Multiple account banking system and method

• US 6,786,400 B1
• Filed: 09/06/2002
• Issued: 09/07/2004
• Est. Priority Date: 09/06/2002
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Bucci, Michael Vincent
• Primary Examiner(s): LE, THIEN MINH
• Application Number:
  US10/236,143
• Time in Patent Office: 732 Days
• Field of Search: 235/380, 235/375, 235/449, 235/382, 235/379, 705/26, 705/39, 705/35, 705/36
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/403 Solvency checks
• 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

A system and method that offers a consumer the option to pay for a transaction at a point-of-sale or to conduct a transaction at an automated teller machine using either a credit line or funds in an account, both the credit line and the funds being available upon using a single card. The credit line and the funds can be associated with the same or different financial institutions.

Claims

1. A conventional debit card associated with a first financial institution, comprising:

a magnetized data portion having account data, the magnetized data portion operable for a consumer

to conduct at least one transaction at a point-of-sale using a line of credit issued by the first financial institution or a second financial institution, if the consumer selects a credit option at a point-of-sale terminal after the magnetized data portion is read at the point-of-sale, wherein

the point-of-sale terminal transmits transaction data including at least a portion of the account data along one of a plurality of networks if the consumer selected the credit option.

2. The conventional debit card as set forth in claim 1, wherein the first financial institution is a credit card issuer and the second financial institution is a bank.

3. The conventional debit card as set forth in claim 1, wherein the first financial institution is a bank and the second financial institution is a credit card issuer.

4. The conventional debit card as set forth in claim 3, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a checking account.

5. The conventional debit card as set forth in claim 3, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a savings account.

6. The conventional debit card as set forth in claim 3, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a money market account.

7. The conventional debit card as set forth in claim 1, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a certificate of deposit account.

8. The conventional debit card as set forth in claim 1, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a home equity account.

19. The conventional debit card as set forth in claim 1, wherein the point-of-sale terminal reads the conventional debit card.

9. A transaction card associated with a first financial institution, comprising:

a memory unit for storing account data; and

a processing unit coupled to the memory unit, the processing unit operable for a consumer to

conduct at least one transaction at a point-of-sale using a line of credit issued by the first financial institution or a second financial institution when the transaction card is operating as a debit card, if the consumer selects a credit option at a point-of-sale terminal, wherein

the point-of-sale terminal transmits transaction data including at least a portion of the account data along one of a plurality of networks if the consumer selected the credit option after at least a portion of the account data stored in the memory unit is read by the processing unit.

21. The transaction card as set forth in claim 9, wherein the first financial institution is a credit card issuer and the second financial institution is a bank.

22. The transaction card as set forth in claim 9, wherein the first financial institution is a bank and the second financial institution is a credit card issuer.

23. The transaction card as set forth in claim 22, wherein the processing unit is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a checking account.

24. The transaction card as set forth in claim 22, wherein the processing unit is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a savings account.

25. The transaction card as set forth in claim 22, wherein the processing unit is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a money market account.

26. The transaction card as set forth in claim 9, wherein the processing unit is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a certificate of deposit account.

27. The transaction card as set forth in claim 9, wherein the processing unit is also operable for the consumer

to conduct at least one transaction at the point-of-sale using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the point-of-sale terminal, the account being a home equity account.

10. A conventional debit card associated with a first financial institution, comprising:

a magnetized data portion having account data, the magnetized data portion operable for a consumer

to conduct at least one transaction at an automated teller machine to withdraw money using a line of credit issued by the first financial institution or a second financial institution, if the consumer selects a credit option at the automated teller machine after the magnetized data portion is read by the automated teller machine, wherein

the automated teller machine transmits transaction data along a network, the transaction data including at least a portion of the account data and data indicating that the customer selected the credit option.

28. The transaction card as set forth in claim 10, wherein the first financial institution is a credit card issuer and the second financial institution is a bank.

29. The transaction card as set forth in claim 10, wherein the first financial institution is a bank and the second financial institution is a credit card issuer.

30. The transaction card as set forth in claim 29, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the automated teller machine using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the automated teller machine, the account being a checking account.

31. The transaction card as set forth in claim 29, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the automated teller machine using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the automated teller machine, the account being a savings account.

32. The transaction card as set forth in claim 29, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the automated teller machine using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the automated teller machine, the account being a money market account.

33. The transaction card as set forth in claim 10, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the automated teller machine using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the automated teller machine, the account being a certificate of deposit account.

34. The transaction card as set forth in claim 10, wherein the magnetized data portion is also operable for the consumer

to conduct at least one transaction at the automated teller machine using money withdrawn from an account associated with the first financial institution or the second financial institution, if the consumer selects a debit option at the automated teller machine, the account being a home equity account.

11. A method for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the method comprising:

receiving selection data transmitted by a point-of-sale terminal after the conventional debit card is read at the point-of-sale terminal, the selection data associated with an attempted transaction and including at least an amount of the transaction;

determining if the consumer selected a credit option at the point-of-sale terminal; and

processing the transaction in accordance with the consumer selection by accessing a line of credit associated with one of the multiple accounts, if the consumer selected the credit option.

12. The method as set forth in claim 11, wherein

determining whether the consumer selected a credit option at the point-of-sale terminal includes determining whether the selection data was transmitted via a credit network.

13. The method as set forth in claim 11, wherein

processing the transaction in accordance with the consumer selection includes

determining whether the attempted transaction is approved according to whether the consumer selected the credit option;

and

transmitting approval data to the point-of-sale terminal indicating whether the transaction was approved.

14. The method as set forth in claim 13, wherein

determining whether the attempted transaction is approved includes verifying that an open-to-buy for the line of credit is greater than or equal to the amount of the attempted transaction, if the consumer selected the credit option.

15. The method as set forth in claim 14, wherein

the line of credit is associated with a financial institution and a debit account linked to the conventional debit card is associated with another financial institution.

20. The conventional debit card as set forth in claim 11, wherein the point-of-sale terminal reads the conventional debit card.

16. A method for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the method comprising:

receiving selection data transmitted by an automated teller machine after the conventional debit card is read by the automated teller machine, the selection data associated with an attempted transaction and including at least an amount of the transaction;

determining if the consumer selected a credit option at the automated teller machine; and

processing the transaction in accordance with the consumer selection by accessing a line of credit associated with one of the multiple accounts, if the consumer selected the credit option.

35. The method as set forth in claim 16, wherein

determining whether the consumer selected a credit option at the automated teller machine includes evaluating a portion of the transaction data indicating the selection.

36. The method as set forth in claim 16, wherein

processing the transaction in accordance with the consumer selection includes

determining whether the attempted transaction is approved according to whether the consumer selected the credit option;

and

transmitting approval data to the automated teller machine indicating whether the transaction was approved.

37. The method as set forth in claim 36, wherein

determining whether the attempted transaction is approved includes verifying that an open-to-buy for the line of credit is greater than or equal to the amount of the attempted transaction, if the consumer selected the credit option.

38. The method as set forth in claim 37, wherein

the line of credit is associated with a financial institution and a debit account linked to the conventional debit card is associated with another financial institution.

17. A system for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the system comprising:

a determination unit associated with a financial institution and adapted to communicate with a point-of-sale terminal through a debit network and a credit network and adapted to communicate with an automated teller machine through the debit network, the determination unit being further adapted to receive transaction data from the point-of-sale terminal and the automated teller machine; and

a memory unit electrically connected to the determination unit and encoded with instructions for performing the following;

determining if the consumer selected a credit option at the point-of-sale terminal at least based on whether the transaction data was transmitted via the credit network, and determining whether the consumer selected a credit option at the automated teller machine at least based on a portion of the transaction data indicating the selection, and

processing the transaction data in accordance with the consumer selection so that an account associated with the financial institution is credited if the consumer selected the respective credit option.

18. A system for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the system comprising:

a determination unit associated with a first financial institution and adapted to communicate with a point-of-sale terminal through a debit network and a credit network and adapted to communicate with an automated teller machine through the debit network, the determination unit being further adapted to receive transaction data from the point-of-sale terminal and the automated teller machine; and

a memory unit electrically connected to the determination unit and encoded with instructions for performing the following;

determining if the consumer selected a credit option at the point-of-sale terminal at least based on whether the transaction data was transmitted via the credit network, and determining whether the consumer selected a credit option at the automated teller machine at least based on a portion of the transaction data indicating the selection,

processing the transaction data in accordance with the consumer selection if the consumer selected another option at the point-of-sale terminal or at the automated teller machine, and

transmitting at least a portion of the transaction data to a second financial institution for processing if the consumer selected the respective credit option.

39. A method for processing a transaction initiated at a point-of-sale terminal, the method comprising:

identifying a conventional debit card was read at the point-of-sale terminal the conventional debit card having previously been associated with at least two accounts;

determining whether a credit option was selected at the point-of-sale terminal; and

accessing a credit line associated with one of the at least two accounts if the credit option was selected.

40. A method for providing a consumer an option to use a conventional credit card for accessing multiple accounts, the method comprising:

receiving selection data transmitted by an automated teller machine after the conventional credit card is read by the automated teller machine, the selection data associated with an attempted transaction and including at least an amount of the transaction;

determining if the consumer selected a debit option at the automated teller machine; and

processing the transaction in accordance with the consumer selection by accessing a debit account associated with one of the multiple accounts.

41. The method as set forth in claim 40, wherein

determining whether the consumer selected a debit option at the automated teller machine includes evaluating a portion of the transaction data indicating the selection.

42. The method as set forth in claim 40, wherein

processing the transaction in accordance with the consumer selection includes

determining whether the attempted transaction is approved according to whether the consumer selected the debit option;

and

transmitting approval data to the automated teller machine indicating whether the transaction was approved.

43. The method as set forth in claim 42, wherein

determining whether the attempted transaction is approved includes verifying the consumer has an amount of money greater than or equal to the amount of the attempted transaction in a banking account, if the consumer selected the debit option.

44. The method as set forth in claim 43, wherein

the banking account is associated with a financial institution and a credit account linked to the conventional credit card is associated with another financial institution.

45. A method for processing a transaction initiated at a point-of-sale, the method comprising:

identifying data associated with a conventional debit account was input at the point-of-sale, the conventional debit account having previously been associated with at least one other account;

determining whether a credit option was selected at the point-of-sale; and

accessing a credit line associated with the at least one other account if the credit option was selected.