Financial transaction system with retirement saving benefit

• US 6,105,865 A
• Filed: 07/17/1998
• Issued: 08/22/2000
• Est. Priority Date: 07/17/1998
• Status: Expired due to Term

• Current Assignee: Pluris Savings Network LLC
• Original Assignee: Laurence Daniel Hardesty
• Inventors: Hardesty, Laurence Daniel
• Primary Examiner(s): LE, THIEN MINH
• Application Number:
  US09/118,438
• Time in Patent Office: 767 Days
• Field of Search: 705/35, 235/380, 235/382, 235/375, 235/379, 235/383, 235/361
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

The system is a rebate program for the benefit of participating individuals such as wage earners. Participating individuals apply and are approved and are issued a card with an identifiable account number using credit approval systems. The card may include debit, smart card, customer loyalty and security features. The rebate is calculated and transferred to the participant'"'"'s account in a trust fund. The card may also be used to engage in other financial transactions. The system may include a wide range of retail merchants as well as professional services available to the participant. Funds are disbursed to the participant upon the occurrence of certain specified events.

Claims

1. A financial transaction system utilized by a plurality of participants and participating merchants comprising:

(a) means for receiving credit and personal history from applicants and approving applicants as participants;

(b) issuing a card to each participant with a unique account number;

(c) establishing a trust account for the participant under the unique account number, such that the account is an investment account,

(d) means for inputting information regarding a purchase transaction and transmitting to a unit processing said information such that a rebate may be calculated to credit the participant;

(e) means for approving the transaction and transmitting approval to the merchant;

(f) means for calculating a rebate to the participant based on the amount of the transaction and transfer the rebate to a trust account;

(g) means for crediting the merchant for the transaction and for crediting the participant'"'"'s account the amount of the rebate;

(h) means for billing the participant for the transaction; and

(i) distributing at least a portion of the trust account to participant upon occurrence of an event.

2. The system of claim 1 further including means for periodically issuing statements to the participant reflecting the activity of the trust account.

3. The system of claim 1 including means for distributing funds to the participant upon the occurrence of a specific event.

4. The system of claim 3 wherein said event is based on the participant'"'"'s chronological age.

5. The system of claim 1 further including means for investing the trust account funds into various types of investments selected by the participant.

6. The system of claim 1 further including banks and wherein at least selected merchants are provided with banking transaction processing means to enable the participants to deposit and withdraw funds from accounts in said banks.

7. The system of claim 1 wherein said card is provided with security features.

8. The system of claim 1 wherein participants may purchase stock in participating merchants.

9. The system of claim 1 wherein said distributing at least a portion of the trust account is a tax deferred distribution.