SYSTEM AND METHOD FOR PROVISIONING ANTICIPATED TAX REFUND, INCOME OR CONSUMER LOANS

• US 20100076875A1
• Filed: 11/26/2008
• Published: 03/25/2010
• Est. Priority Date: 09/25/2008
• Status: Abandoned Application

• Current Assignee: Advent Financial Services LLC (Novation Cos., Inc.)
• Original Assignee: Advent Financial Services LLC (Novation Cos., Inc.)
• Inventors: Thompson, John W., Ernst, Mark A., Wilson, Bernard M.
• Application Number:
  US12/324,394
• Publication Number:
  US 20100076875A1
• Time in Patent Office: Days
• US Class Current: 705/31
• 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: G06Q 40/123 Tax preparation or submission

Abstract

A system and method for provisioning a refund anticipation loan is providing that includes receiving tax return information wherein the tax return information is associated with a taxpayer and the tax return information includes an expected refund amount and authorization for a combined bank to receive the expected refund amount, determining whether the expected refund amount meets a threshold value for the RAL, determining whether there is a debt indicator associated with the tax return, requesting an account for the taxpayer from a combined bank wherein the combined bank will also fund the RAL under a the same charter, requesting RAL funding for the taxpayer account from the combined bank if a debt indicator is not associated with the tax return, and receiving the expected refund amount at the combined bank, wherein the RAL is offset by receipt of the expected refund amount at the combined bank.

Claims

1. A computer readable storage medium having stored thereon executable program code for implementing a method for provisioning a loan that, when the program code is executed, is operable to perform a method comprising the steps of:

receiving tax return information wherein said tax return information is associated with a taxpayer and said tax return information includes an expected refund amount and authorization for a combined bank to receive said expected refund amount;

determining whether said expected refund amount meets a threshold value for said loan;

determining whether there is a debt indicator associated with said tax return;

requesting an account for said taxpayer from said combined bank wherein said combined bank also funds the loan under a single charter;

requesting loan funding for said taxpayer account from said combined bank if said debt indicator is not associated with said tax return; and

receiving said expected refund amount at said combined host bank, wherein said loan funding is offset by receipt of the expected refund amount at said combined bank.

2. The computer readable storage medium of claim 1 wherein said account requested for said taxpayer is of a prescribed type.

3. The computer readable storage medium of claim 1 wherein the step of requesting funding for said loan from said combined bank if a debt indicator is not associated with said tax return further comprises notifying said taxpayer that said loan funds are available in said taxpayer account.

4. The computer readable storage medium of claim 1 wherein said tax return information is provided by a retail tax preparer.

5. The computer readable storage medium of claim 1 wherein said tax return information is provided by a tax preparation software program.

6. The computer readable storage medium of claim 1 wherein said tax return information is provided by a tax preparation website.

15. The system of claim 1 wherein said loan is a short-term loan selected from the group consisting of refund anticipation loans, refund anticipation checks, income loans, and consumer loans.

7. A computer readable storage medium having stored thereon executable program code for implementing a method for provisioning a loan that, when the program code is executed, is operable to perform a method comprising the steps of:

receiving tax return information wherein said tax return information is associated with a taxpayer and said tax return information includes an expected refund amount and authorization for a combined bank to receive said expected refund amount;

determining whether or not there is a debt indicator associated with said tax return;

requesting an account for said taxpayer from a combined bank wherein said host bank will also fund said loan under the same charter;

requesting loan funding for said taxpayer account from said combined bank if said debt indicator meets prescribed criteria; and

receiving said expected refund amount at said combined bank, wherein said loan funding is offset by receipt of the expected refund amount at said combined bank.

8. The computer readable storage medium of claim 7 wherein the step of requesting funding for the loan from said combined bank if a debt indicator is not associated with said tax return further comprises notifying said taxpayer that said loan funds are available in said taxpayer account.

9. The computer readable storage medium of claim 7 wherein said tax return information is provided by a third party tax preparer.

10. The computer readable storage medium of claim 9 wherein said third party tax preparer is a retail tax preparation franchise.

16. The system of claim 7 wherein said loan is a short-term loan selected from the group consisting of refund anticipation loans, refund anticipation checks, income loans, and consumer loans.

11. A system for provisioning a loan comprising:

means for receiving tax return information wherein said tax return information is associated with a taxpayer and said tax return information includes an expected refund amount and authorization for a combined bank to receive said expected refund amount;

means for determining whether or not there is a debt indicator associated with said tax return;

means for requesting an account for said taxpayer from a combined bank wherein said combined bank will also fund the loan under a the same charter;

means for requesting loan funding for said taxpayer account from said combined bank if a debt indicator is within prescribed criteria; and

means for receiving said expected refund amount at said combined bank, wherein said loan funding is offset by receipt of the expected refund amount at said combined bank.

12. The system of claim 11 wherein said means for requesting funding for the loan from said combined bank if a debt indicator is not associated with said tax return further comprises means for notifying said taxpayer that said loan funds are available in said taxpayer account.

13. The system of claim 11 wherein said tax return information is provided by a third party tax preparer.

14. The system of claim 13 wherein said third party tax preparer is a retail tax preparation franchise.

17. The system of claim 11 wherein said loan is a short-term loan selected from the group consisting of refund anticipation loans, refund anticipation checks, income loans, and consumer loans.