System and Method for Linked Account Having Sweep Feature
4 Assignments
0 Petitions
Accused Products
Abstract
A linked account instrument is used to access funds in an existing demand deposit account held at a financial institution. Merchant or other transactions are first processed against a demand deposit account via an electronic authorization network. If the demand deposit account does not have sufficient funds, the transactions may be processed as a credit charge against an designated credit account. The demand deposit account may subsequently be swept at predetermined times in search of funds to defray the overdraft. If adequate funds are present, they will be withdrawn from the demand deposit account, and the credit account will be cleared. Otherwise, the instrument holder'"'"'s daily purchasing abilities may be temporarily suspended until the credit account is settled. The processing of overdraft amounts may be on a FIFO, smallest-first or other basis.
92 Citations
47 Claims
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1-23. -23. (canceled)
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24. A method for accessing funds in at least one cash account, the method comprising the steps of:
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a) interfacing to an authorization server to authorize individual transactions initiated through use of a linked account instrument against a predetermined cumulative limit on the at least one cash account; and b) performing sweeps of said at least one cash account at predetermined times to determine whether charges incurred through use of the linked account card can be satisfied by funds in said at least one cash account, or charged against at least one designated backing credit account, wherein performing sweeps includes; implementing the authorization server to communicate through a first interface to determine whether the cash account has adequate funds for settling the transaction initiated through use of the linked account instrument; and implementing the authorization server to communicate through a second interface to at least one credit account used to back said at least one cash account in the event of insufficient funds in said at least one cash account to cover the charges incurred through the user of the linked account instrument. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
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Specification