Creation and distribution of excess funds, deposits, and payments

• US 7,502,758 B2
• Filed: 09/12/2001
• Issued: 03/10/2009
• Est. Priority Date: 09/12/2001
• Status: Active Grant

• Current Assignee: Acorns Grow Inc.
• Original Assignee: Every Penny Counts Incorporated
• Inventors: Burke, Bertram V.
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): Norman; Samica L
• Application Number:
  US10/380,247
• Publication Number:
  US 20040153400A1
• Time in Patent Office: 2,736 Days
• Field of Search: 705/39, 705/40, 705/41
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

Abstract

Accumulating credits from financial movements to and from accounts held by a financial transactor and managed by an account manager involves initiating a roundup by periodically accessing entries in the account with an information processor to round up entries in the account, rounding up the entries in the account to obtain a total roundup amount, withdrawing the roundup amount from the account and debiting the account with the roundup amount. In one embodiment the information processor is external to and out of control of the account manager. At non-bank and bank locations send deposits and payments, in cash and/or checks, to financial institutions by using a remote input to truncate the paper checks and the cash used in the transaction.

Claims

1. A method of accumulating credits from financial movements to and from an account held by a financial transactor and managed by an account manager, comprising:

initiating roundup by accessing entries in the account with an information processor authorizing, by the transactor, rounding up of entries in the account;

rounding up the entries in the account to obtain a total roundup amount;

withdrawing the roundup amount from the account and debiting the account with the roundup amount;

wherein the step of initiating roundup is performed by said information processor accessing the account in the account manager, and the steps of initiating, rounding up, and withdrawal are done outside the control of the account manager.

2. A method as in claim 1, wherein the step of withdrawing includes crediting the withdrawn amount to a provider account that the transactor authorizes the processor to credit.

3. A method as in claim 1, wherein the step of initiating includes obtaining instructions as to the account to be accessed and a manner of determining the rounding.

4. A method as in claim 1, wherein the step of initiating includes obtaining instructions as to the account to be accessed and a manner of determining an identity of the provider account.

5. A method as in claim 2, wherein the crediting step includes crediting the amount to a plurality of provider accounts authorized by the transactor.

6. A method as in claim 1, wherein the transactor includes one of a person, institution, governmental entity, trust, corporation, or a customer, and said transactor holds one or more accounts including checking, credit, debit, home equity, or smart card accounts.

7. A method as in claim 1, wherein the steps of accessing and rounding are performed by said information processor and said information processor is a service organization.

8. A method as in claim 1, wherein the steps of accessing and rounding are performed by said information processor and said information processor and said information processor resides as a module in a computer.

9. A system for independently accumulating credits from a customer account belonging to the customer and managed by an institution and placing the credits into a provider account, comprising:

an information processor;

said information processor including a data store with data identifying the customer, the managed institution, and the account;

said data store including data authorizing the processor to access and read the customer account;

said data store including data to calculate roundups from the read customer account and to calculate an excess based on the roundups;

said data store including data to withdraw the excess from the customer account;

said data store including data to transfer the withdrawn excess to the provider account; and

said information processor is external to and outside the control of the institution.

10. A system as in claim 9, wherein said information processor includes a communicator coupled to a communication network connected to the customer, the institution, and the account.

11. A system as in claim 9, wherein said data store includes data from a plurality of customers, a plurality of institutions, and a plurality of accounts.

12. A system as in claim 9, wherein said information processor is a service organization for handling data from a number of customers, institutions, and accounts.