Targeted Benefit Account

• US 20120233074A1
• Filed: 05/21/2012
• Published: 09/13/2012
• Est. Priority Date: 04/27/2009
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: DANGOTT, Tracy L., ANGEROSA, Richard, KOSLOW, Edward B., McKINNEY, Rick, PATON, Chris, KIBBLE-SMITH, Brian
• Application Number:
  US13/476,079
• Publication Number:
  US 20120233074A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Exemplary embodiments provide a single financial account that may contain funds in either an actual or a notional balance from one or more payment, benefit, and/or entitlement programs with the funds being made available to an account holder through the use of a multipurpose financial account card that may be used for transactions. The account may accept funds from various non-governmental sources and prevent comingling of funds where comingling is not permitted or enable comingling of funds where permitted or encouraged. The access to and use of the funds may be governed by one or more hierarchical rules based on the type of funds'"'"' that determine the funds application to the transaction.

Claims

1. A computer implemented method for conducting transactions using a targeted benefit account, comprising:

receiving, by at least one computer processor, over a computer based network, data associated with a transaction, the data comprising at least a transaction type and an amount,

wherein the transaction is initiated by a consumer through using a transaction card associated with an account,

wherein the account comprises funds from a plurality of programs such that the use of the funds is governed by a plurality of predetermined rules;

processing, by the at least one computer processor, the data;

applying, by the at least one computer processor, the plurality of predetermined rules to the transaction data to determine availability of funds from the plurality of programs to apply to the transaction,

wherein at least a portion of the plurality of predetermined rules determine availability of the funds based upon a hierarchy that applies the funds based on a usage category ranging from most restrictive usage to least restrictive usage; and

transmitting, over a computer based network, an authorization for the transaction upon completion of application of the plurality of predetermined rules and an indication of sufficient funds to complete the transaction.

2. The method of claim 1, wherein the transaction is initiated at an ATM, over a computer based network, or at a point of sale terminal.

3. The method of claim 2, wherein the computer based network comprises the internet.

4. The method of claim 1, wherein the data is transmitted over a ATM network, an electronic funds transfer network, or a branded debit network.

5. The method of claim 1, wherein the transaction requires entry of a PIN or a signature from the consumer in order to transmit the data.

6. The method of claim 1, further comprising:

receiving a request for a refund for at least part of the transaction;

processing, by the at least one computer processing, the request; and

crediting the account for the refund.

7. The method of claim 1, wherein each of the plurality of programs are administered by an entity.

8. The method of claim 7, wherein the entity is a government agency.

9. The method of claim 1, wherein the plurality of programs comprise benefit or entitlement programs.

10. The method of claim 1, wherein the usage category comprises:

unrestricted cash, restricted cash benefits, semi-restricted, and food stamps.

11. The method of claim 1, wherein the application of funds is further based on an issue date of the funds, with older funds being applied first.

12. The method of claim 1, wherein the funds have a priority associated therewith.