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.
-
Citations
27 Claims
-
1. (canceled)
-
2. (canceled)
-
3. (canceled)
-
4. (canceled)
-
5. (canceled)
-
6. (canceled)
-
7. (canceled)
-
8. (canceled)
-
9. (canceled)
-
10. (canceled)
-
11. (canceled)
-
12. (canceled)
-
13. (canceled)
-
14. (canceled)
-
15. (canceled)
-
16. (canceled)
-
17. (canceled)
-
18. (canceled)
-
19. (canceled)
- 20. (canceled)
-
21. A computer-implemented method of accessing a line of credit, the method comprising:
-
prequalifying a consumer for a line of credit associated with a checking account by a 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 comprising 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 available; 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; and 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)
-
Specification