System and method for funding a collective account
First Claim
Patent Images
1. A computer-implemented method for processing a collective account said method comprising:
- issuing financial transaction cards associated with a plurality of non-linked separate and independent financial instrument accounts to a plurality of account holders, the non-linked separate and independent financial instrument accounts adapted to be linked to collective accounts;
providing a plurality of fundable collective accounts linkable with the plurality of separate and independent financial instrument accounts;
receiving from at least one of the plurality of account holders, an indication of at least one fundable collective account to link with at least one separate and independent financial instrument account,linking the at least one fundable collective account and the at least one separate and independent financial instrument account;
aggregating usage of financial transaction cards corresponding to separate and independent financial instrument accounts linked with the at least one fundable collective account;
calculating a first reward based on the aggregate financial transaction card usage;
funding the at least one collective account with the first reward such that the first reward is divisible among one or more sub accounts according to a provided reward allocation; and
providing an option to add or remove a linked collective account and adjust the provided reward allocation,wherein the providing, receiving, linking, aggregating, calculating and funding steps are performed by a computer comprising a processor and a memory.
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Abstract
A system and method for funding a collective account such as a charitable account includes issuing a plurality of financial instruments, linking the financial instruments to the collective account, aggregating individual financial instrument usage, calculating a bonus or other reward based on the aggregate financial instrument usage and funding or distributing the reward to the collective account. According to the invention, members of a civic, charitable, political or other entity may generate collective rewards or other benefits which may be attributed to the designated organization.
476 Citations
24 Claims
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1. A computer-implemented method for processing a collective account said method comprising:
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issuing financial transaction cards associated with a plurality of non-linked separate and independent financial instrument accounts to a plurality of account holders, the non-linked separate and independent financial instrument accounts adapted to be linked to collective accounts; providing a plurality of fundable collective accounts linkable with the plurality of separate and independent financial instrument accounts; receiving from at least one of the plurality of account holders, an indication of at least one fundable collective account to link with at least one separate and independent financial instrument account, linking the at least one fundable collective account and the at least one separate and independent financial instrument account; aggregating usage of financial transaction cards corresponding to separate and independent financial instrument accounts linked with the at least one fundable collective account; calculating a first reward based on the aggregate financial transaction card usage; funding the at least one collective account with the first reward such that the first reward is divisible among one or more sub accounts according to a provided reward allocation; and providing an option to add or remove a linked collective account and adjust the provided reward allocation, wherein the providing, receiving, linking, aggregating, calculating and funding steps are performed by a computer comprising a processor and a memory. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A system for linking financial instruments to one or more selectable collective accounts associated with charitable organizations and funding the one or more selectable collective accounts, the system comprising:
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a plurality of electronically readable financial financial transaction cards corresponding to non-linked separate and independent financial instrument accounts, at least one of the electronically readable financial transaction cards associated with an individual account holder; a central computer comprising a processor and a memory operable to perform the following steps; providing a plurality of fundable collective accounts linkable to the plurality of separate and independent financial instrument accounts; receiving, from at least one of the plurality of account holders, an indication of at least one fundable collective account to link with at least one separate and independent financial instrument account, linking the at least one fundable collective account to the at least one separate and independent financial instrument account; aggregating, by a processor, usage of financial transaction card corresponding to separate and independent financial instrument accounts linked with the at least one fundable collective account; calculating, by the processor, a first reward based on the aggregate financial transaction card usage; funding the at least one collective account with the first reward such that the first reward is divisible among one or more sub accounts according to a provided reward allocation; and providing an option to add or remove a linked collective account and adjust the provided reward allocation. - View Dependent Claims (24)
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Specification