Transferring funds to designated accounts through the use of a money management card

• US 7,523,057 B1
• Filed: 06/16/2005
• Issued: 04/21/2009
• Est. Priority Date: 04/17/2001
• Status: Expired due to Fees

• Current Assignee: Cornelius Marketing
• Original Assignee: Cornelius Marketing
• Inventors: Cornelius, Harry
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Zecher; Michael R
• Application Number:
  US11/153,927
• Time in Patent Office: 1,405 Days
• Field of Search: None
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A money management card adapted to provide a method of saving and investing for a user of the money management card. An entity, such as, for example, a card issuer, receives a user designation of one or more designated accounts that are to receive at least a portion of any additional amount added to purchases made using the money management card. The entity receives an indication that a user has used the money management card to make a purchase for a specified purchase amount subsequent to receiving the user designation. The entity adds a calculated additional amount to the specified purchase amount, for example, based on the fact a purchase was made or based at least in part on the specified purchase amount. The entity transfers an appropriate portion of the calculated additional amount to each of the one or more designated accounts. Third parties can also transfer matching funds that match at least a portion of the calculated additional amount.

Claims

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 by transferring a savings amount to one or more registered securities in response to 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 has used the credit card to make a purchase for a specified purchase amount subsequent to receiving the user indication of the registered security allocations;

a computer adding a calculated separate savings amount to the specified purchase amount, the separate savings amount to be loaned 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;

said 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;

said computer transferring an appropriate portion of 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 the 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; and

said computer transferring at least a portion of the loaned savings amount into at least one of the user'"'"'s indicated registered securities when it is determined that the value of the pooled account has reached the minimum investment amount required by the registered security.

2. The method of claim 1, further comprising:

calculating the separate savings amount based on the specified purchase price.

3. The method of claim 1, further comprising:

identifying the separate savings amount based on the purchase being made and independent of the purchase amount.

4. The method as recited in claim 1, wherein receiving an indication that the user has used the credit card to make a purchase comprises detecting that the credit card has been swiped.

5. The method as recited in claim 1, wherein adding a calculated separate savings amount to the specified purchase amount comprises adding a fixed amount to specified purchase price.

6. The method as recited in claim 5, wherein adding a fixed amount to specified purchase price comprises adding a fixed amount to the specified purchase amount based at least in part on the specified purchase price.

7. The method as recited in claim 5, wherein adding a fixed amount to specified purchase price comprises adding a fixed amount to the specified purchase amount as a result of the purchase being made and independent of the specified purchase amount.

8. The method as recited in claim 1, wherein adding a calculated separate savings amount to the specified purchase amount comprises adding a percentage of the specified purchase price to the specified purchase price.

9. The method as recited in claim 1, wherein adding a calculated separate savings amount to the specified purchase amount comprises adding a calculated separate savings amount that is to be funded by a user of the credit card.

10. The method as recited in claim 1, wherein adding a calculated separate savings amount to the specified purchase amount comprises adding a calculated separate savings amount that is to be funded by an entity selected from among an issuer, a merchant, a manager, a corporation, and a person.

11. The method as recited in claim 1, further comprising:

billing a user of the credit card for the specified purchase price and the calculated separate savings amount in a single statement.

12. The method as recited in claim 1, further comprising:

determining a matching amount that matches at least a portion of the calculated separate savings amount, the matching amount funded by a third party; and

an act of transferring an appropriate portion of the matching amount to the pooled account.

13. 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 a user to save a specified savings amount when using the credit card by transferring a savings amount to one or more registered securities in response to using the credit card, the computer program product comprising one or more computer readable storage media having stored thereon computer-executable instructions that, when executed by a processor, cause the system to perform the following:

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 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;

receive an indication that the user has used the credit card to make a purchase for a specified purchase amount subsequent to receiving the user indication of the registered security allocations;

add a calculated separate savings amount to the specified purchase amount, the separate savings amount to be loaned 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 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;

transfer an appropriate portion of 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 the 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; and

transfer at least a portion of the loaned savings amount into at least one of the user'"'"'s indicated registered securities when it is determined that the value of the pooled account has reached the minimum investment amount required by the registered security.

14. The computer program product as recited in claim 13, further comprising computer-executable instructions that, when executed, cause the system to calculate the separate savings amount based on the specified purchase price.

15. The computer program product as recited in claim 13, further comprising computer-executable instructions that, when executed, cause the system to identify the separate savings amount based on the purchase being made and independent of the purchase amount.

16. The computer program product as recited in claim 13, wherein computer-executable instructions that, when executed, cause the system to receive an indication that the user has used the credit card to make a purchase comprise computer-executable instructions that, when executed cause the system to detect that the credit card has been swiped.

17. The computer program product as recited in claim 13, wherein computer-executable instructions that, when executed, cause the system to add a calculated separate savings amount to the specified purchase amount comprise computer-executable instructions that, when executed cause the system to add a fixed amount to specified purchase price as a result of the purchase being made and independent of the specified purchase price.

18. The computer program product as recited in claim 13, wherein computer-executable instructions that, when executed, cause the system to add a calculated separate savings amount to the specified purchase amount comprise computer-executable instructions that, when executed cause the system to add a percentage of the specified purchase price to the specified purchase price.

19. The computer program product as recited in claim 13, wherein computer-executable instructions that, when executed, cause the system to add a calculated separate savings amount to the specified purchase amount comprise computer-executable instructions that, when executed cause the system to add a calculated separate savings amount that is to be funded by a user of the credit card.

20. The computer program product as recited in claim 13, wherein computer-executable instructions that, when executed, cause the system to add a calculated separate savings amount to the specified purchase amount comprise computer-executable instructions that, when executed cause the system to add a calculated separate savings amount that is to be funded by an entity selected from among an issuer, a merchant, a manager, a corporation, and a person.

21. The computer program product as recited in claim 13, further comprising computer-executable instructions that, when executed, cause the system to perform the following:

determine a matching amount that matches at least a portion of the calculated separate savings amount, the matching amount funded by a third party; and

transfer an appropriate portion of the matching amount to the pooled account.

22. The computer program product as recited in claim 13, further comprising computer-executable instructions that, when executed, cause the system to bill a user of the credit card for the specified purchase price and the calculated separate savings amount in a single statement.

23. 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 by transferring a savings amount to an one or more registered securities in response to 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 has used the credit card to make a purchase for a specified purchase amount subsequent to receiving the user indication of the registered security;

a computer calculating a separate savings amount to add to the specified purchase amount, the separate savings amount to be loaned 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;

said 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;

said computer determining a matching amount that matches at least a portion of the separate savings amount, the matching amount provided by a third party;

said computer transferring the sum of the loaned savings amount and the matching amount in the pooled account in the name of the user prior to receiving payment for the loaned savings amount so that the loaned savings amount and the matching amount can be pooled with the 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;

said computer transferring at least a portion of the loaned savings amount and the matching amount into at least one of the user'"'"'s indicated registered securities when it is determined that the value of the pooled account has reached the minimum investment amount required by the registered security.

24. The method as recited in claim 23, wherein calculating the separate savings amount to add to the purchase amount comprises calculating the separate savings amount as a percentage of the purchase amount.

25. The method as recited in claim 23, wherein calculating the separate savings amount to add to the purchase amount comprises identifying a fixed amount based on the purchase being made and independent of the purchase price.

26. The method as recited in claim 23, wherein calculating the separate savings amount to add to the purchase amount comprises calculating the separate savings amount that is to be funded by an entity selected from among an issuer, a merchant, a manager, a corporation, and a person.

27. 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 a user to save a specified savings amount when using the credit card by transferring a savings amount to one or more registered securities in response to using the credit card, the computer program product comprising one or more computer readable storage media having stored thereon computer-executable instructions that, when executed by a processor, cause the system to perform the following:

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 has used the credit card to make a purchase for a specified purchase amount subsequent to receiving the user indication of the registered security allocations;

calculating a separate savings amount to add to the specified purchase amount, the separate savings amount to be loaned 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;

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;

determining a matching amount that matches at least a portion of the separate savings amount, the matching amount provided by a third party;

transferring the sum of the loaned savings amount and the matching amount in the pooled account in the name of the user prior to receiving payment for the loaned savings amount so that the loaned savings amount and the matching amount can be pooled with the 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; and

transferring at least a portion of the loaned savings amount and the matching amount into at least one of the user'"'"'s indicated registered securities when it is determined that the value of the pooled account has reached the minimum investment amount required by the registered security.

28. The computer program product as recited in claim 27, wherein computer-executable instructions that, when executed, cause the system to calculate the separate savings amount to add to the purchase amount comprise computer-executable instructions that, when executed cause the system to calculate separate savings amount as a percentage of the purchase amount.

29. The computer program product as recited in claim 27, wherein computer-executable instructions that, when executed, cause the system to calculate the separate savings amount to add to the purchase amount comprise computer-executable instructions that, when executed cause the system to identify a fixed amount based on the purchase being made and independent of the purchase price.

30. The computer program product as recited in claim 27, wherein computer-executable instructions that, when executed, cause the system to calculate the separate savings amount to add to the purchase amount comprise computer-executable instructions that, when executed cause the system to calculate the separate savings amount that is to be funded by an entity selected from among an issuer, a merchant, a manager, a corporation, and a person.