Computerized Extension of Credit to Existing Demand Deposit Accounts, Prepaid Cards and Lines of Credit Based on Expected Tax Refund Proceeds, Associated Systems And Computer Program Products

• US 20100241557A1
• Filed: 03/19/2009
• Published: 09/23/2010
• Est. Priority Date: 12/18/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Galit, Scott H.
• Granted Patent: US 8,090,649 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• 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

Systems, computer program products, and computer-implemented methods apply or otherwise make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. A computerized estimate of the tax refund available from a tax return of the customer is formed. A portion of the computerized estimate of the tax refund which can be made available as the line of credit is then determined. The existing line of credit is then adjusted based on the expected refund determined to be available, which will serve as an additional source: of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted. The invention may be implemented as a computerized process, a computer system or a computer program product.

Claims

1. A computer implemented method of adjusting a credit facility available to a customer having an account or prepaid card and an existing line of credit, comprising the steps of:

forming a computerized estimate of a tax refund available from a tax return of the customer;

determining in the computer a portion of the computerized estimate of the tax refund available as borrowing capacity for the customer account; and

adjusting in the computer the credit facility based on the expected tax refund determined to be available.

2. The computer implemented method of claim 1, wherein the customer account is a demand deposit account.

3. The computer implemented method of claim 1, wherein the customer account is a prepaid card account.

4. The computer implemented method of claim 1, wherein the customer account is a credit card account.

5. The computer implemented method of claim 1, wherein the customer account is a line of credit account.

6. The computer implemented method of claim 1, wherein the step of adjusting in the computer comprises the step of increasing the amount of funds available through the line of credit.

7. The computer implemented method of claim 1, wherein the step of adjusting in the computer comprises the step of decreasing the fee amount owed by the customer on the line of credit.

8. The computer implemented method of claim 1, wherein the step of adjusting in the computer comprises the step of adjusting the term of payment of the line of credit.

9. The computer implemented method of claim 1, wherein the expected tax refund information is based on actual tax-filing.

10. The computer implemented method of claim 1, wherein the expected tax refund information is based on tax-related information.

11. The computer implemented method of claim 1, wherein the estimate of tax refund is determined and the credit facility is adjusted before a tax return is filed, and further including the step of further adjusting the credit facility after a tax return is filed.

12. The computer implemented method of claim 1, wherein the computerized estimate of the tax refund is further based on underwriting information.

13. A computer system for adjusting a credit facility available to a customer having an account or prepaid card, comprising

an input/output unit for transferring commands to the computer from an operator;

a processor for responding to commands from the processor;

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 adjust the credit facility to the customer having the account or prepaid card by performing the operations of;

forming a computerized estimate of a tax refund available from a tax return of the customer;

determining in the computer a portion of the computerized estimate of the tax refund available as borrowing capacity for customer account; and

adjusting in the computer the credit facility based on the expected tax refund proceeds determined to be available.

14. The computer implemented method of claim 13, wherein the computerized estimate of the tax refund is further based on underwriting information.

15. A computer program product associated with a computer, stored on a tangible computer memory media, operable on the computer, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to adjust a credit facility available to customer having a demand deposit account or prepaid card by performing the operations of:

forming a computerized estimate of a tax refund available from a tax return of the customer;

determining in the computer a portion of the computerized estimate of the tax refund available as borrowing capacity for the customer account; and

adjusting in the computer the credit facility based on the expected tax refund proceeds determined to be available.

16. The computer program product of claim 15, wherein the operation of forming a computerized estimate of the tax refund is further based on underwriting information.