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Hybrid installment loan/savings account

  • US 6,397,196 B1
  • Filed: 10/08/1999
  • Issued: 05/28/2002
  • Est. Priority Date: 08/30/1999
  • Status: Expired due to Fees
First Claim
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1. A method comprising:

  • creating an account for an account holder, the account being a single account as opposed to a combination of separate accounts operating in parallel, the account having a balance which can be positive or negative;

    paying an amount of money and charging the amount to the account so that the account has an initial balance which is negative;

    performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the balance of the account, the automatic payroll deduction being performed to pay off the initial balance and continuing thereafter to thereby accrue a positive balance in the account;

    when the balance is negative, charging interest on the balance to the account; and

    when the balance is positive, paying interest on the balance to the account.

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