Financial transaction system with retirement saving benefit

• US 6,592,030 B1
• Filed: 07/20/2000
• Issued: 07/15/2003
• Est. Priority Date: 07/17/1998
• Status: Expired due to Fees

• Current Assignee: Pluris Savings Network LLC
• Original Assignee: Pluris Savings Network LLC
• Inventors: Hardesty, Laurence D.
• Primary Examiner(s): Frech, Karl D.
• Application Number:
  US09/619,806
• Time in Patent Office: 1,090 Days
• Field of Search: 235/383, 235/380, 235/361, 235/379, 235/382, 235/375, 705/35
• 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 20/342 Cards defining paid or billed services or quantities
• 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 saving system utilized by a plurality of participants and participating suppliers of goods and services, said system comprising:

(a) means for assigning identification indicia to each participant;

(b) account means for establishing an account for the benefit of a participant such that the account is an investment account;

(c) rebate calculating means for acquiring information regarding a purchase from participating suppliers including purchase amounts such that a rebate may be calculated;

(d) transferring means for transferring a rebate amount to the investment account; and

(e) distribution means for distributing at least a portion of said account upon the occurrence of an event.

2. The financial transaction system of claim 1 wherein said purchase is made by a SmartCard which stores information concerning the account.

3. The financial transaction system of claim 2 wherein the SmartCard includes security features.

4. The financial transaction system of claim 2 wherein said purchase is made by credit card.

5. The financial transaction system of claim 2 wherein said purchase is paid by electronic transfer.

6. The financial transaction system of claim 2 wherein said purchase is made by a debit card.

7. The financial transaction system of claim 2 wherein said purchase is made by cash.

8. The financial transaction system of claim 1 wherein the said investment account is combined with the investment account of other participants to form a combined investment account.

9. The financial transaction system of claim 8 wherein said combined account generates revenue utilized to fund entities and equity in said entities is available to the participants.

10. The financial transaction system of claim 1 wherein said rebate calculating means comprises a computer in communication with processing means at the participating supplier location.

11. The financial transaction system of claim 1 wherein participating suppliers provide financial services to participants.

12. The financial transaction system of claim 1 wherein said participant may select the type investments in the investment account.

13. The financial transaction system of claim 1 wherein said rebate calculating means comprise a computer.

14. The financial transaction system of claim 1 wherein said participants are provided periodic statements of account.

15. A financial transaction saving system utilized by a plurality of participants and participating suppliers of goods and services, said system comprising:

(a) means for assigning identification indicia to each participant wherein the indicia is the number of an existing card issued by a financial institution;

(b) account means for establishing an account for the benefit of a participant such that the account is an investment account;

(c) rebate calculating means for acquiring information regarding a purchase from participating suppliers including purchase amounts such that a rebate may be calculated;

(d) transferring means for transferring a rebate amount to the investment account; and

(e) distribution means for distributing at least a portion of said account upon the occurrence of an event.

16. The financial transaction system of claim 15 wherein said purchase is made by credit card.

17. The financial transaction system of claim 15 wherein said purchase is paid by electronic transfer.

18. The financial transaction system of claim 15 wherein said purchase is made by a debit card.

19. The financial transaction system of claim 15 wherein said purchase is made by a SmartCard which stores information concerning the account.