; 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 a plurality of loan proceeds to a plurality of existing pre-paid cards by performing the operations of;

loading one of the plurality of loan proceeds by the processor to one of the plurality of existing pre-paid cards responsive to the financial institution computer crediting the one of the plurality of loan proceeds to the pre-paid card transaction computer for the one of the plurality of existing pre-paid cards so that the one of the plurality of loan proceeds is released to an approved borrower and is immediately available to thereby convert the one of the plurality of existing pre-paid cards into a loan delivery apparatus.

16. A pre-paid card transaction computer of claim 15, wherein the operation of loading one of the plurality of loan proceeds by the processor to one of the plurality of existing pre-paid cards includes changing a physical structure of the one of the plurality of existing pre-paid cards to reflect a presence of funds sufficient up to a specified amount for purchase of goods or services.

17. A pre-paid card transaction computer of claim 15, wherein the one of the plurality of loan proceeds is available to the approved borrower through the one of the plurality of existing pre-paid cards after a delay of one-half of one second to one minute after the financial institution computer credits the one of the plurality of loan proceeds to the pre-paid card transaction computer for the one of the plurality of existing pre-paid cards.

18. A pre-paid card transaction computer of claim 15, wherein the approved borrower and the financial institution have no business relationship prior to the loan transaction wherein the financial institution computer credits the one of the plurality of loan proceeds to the pre-paid card transaction computer for the one of the plurality of existing pre-paid cards.

19. A pre-paid card transaction computer of claim 15, wherein the financial institution is a federally-chartered bank subject to federal banking laws and regulations and not subject to state banking laws and regulations.