Award system with increased payout options
First Claim
1. A method for fulfilling a request by a consumer to redeem rewards from a rewards account, the rewards account associated with a transaction account maintained by a financial institution and representing a dollar-value balance of rewards accrued to the consumer based on purchase transactions made by the consumer through the transaction account, comprising:
- electronically presenting to the consumer a web interface for managing the rewards account, the interface presented by a financial transactions computer system over a network and providing a plurality of redemption options for selection by the consumer, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account and at least one other option selected from the group consisting of;
an option to redeem at least a portion of the dollar-value balance through a merchant certificate;
an option to redeem at least a portion of the dollar-value balance through a credit to the transaction account; and
an option to redeem at least a portion of the dollar-value balance through a charitable gift;
receiving, via the web interface, a selection by the consumer of the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account;
electronically presenting to the consumer, via the web interface, a field for the consumer to enter information identifying the bank account;
electronically presenting to the consumer, via the web interface, a field for the consumer to enter information specifying a selected redemption amount, the selected redemption amount being less than or equal to the dollar-value balance;
receiving, via the web interface, consumer-entered information identifying the bank account and the selected redemption amount;
debiting the rewards account by the selected redemption amount; and
initiating an electronic funds transfer over a financial transactions network, using the information identifying the bank account, to the bank account in the amount of the selected redemption amount.
4 Assignments
0 Petitions
Accused Products
Abstract
A cash rebate award system with increased payout options is presented, wherein a consumer using a financial alternative to currency is rewarded based on the purchases made by the consumer within a given time frame, and is allowed to electronically transfer the award into any number of banking or investment accounts. A standard electronic currency transfer system, such as the ABA routing number system, or the ACH routing system, can be used so as not to limit the accounts into which the consumer can transfer their award. Consumers can also choose to transfer their award to multiple accounts, or accounts belonging to others, such as family or charities. Account information can also be saved for more efficient subsequent transfers, and automated transfers can also be set up by the consumer.
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Citations
24 Claims
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1. A method for fulfilling a request by a consumer to redeem rewards from a rewards account, the rewards account associated with a transaction account maintained by a financial institution and representing a dollar-value balance of rewards accrued to the consumer based on purchase transactions made by the consumer through the transaction account, comprising:
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electronically presenting to the consumer a web interface for managing the rewards account, the interface presented by a financial transactions computer system over a network and providing a plurality of redemption options for selection by the consumer, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account and at least one other option selected from the group consisting of; an option to redeem at least a portion of the dollar-value balance through a merchant certificate; an option to redeem at least a portion of the dollar-value balance through a credit to the transaction account; and an option to redeem at least a portion of the dollar-value balance through a charitable gift; receiving, via the web interface, a selection by the consumer of the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account; electronically presenting to the consumer, via the web interface, a field for the consumer to enter information identifying the bank account; electronically presenting to the consumer, via the web interface, a field for the consumer to enter information specifying a selected redemption amount, the selected redemption amount being less than or equal to the dollar-value balance; receiving, via the web interface, consumer-entered information identifying the bank account and the selected redemption amount; debiting the rewards account by the selected redemption amount; and initiating an electronic funds transfer over a financial transactions network, using the information identifying the bank account, to the bank account in the amount of the selected redemption amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for redeeming rewards in a financial transactions computer system, the rewards having accrued in a rewards account associated with a transaction account maintained by a financial institution and representing a dollar-value balance of rewards accrued based on purchase transactions made through the transaction account, comprising:
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electronically accessing a web interface for managing the rewards account, the interface presented by the financial transactions computer system over a network and having a plurality of redemption options for selection, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account and at least one other option selected from the group consisting of; an option to redeem at least a portion of the dollar-value balance through a merchant certificate; an option to redeem at least a portion of the dollar-value balance through a credit to the transaction account; and an option to redeem at least a portion of the dollar-value balance through a charitable gift; electronically selecting, through the web interface, the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account; electronically designating, through the web interface, information identifying the bank account; and electronically designating, through the web interface, a selected redemption amount less than or equal to the dollar-value balance to be debited from the rewards account for transfer to the bank account. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A system for facilitating the redemption of rewards comprising:
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a financial transactions computer configured for administering; (a) a transaction account of a consumer maintained by a financial institution; and (b) a rewards account associated with the transaction account and representing a dollar-value balance of rewards accrued based on purchase transactions made through the transaction account; a web interface for allowing the consumer to manage the rewards account, the interface comprising; a plurality of redemption options for selection, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account and at least one other option selected from the group consisting of; an option to redeem at least a portion of the dollar-value balance through a merchant certificate; an option to redeem at least a portion of the dollar-value balance through a credit to the transaction account; and an option to redeem at least a portion of the dollar-value balance through a charitable gift; a field for designation of information identifying a bank account, for presentation when the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account has been selected; and a field for designation of a selected redemption amount to be debited from the rewards account; and a financial transactions network for electronically transferring funds in the selected redemption amount to the bank account. - View Dependent Claims (20, 21, 22, 23, 24)
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Specification