Promoting savings by facilitating incremental commitments made with credit card and other consumer-initiated transactions
First Claim
1. A method for facilitating consumer savings, comprising the computer-assisted steps of:
- operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service;
transmitting information from a merchant computer system to the computing device of the financial institution that a consumer has initiated a transaction;
receiving information at the computing device of the financial institution from the merchant computer system that the consumer has initiated the transaction;
determining at the computing device of the financial institution that the consumer-initiated transaction is a covered transaction based on the stored information defining the savings agreement;
transmitting information from the computing device of the financial institution to the merchant computer system that the consumer-initiated transaction is a covered transaction;
receiving information at the merchant computer system from the computing device of the financial institution (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement;
wherein;
covered transactions pursuant to the agreement are determined by the computing device of the financial institution according to at least one of the time at which a transaction occurs and the transaction amount, andthe specified funds comprise a deposit amount that the consumer has agreed to deposit under the terms of the savings agreement for the consumer-initiated transaction; and
automatically directing the specified funds by the merchant computer system on the consumer'"'"'s behalf to the specified savings vehicle at the financial institution pursuant to the savings agreement.
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Accused Products
Abstract
The present invention provides tools and techniques for directing funds on behalf of a consumer to a specified account as a beneficial side-effect of a transaction that is primarily directed toward another goal, such as the purchase of merchandise or services. For instance, when the consumer purchases goods with a specified credit card, one version of the invention automatically directs an incremental amount to savings on behalf of the consumer, pursuant to an agreement previously made between the consumer and a facilitator. Under such an agreement, a specified percentage of the transaction or a flat amount per transaction is directed to a savings account, a mutual fund account, or another savings vehicle. The benefited savings vehicle is not necessarily owned by the consumer. The directed funds may be deposited on an annual basis, a threshold basis, or a one-deposit-per-transaction basis. Other variations are also described.
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Citations
18 Claims
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1. A method for facilitating consumer savings, comprising the computer-assisted steps of:
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operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service; transmitting information from a merchant computer system to the computing device of the financial institution that a consumer has initiated a transaction; receiving information at the computing device of the financial institution from the merchant computer system that the consumer has initiated the transaction; determining at the computing device of the financial institution that the consumer-initiated transaction is a covered transaction based on the stored information defining the savings agreement; transmitting information from the computing device of the financial institution to the merchant computer system that the consumer-initiated transaction is a covered transaction; receiving information at the merchant computer system from the computing device of the financial institution (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement; wherein; covered transactions pursuant to the agreement are determined by the computing device of the financial institution according to at least one of the time at which a transaction occurs and the transaction amount, and the specified funds comprise a deposit amount that the consumer has agreed to deposit under the terms of the savings agreement for the consumer-initiated transaction; and automatically directing the specified funds by the merchant computer system on the consumer'"'"'s behalf to the specified savings vehicle at the financial institution pursuant to the savings agreement. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for facilitating consumer savings, comprising the computer-assisted steps of:
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operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing and transmitting to a creditor computer system the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service; transmitting information from a merchant computer system to the creditor computer system that a consumer has initiated a transaction; receiving information at the creditor computer system from the merchant computer system that the consumer has initiated the transaction; determining at the creditor computer system that the consumer-initiated transaction is a covered transaction based on the information received from the computing device of the financial institution defining the savings agreement; transmitting information from the creditor computer system to the merchant computer system (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement; wherein; covered transactions pursuant to the agreement are determined by the creditor computer system according to at least one of the time at which a transaction occurs and the transaction amount, and the specified funds comprise a deposit amount that the consumer has agreed to deposit under the terms of the savings agreement for the consumer-initiated transaction; and automatically directing the specified funds by the merchant computer system on the consumer'"'"'s behalf to the specified savings vehicle at the financial institution pursuant to the savings agreement. - View Dependent Claims (11, 12)
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13. A method for facilitating consumer savings, comprising the computer-assisted steps of:
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operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service; transmitting information from a merchant computer system to the computing device of the financial institution that a consumer has initiated a transaction; receiving information at the computing device of the financial institution from the merchant computer system that the consumer has initiated the transaction; determining at the computing device of the financial institution that the consumer-initiated transaction is a covered transaction based on the stored information defining the savings agreement; transmitting information from the computing device of the financial institution to the merchant computer system that the consumer-initiated transaction is a covered transaction; receiving information at the merchant computer system from the computing device of the financial institution (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement, wherein; covered transactions pursuant to the agreement are determined by the computing device of the financial institution according to at least one of the time at which a transaction occurs and the transaction amount, and the specified funds comprise a deposit amount that the consumer has agreed to deposit under the terms of the savings agreement for the consumer-initiated transaction; and automatically determining at the merchant computer system the deposit amount at the point of sale based on the received information regarding the terms of the savings agreement. - View Dependent Claims (14, 15)
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16. A method for facilitating consumer savings, comprising the computer-assisted steps of:
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operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing and transmitting to a creditor computer system the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service; transmitting information from a merchant computer system to the creditor computer system that a consumer has initiated a transaction; receiving information at the creditor computer system from the merchant computer system that the consumer has initiated the transaction; determining at the creditor computer system that the consumer-initiated transaction is a covered transaction based on the information received from the computing device of the financial institution defining the savings agreement; transmitting information from the creditor computer system to the merchant computer system that the consumer-initiated transaction is a covered transaction; receiving information at the merchant computer system (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement; automatically determining at the merchant computer system the deposit amount at the point of sale based on the received information regarding the terms of the savings agreement; and automatically directing the deposit amount by the merchant computer system on the consumer'"'"'s behalf to the specified savings vehicle at the financial institution pursuant to the savings agreement. - View Dependent Claims (17, 18)
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Specification