System, Program Product, and Method for Debit Card and Checking Account Autodraw
2 Assignments
0 Petitions
Accused Products
Abstract
A consumer is prequalified for a line of credit attached to a checking account by a lending institution computer responsive to consumer underwriting data. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed payment from the checking account. When the line of credit is accessed, the checking account is credited with an additional value equal to one or more preselected loan increments so that the account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed payment. Next, a new value for the line of credit balance available is determined, accounting for value credited to the checking account and a preselected loan advance fee for each loan increment credited to the account.
130 Citations
26 Claims
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21. A system for accessing a line of credit, the system comprising:
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a computer associated with a lending institution defining a lending institution computer, the lending institution computer having memory, being associated with an electronic communications network, and being positioned to control access to funds from a line of credit associated with a checking account; and a computer program product associated with the lending institution computer, stored on a tangible computer memory media, and operable on a computer, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of; prequalifying a consumer for a line of credit associated with a checking account by the lending institution computer responsive to consumer underwriting data and predetermined qualification parameters to thereby convert consumer underwriting data into line of credit data, the line of credit data consisting of a total loan value, a preselected loan increment, a preselected loan advance fee associated with each preselected loan increment, an available loan value, and a line of credit balance, making available draws to the line of credit in an authorization stream for a proposed payment when the proposed payment is greater than, an amount of funds in the checking account, the proposed payment being received by the lending institution computer through the electronic communications network from a point of sale terminal associated with a merchant, crediting the checking account with one or more preselected loan increments so that the funds in the checking account totals a previous amount of funds in the checking account plus one or more preselected loan increments and so that the new amount of funds in the checking account exceeds or, alternatively, equals the proposed payment; and updating the line of credit data to reflect the addition of the funds to the checking account to fund the proposed payment by; determining a new available loan value for the line of credit, the new available loan value being a previous available loan value minus the one or more preselected loan increments credited to the checking account and minus one or more preselected loan advance fees associated with each of the one or more preselected loan increments credited to the account, and determining a new line of credit balance, the new line of credit balance being a previous line of credit balance plus a value equal to the one or more preselected loan increments credited to the checking account and plus a value equal to one or more preselected loan advance fees associated with each of the one or more preselected loan increments credited to the account. - View Dependent Claims (22, 23, 24, 25, 26)
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Specification