System and method for processing transactions using a multi-account transactions device

• US 7,766,244 B1
• Filed: 12/31/2007
• Issued: 08/03/2010
• Est. Priority Date: 12/31/2007
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Field, Manning R., Reinhard, Walter Brent
• Primary Examiner(s): Lee; Michael G
• Assistant Examiner(s): CHEDEKEL, TABITHA F
• Application Number:
  US11/968,018
• Time in Patent Office: 946 Days
• Field of Search: 235/493, 235/492, 235/379, 235/380, 235/487
• US Class Current: 235/493
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features

Abstract

A system and method for processing transactions using a multi-account transaction device. The method comprises the steps of: receiving at least one transaction particular relating to a transaction conducted with a multi-account transaction device; determining at least one first desired account associated with the multi-account transaction device to which the transaction will be posted; posting the transaction to the at least one first desired account; receiving at least one second desired account to which at least a portion of the transaction should be posted; posting the at least a portion of the transaction to the at least one second desired account; and reconciling the at least one first desired account.

Claims

1. A multi-account transaction device, comprising:

a top portion having at least one top portion identifier associated with at least one first account;

a bottom portion having at least one bottom portion identifier associated with at least one second account;

a hinge connecting the top portion to the bottom portion,

wherein the top portion and the second portion are relatively movable between a first position where a first amount of account identifiers are available for initiation to a second position where a second amount of account identifiers are available for initiation; and

wherein the at least one top portion identifier or the at least one bottom portion identifier may be initiated at a point-of-sale terminal to designate at least one initial account to which a transaction amount is to be posted.

2. The multi-account transaction device of claim 1 wherein the at least one top portion identifier comprises at least one magnetic stripe.

3. The multi-account transaction device of claim 1 wherein the top and bottom portion comprises a transaction card.

4. The multi-account transaction device of claim 1 wherein one of the at least one top portion account identifier corresponds to a credit account.

5. The multi-account transaction device of claim 1 wherein one of the at least one top portion account identifier corresponds to a debit account.

6. The multi-account transaction device of claim 1 wherein the transaction amount is allocated among the plurality of accounts based on at least one transaction particular associated with the transaction.