PORTABILITY OF FINANCIAL TOKENS

• US 20100332382A1
• Filed: 09/02/2010
• Published: 12/30/2010
• Est. Priority Date: 06/04/2007
• Status: Abandoned Application

• Current Assignee: Justin T. Monk
• Original Assignee: Justin T. Monk
• Inventors: Monk, Justin T.
• Application Number:
  US12/874,891
• Publication Number:
  US 20100332382A1
• Time in Patent Office: Days
• US Class Current: 705/39
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method determines that a first relationship between a holder of a portable consumer device and a first employer is terminated. In response to determining that the first relationship is terminated, the method also disassociates account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device. In addition, the method establishes a second relationship between the employee and a second employer and links the account information of the portable consumer device with the second employer.

Claims

1-30. -30. (canceled)

31. A method comprising:

determining that a first employment relationship with an employer associated with a portable consumer device has been terminated, wherein the employer of the first employment relationship provided benefits associated with use of the portable consumer device to the holder of the portable consumer device;

modifying, using a server computer, account information associated with the portable consumer device to unlink the employer of the first employment relationship from the account associated with the portable consumer device; and

modifying the benefits associated with the portable consumer device to remove the benefits provided by the employer of the first employment relationship and to allow the holder of the portable consumer device to continue using the portable consumer device.

32. The method of claim 31 further comprising:

determining that a second employment relationship with an employer has been established for the holder of the portable consumer device;

modifying account information associated with the portable consumer device to link the employer of the second employment relationship to the account associated with the portable consumer device; and

modifying the benefits associated with the portable consumer device to add benefits provided by the employer of the second employment relationship.

33. The method of claim 32 further comprising:

transferring a direct deposit number and a routing number to the employer of the second employment relationship.

34. The method of claim 32 wherein the benefits provided by the employer of the second employment relationship include a new fee schedule for fees charged to the holder when using the portable consumer device to conduct transactions.

35. The method of claim 31 wherein the employer of the first employment relationship is the same as the employer of the second employment relationship.

36. The method of claim 31 wherein determining that a first employment relationship with an employer associated with a portable consumer device has been terminated includes determining that the relationship between the employer and the holder has ended, the bank account of the employer has been closed, or the portable consumer device has been used in fraudulent transactions.

37. The method of claim 31 wherein benefits associated with the use of the portable consumer device include a fee schedule for fees charged to the holder when using the portable consumer device to conduct transactions.

38. The method of claim 37 wherein fees include a percentage of the value of the transactions conducted.

39. The method of claim 38 wherein transactions include cash withdrawals.

40. The method of claim 31 wherein allowing the holder of the portable consumer device to continue using the portable consumer device includes transferring the holder of the portable consumer device to a standard fee table.

41. The method of claim 31 further comprising sending notification to the holder that benefits have been modified.

42. The method of claim 31 wherein after the employer of the first employment relationship is unlinked from the account associated with the portable consumer device, the employer no longer has access to the account information of the portable consumer device.

43. A computer readable medium comprising computer readable program code embodied therein, said computer readable program code adapted to be executed by a processor to implement the method of claim 31.

44. A server computer comprising the processor;

and the computer readable medium of claim 43 coupled with the processor.

45. A system comprising:

a server computer comprising a processor and a computer readable medium coupled to the processor, the computer readable medium comprising computer readable program code embodied therein, the computer readable program code adapted to be executed by the processor to determine that a first employment relationship with an employer associated with a portable consumer device has been terminated, wherein the employer of the first employment relationship provided benefits associated with use of the portable consumer device to the holder of the portable consumer device, modify account information associated with the portable consumer device to unlink the employer of the first employment relationship from the account associated with the portable consumer device, and modify the benefits associated with the portable consumer device to remove the benefits provided by the employer of the first employment relationship and to allow the holder of the portable consumer device to continue using the portable consumer device; and

a database coupled to the server computer.

46. The system of claim 45 wherein the computer readable program further comprises code adapted to be executed by the processor to determine that a second employment relationship with an employer has been established for the holder of the portable consumer device, modify account information associated with the portable consumer device to link the employer of the second employment relationship to the account associated with the portable consumer device, and modify the benefits associated with the portable consumer device to add benefits provided by the employer of the second employment relationship.

47. The system of claim 45 wherein benefits associated with the use of the portable consumer device include a fee schedule for fees charged to the holder when using the portable consumer device to conduct transactions.

48. The system of claim 45 wherein allowing the holder of the portable consumer device to continue using the portable consumer device includes transferring the holder of the portable consumer device to a standard fee table.

49. The system of claim 45 wherein the computer readable program further comprises code adapted to be executed by the processor to send notification to the holder that benefits have been modified.