Method and system for saving and investing through use of a money management card and pooled investment accounts
First Claim
1. In a system wherein a credit card is used to charge a purchase amount for purchases, a method for allowing a user to save a specified savings amount when using the credit card, the method comprising the computer-implemented acts of:
- associating the credit card with an investment account for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards associated with a savings program thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet minimum investment amounts for registered securities to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements for the registered securities;
receiving from the user an indication of registered security allocations, the registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities associated with the established investment account;
receiving an indication that the user made a purchase using the credit card for a specified purchase amount;
prior to billing the indicated credit card purchase;
a computer calculating a separate savings amount to loan to the user for investment in the user'"'"'s indicated registered security allocations, the calculation of the separate savings amount triggered by the purchase, the separate savings amount based on the purchase amount of the purchase, the separate savings amount being less than the minimum investment amount for the user'"'"'s indicated security allocations;
the computer loaning the separate savings amount to the user for investment in the user'"'"'s indicated registered security allocations such that the loaned savings amount can be invested on behalf of the user prior to billing for payment for the loaned savings amount from the user, wherein the loaned savings amount is charged to the credit card along with the purchase amount and not as a charge associated with a separate credit account; and
the computer adding the loaned savings amount to the pooled account in the name of the user prior to receiving payment for the loaned savings amount so that the loaned savings amount can be pooled with savings amounts of the other plurality of users issued cards associated with the savings program in order to meet the minimum investment amounts for the user'"'"'s indicated registered securities.
1 Assignment
0 Petitions
Accused Products
Abstract
A money management card adapted to provide a method of saving and investing for a user of the money management card. The money management card is associated with an investment account which allows money to be pooled for the purpose of investing. The investment account allows the user to allocate the balance of the investment account in one or more investment vehicles. The user is not required to satisfy a minimum amount before placing a portion of the balance in the investment vehicle. The balance of the investment account is funded by additional amounts added to purchase amounts for purchases made with the card.
59 Citations
24 Claims
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1. In a system wherein a credit card is used to charge a purchase amount for purchases, a method for allowing a user to save a specified savings amount when using the credit card, the method comprising the computer-implemented acts of:
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associating the credit card with an investment account for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards associated with a savings program thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet minimum investment amounts for registered securities to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements for the registered securities; receiving from the user an indication of registered security allocations, the registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities associated with the established investment account; receiving an indication that the user made a purchase using the credit card for a specified purchase amount; prior to billing the indicated credit card purchase; a computer calculating a separate savings amount to loan to the user for investment in the user'"'"'s indicated registered security allocations, the calculation of the separate savings amount triggered by the purchase, the separate savings amount based on the purchase amount of the purchase, the separate savings amount being less than the minimum investment amount for the user'"'"'s indicated security allocations; the computer loaning the separate savings amount to the user for investment in the user'"'"'s indicated registered security allocations such that the loaned savings amount can be invested on behalf of the user prior to billing for payment for the loaned savings amount from the user, wherein the loaned savings amount is charged to the credit card along with the purchase amount and not as a charge associated with a separate credit account; and the computer adding the loaned savings amount to the pooled account in the name of the user prior to receiving payment for the loaned savings amount so that the loaned savings amount can be pooled with savings amounts of the other plurality of users issued cards associated with the savings program in order to meet the minimum investment amounts for the user'"'"'s indicated registered securities. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. In a system wherein a user uses a credit card to charge a purchase amount for purchases, a method for allowing the user to save a specified savings amount when using the credit card, the method comprising the computer-implemented acts of:
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authorizing the addition of a savings amount to any purchase amount corresponding to any purchases the user makes using the credit card; submitting to a financial institution an indication of registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities, the registered securities associated with an investment account established for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards associated with a savings program thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet a minimum investment amount to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements; making a purchase using the credit card, the purchase for a specified purchase amount; a computer receiving a charge for use of the credit card, the charge including;
1) the specified purchase amount, and
2) a loaned savings amount that was loaned by the financial institution to the user prior to generation of the received charge and invested into the pooled account in the name of the user prior to generation of the received charge, the loaned savings amount having been calculated based on the sum of the specified purchase amount, the specified separate savings amount being less than the minimum investment amount, and wherein the loaned savings amount is charged to the credit card along with the purchase amount and not as a charge associated with a separate credit account. - View Dependent Claims (13, 14, 15, 16)
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17. In a system wherein a debit card associated with a user'"'"'s account is used to conduct purchases for a purchase amount, a method for investing a savings amount for the user in response to use of the debit card, the method comprising the computer-implemented acts of:
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associating the debit card with an investment account for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet minimum investment amounts for registered securities to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements for the registered securities; receiving from the user an indication of registered security allocations, the registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities associated with the established investment account; receiving a debit card authorization indicating that a user made a purchase using the debit card for a specified purchase amount; concurrent with the debit card authorization; a computer calculating a separate savings amount corresponding to the purchase based on the specified purchase amount, the calculation of the separate savings amount being less than the minimum investment amount for the user'"'"'s indicated registered security allocations; the computer directly deducting the specified purchase amount and the calculation of the separate savings amount from the user'"'"'s account; and the computer adding the separate savings amount to the pooled account in the name of the user so that the separate savings amount can be pooled with savings amounts of the other plurality of users issued cards associated with the savings program in order to meet the minimum investment amounts for the user'"'"'s indicated registered securities in response to use of the debit card. - View Dependent Claims (18, 19, 20, 21, 22)
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23. A computer program product for use in a system wherein a credit card is used to charge a purchase amount for purchases, the computer program product for implementing a method for allowing the user to save a specified savings amount when using the credit card, the computer program product comprising a computer-readable medium having stored thereon computer-executable instructions that, when executed at a processor, cause the system to perform the method, including the following:
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associate the credit card with an investment account for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards associated with a savings program thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet minimum investment amounts for registered securities to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements for the registered securities; receive from the user an indication of registered security allocations, the registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities associated with the established investment account; receive an indication that the user made a purchase using the credit card for a specified purchase amount; prior to billing the indicated credit card purchase; calculate a separate savings amount to loan to the user for investment in the user'"'"'s indicated registered security allocations, the calculation of the separate savings amount triggered by the purchase, the separate savings amount based on the purchase amount of the purchase, the separate savings amount being less than the minimum investment amount for the user'"'"'s indicated registered security allocations; loan the separate savings amount to the user for investment in the user'"'"'s indicated registered security allocations such that the loaned savings amount can be invested on behalf of the user prior to receiving payment for the loaned savings amount from the user, wherein the loaned savings amount is charged to the credit card along with the purchase amount and not as a charge associated with a separate credit account; add the loaned savings amount to the pooled account in the name of the user prior to receiving payment for the loaned savings amount so that the loaned savings amount can be pooled with savings amounts of the other plurality of users issued cards associated with the savings program in order to meet the minimum investment amounts for the user'"'"'s registered securities.
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24. A computer program product for use in a system wherein a debit card associated with a user'"'"'s account is used to conduct purchases for a purchase amount, the computer program product for implementing a method for investing a savings amount for the user in response to use of the debit card, the computer program product comprising one or more computer-readable media having stored thereon computer-executable instructions that, when executed at a processor, cause the system to perform the method, including the following:
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associate the debit card with an investment account for the user, the investment account including a pooled account that aggregates funds from a plurality of users that have been issued cards associated with a savings program thereby increasing the pool of total funds that can be invested by the plurality of users issued cards associated with the savings program, the pooled account enabling each of the plurality of users issued cards associated with the savings program and that do not individually submit savings amounts sufficient to meet minimum investment amounts for registered securities to invest along with the other plurality of users issued cards associated with the savings program in order to meet the minimum investment requirements for the registered securities; receive from the user an indication of registered security allocations, the registered security allocations indicating how any separate savings amounts submitted on behalf of the user are to be invested in corresponding registered securities associated with the established investment account; receive a debit card authorization indicating that a user made a purchase using the debit card for a specified purchase amount concurrent with the debit card authorization; calculate a separate savings amount corresponding to the purchase based on the specified purchase amount, the calculation of the separate savings amount being less than the minimum investment amount for the user'"'"'s indicated registered security allocations; directly deduct the specified purchase amount and the calculation savings amount from the user'"'"'s account; and add the separate savings amount to the pooled account in the name of the user so that the separate savings amount can be pooled with savings amounts of the other plurality of users issued cards associated with the savings program in order to meet the minimum investment amounts for the user'"'"'s indicated registered securities in response to use of the debit card.
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Specification