Portability of financial tokens

• US 7,809,637 B2
• Filed: 06/04/2007
• Issued: 10/05/2010
• Est. Priority Date: 06/04/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Monk, Justin T.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Scarito; John D
• Application Number:
  US11/757,837
• Publication Number:
  US 20080301048A1
• Time in Patent Office: 1,219 Days
• Field of Search: None
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method determines that a first relationship between a holder of a portable consumer device and a first employer is terminated. In response to determining that the first relationship is terminated, the method also disassociates account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device. In addition, the method establishes a second relationship between the employee and a second employer and links the account information of the portable consumer device with the second employer.

Claims

1. A method comprising:

receiving a portability trigger that indicates that a first relationship between a holder of a portable consumer device and a first employer is terminated;

in response to determining that the first relationship is terminated, disassociating, using a server computer, account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device in a database coupled with the server computer, wherein the account information includes one or more device statuses;

stripping first employer benefits information from the portable consumer device in the database, wherein the first employer benefits information comprises a first employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions;

determining, based on the one or more device statuses, whether the portable consumer device qualifies for placement in an orphan standing or for transfer to a second employer;

if it is determined that the portable consumer device qualifies for said placement in said orphan standing, placing the portable consumer device in said orphan standing, alerting the holder that the portable consumer device is in said orphan standing, sending the holder information concerning terms and conditions of said orphan standing and transferring the portable consumer device to a standard fee schedule; and

if it is determined that the portable consumer device qualifies for said transfer to the second employer, linking the account information of the portable consumer device with the second employer in the database, receiving second employer benefits information, wherein the second employer benefits information comprises a second employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions, and transferring the portable consumer device to the second employer fee schedule.

2. The method of claim 1, wherein alerting the holder that the portable consumer device is in said orphan standing includes sending an email to the holder.

3. The method of claim 1, further comprising:

notifying the holder that the first employer benefits information has been stripped from the portable consumer device.

4. The method of claim 1, further comprising:

alerting the holder that the account information of the portable consumer device is disassociated from the first employer.

5. The method of claim 1, wherein linking the account information of the portable consumer device with the second employer in the database comprises providing, to the second employer, a direct deposit number and a routing number associated with an account on the portable consumer device;

and the method further comprises using, by the second employer, the direct deposit number and the routing number to deposit funds to the account on the portable consumer device.

6. The method of claim 1, further comprising withdrawing first employer access to the account information on the portable consumer device of the holder.

7. The method of claim 1, wherein the account information further includes a direct deposit number and a routing number.

8. The method of claim 1, wherein the second employer is also the first employer.

9. The method of claim 1 wherein the portability trigger is a message sent from the second employer of the holder to the issuer indicating that a second relationship between the holder and the second employer has been established.

10. The method of claim 1 wherein the holder or the first employer pays for the charges incurred under the standard fee schedule or the second employer pays for some or all of the charges incurred under the second employer fee schedule.

11. The method of claim 1, wherein the one or more device statuses of the portable consumer device are designated by the first employer, the second employer, the holder, the issuer, or any combination thereof.

12. The method of claim 1 wherein it is determined that the portable consumer device does not qualify for said placement in said orphan standing or for said transfer to the second employer because the one or more device statuses includes a disqualifying status.

13. The method of claim 1, wherein the portable consumer device is a payroll card;

and the first employer and the second employer are employers of the holder.

14. A computer readable medium having computer-executable code stored thereon, said computer-executable code comprising:

computer-executable code for receiving a portability trigger that indicates that a first relationship between a holder of a portable consumer device and a first employer is terminated;

computer-executable code for in response to determining that the first relationship is terminated, disassociating, using a server computer, account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device in a database coupled with the server computer, wherein the account information includes one or more device statuses;

computer-executable code for stripping first employer benefits information from the portable consumer device in the database, wherein the first employer benefits information comprises a first employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions;

computer-executable code for determining, based on the one or more device statuses, whether the portable consumer device qualifies for placement in an orphan standing or for transfer to a second employer;

computer-executable code for if it is determined that the portable consumer device qualifies for said placement in said orphan standing, placing the portable consumer device in said orphan standing, alerting the holder that the portable consumer device is in said orphan standing, sending the holder information concerning terms and conditions of said orphan standing and transferring the portable consumer device to a standard fee schedule; and

computer-executable code for if it is determined that the portable consumer device qualifies for said transfer to the second employer, linking the account information of the portable consumer device with the second employer in the database, receiving second employer benefits information, wherein the second employer benefits information comprises a second employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions, and transferring the portable consumer device to the second employer fee schedule.

15. A system comprising:

a database for storing account information of a portable consumer device; and

a server computer coupled to the database and configured to;

receive a portability trigger that indicates that a first relationship between a holder of the portable consumer device and a first employer is terminated;

in response to determining that the first relationship is terminated, disassociate, using the server computer, the account information of the portable consumer device from the first employer while retaining an association between the portable consumer device and an issuer of the portable consumer device in the database coupled with the server computer, wherein the account information includes one or more device statuses;

strip first employer benefits information from the portable consumer device in the database, wherein the first employer benefits information comprises a first employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions;

determine, based on the one or more device statuses, whether the portable consumer device qualifies for placement in an orphan standing or for transfer to a second employer;

place the portable consumer device in said orphan standing, alert the holder that the portable consumer device is in said orphan standing, send the holder information concerning terms and conditions of said orphan standing and transfer the portable consumer device to a standard fee schedule, if it is determined that the portable consumer device qualifies for said placement in said orphan standing; and

link the account information of the portable consumer device with the second employer in the database, receive second employer benefits information, wherein the second employer benefits information comprises a second employer fee schedule for fees charged to the holder when the holder uses the portable consumer device to conduct transactions, and transfer the portable consumer device to the second employer fee schedule, if it is determined that the portable consumer device qualifies for said transfer to the second employer.

16. The system of claim 15, further comprising an access device in operative communication with the server computer.

17. The system of claim 15, wherein the server computer is further configured to:

notify the holder that the first employer benefits information has been stripped from the portable consumer device.

18. The system of claim 15, wherein the server computer further configured to:

alert the holder that the account information of the portable consumer device is disassociated from the first employer.

19. The system of claim 15, wherein the portable consumer device is a payroll card;

and the first employer and the second employer are employers of the holder.

20. The system of claim 15, wherein to link the account information of the portable consumer device with the second employer in the database comprises providing, to the second employer, a direct deposit number and a routing number associated with an account on the portable consumer device;

and wherein the server computer is further configured to use, by the second employer, the direct deposit number and the routing number to deposit funds to the account on the portable consumer device.

21. The system of claim 15, wherein the issuer is a bank;

the holder has a bank account with the bank; and

the account information links the bank account to transactions made on the portable consumer device.

22. The system of claim 15, wherein the server computer is further configured to use, by the second employer, the account information to deposit funds into a bank account of the holder of the portable consumer device.

23. The system of claim 15, wherein the server computer is further configured to withdraw first employer access to the account information on the portable consumer device of the holder.

24. The system of claim 15, wherein the account information further includes a direct deposit number and a routing number.

25. The system of claim 15, wherein the second employer is also the first employer.