Promoting savings by facilitating incremental commitments made with credit card and other consumer-initiated transactions

• US 7,577,604 B2
• Filed: 08/21/2003
• Issued: 08/18/2009
• Est. Priority Date: 11/11/1999
• Status: Active Grant

• Current Assignee: Vesdia Corporation (Rakuten Group, Inc.)
• Original Assignee: Vesdia Corporation (Rakuten Group, Inc.)
• Inventors: Ogilvie, John W. L.
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US10/645,336
• Publication Number:
  US 20050038740A1
• Time in Patent Office: 2,189 Days
• Field of Search: 705/37, 705/35
• US Class Current: 705/37
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

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.

Claims

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, 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.

2. The method of claim 1, further comprising the step of calculating the deposit amount at the merchant computer system at the point of sale based on a percentage of the consumer-initiated transaction.

3. The method of claim 1, further comprising the step of calculating at the merchant computer system a service charge to be paid to at least one financial institution for processing the specified funds by crediting the deposit amount to the savings vehicle.

4. The method of claim 1, wherein the consumer-initiated transaction comprises debiting a debit card.

5. The method of claim 1, wherein the consumer-initiated transaction comprises charging a credit card.

6. The method of claim 1, wherein the deposit amount is a predetermined monetary amount determined by the savings agreement.

7. The method of claim 1, wherein the deposit amount is a non-predetermined monetary amount determined by the savings agreement.

8. The method of claim 1, further comprising the step of calculating the deposit amount as a monetary amount based on a predetermined percentage of the consumer-initiated transaction.

9. The method of claim 1, wherein the merchant computer system reduces the deposit amount by a service charge.

10. 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 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.

11. The method of claim 10, wherein the deposit amount is a predetermined monetary amount determined by the savings agreement.

12. The method of claim 10, wherein the deposit amount is a non-predetermined monetary amount determined by the savings agreement.

13. 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, 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.

14. The method of claim 13, wherein the deposit amount is a predetermined monetary amount determined by the savings agreement.

15. The method of claim 13, wherein the deposit amount is a non-predetermined monetary amount determined by the savings agreement.

16. 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 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.

17. The method of claim 16, wherein the deposit amount is a predetermined monetary amount determined by the savings agreement.

18. The method of claim 16, wherein the deposit amount is a non-predetermined monetary amount determined by the savings agreement.