SYSTEMS AND METHODS FOR AUTOMATIC MIGRATION OF A CONSUMER BETWEEN FINANCIAL ACCOUNTS
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Abstract
Embodiments of the invention provide systems and methods for automatically migrating a consumer from one prepaid financial account to another prepaid financial account based on preset trigger criteria. A prepaid payment device, such as a payroll card, may be issued to the consumer and associated with a prepaid financial account. The prepaid financial account may include a profile for the consumer. The issuer of the prepaid payment device may monitor the account activity and set trigger criteria that control when the consumer is automatically migrated from the current prepaid financial account and which type of new account the consumer is migrated into.
105 Citations
39 Claims
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1-20. -20. (canceled)
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21. A method of utilizing prepaid financial accounts, the method comprising:
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receiving a first prepaid financial account from an issuer having a first account number, wherein the first account is associated with a consumer profile; conducting financial transactions on the first account; receiving a second prepaid financial account from the issuer having a second account number different than the first account number based on account activity, wherein the second account is associated with the consumer profile, and wherein the second account possesses upgraded account features; and conducting financial transactions on the second account utilizing the upgraded account features. - View Dependent Claims (22, 23, 24, 25, 26)
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27. A method of utilizing financial accounts, the method comprising:
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receiving a first financial account from an issuer having a first account number, wherein the first financial account is associated with a consumer profile; conducting, using a portable consumer device, financial transactions on the first financial account; receiving a second financial account from the issuer based on account activity of the first financial account that met trigger criteria to migrate a consumer from the first financial account to the second financial account, wherein the second financial account is associated with the consumer profile; and conducting financial transactions on the second financial account. - View Dependent Claims (28, 29, 30, 31, 32, 33, 34, 35)
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36. A server computer, comprising:
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a processor; and a computer readable medium, the computer readable medium comprising code for receiving a first prepaid financial account from an issuer having a first account number, wherein the first account is associated with a consumer profile; code for conducting financial transactions on the first account; code for receiving a second prepaid financial account from the issuer having a second account number different than the first account number based on account activity, wherein the second account is associated with the consumer profile, and wherein the second account possesses upgraded account features, and code for conducting financial transactions on the second account utilizing the upgraded account features. - View Dependent Claims (37, 38, 39)
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Specification