Systems and methods for automatic migration of a consumer between financial accounts

• US 7,860,790 B2
• Filed: 06/04/2007
• Issued: 12/28/2010
• 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): Merchant; Shahid R
• Application Number:
  US11/757,623
• Publication Number:
  US 20080301037A1
• Time in Patent Office: 1,303 Days
• Field of Search: 705/35, 705/39
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

Embodiments of the invention provide systems and methods for automatically migrating a consumer from one prepaid financial account to another prepaid financial account based on preset trigger criteria. A prepaid payment device, such as a payroll card, may be issued to the consumer and associated with a prepaid financial account. The prepaid financial account may include a profile for the consumer. The issuer of the prepaid payment device may monitor the account activity and set trigger criteria that control when the consumer is automatically migrated from the current prepaid financial account and which type of new account the consumer is migrated into.

Claims

1. A method of automatically migrating a consumer between prepaid financial accounts, the method comprising:

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated, using a server computer, with a profile of the consumer;

setting, using the server computer, trigger criteria for migrating the consumer from the first prepaid financial account to a second prepaid financial account, wherein the trigger criteria is based on account activity of the first prepaid financial account;

monitoring, using the server computer, the account activity of the first prepaid financial account to determine when the trigger criteria has been met;

automatically issuing the second prepaid financial account to the consumer when the trigger criteria has been met, and associating, using the server computer, the profile with the second prepaid financial account, wherein associating the profile with the second prepaid financial account comprises associating at least a direct deposit account number of the consumer with the second prepaid financial account; and

setting, using the server computer, the first prepaid financial account for closure, wherein the trigger criteria includes a fraud trigger and wherein after the fraud trigger has been met, the consumer is migrated to the second prepaid financial account.

2. The method of claim 1 wherein issuing a first and second prepaid financial accounts comprises issuing payroll card accounts configured to be loaded by an employer.

3. The method of claim 1 further comprising loading funds into the second prepaid financial account using the direct deposit account number.

4. The method of claim 1 wherein the profile comprises the consumer'"'"'s name and a direct deposit account number associated with the consumer.

5. The method of claim 1 wherein the first and second prepaid financial accounts have different account numbers.

6. The method of claim 1 further comprising issuing a new portable consumer device associated with the second prepaid financial account to the consumer, wherein the new portable consumer device is embossed with a new account number different than that of the first prepaid financial account and the consumer'"'"'s name.

7. The method of claim 1 further comprising determining a type of the second prepaid financial account based on a type of the first prepaid financial account.

8. The method of claim 1 further comprising determining a type of the second prepaid financial account based on a number of trigger criteria that have been met.

9. The method of claim 1 wherein the first prepaid financial account is of a first type and the second prepaid financial account is of a second type, wherein each type of account includes a different set of features.

10. The method of claim 9 wherein the first type of account can only be reloaded the set number of times and the second type of account is capable of unlimited reloads.

11. The method of claim 9 wherein the first type of account can only be used at an Automated Teller Machine and the second type of account can also be used to conduct credit card transactions.

12. The method of claim 1 wherein the first prepaid financial account is an account that can only be reloaded a set number of times and the trigger criteria further includes reloading the account the set number of times.

13. The method of claim 1 wherein the trigger criteria further includes a number of times the first prepaid financial account has been loaded, an aggregate amount of funds loaded, a frequency of spending activity, and an amount of spending activity.

14. The method of claim 9 wherein the trigger criteria comprise a fraud alert and the second type of account has fraud prevention features.

15. The method of claim 14 wherein the fraud prevention features comprise enabling the account to transact only Personal Identification Number verified transactions.

16. The method of claim 14 wherein the fraud prevention features comprise limiting a number of reloads the account is allowed to transact.

17. The method of claim 1 wherein the trigger criteria further includes a total number of days that the account has been active.

18. The method of claim 9 wherein the first type of account is a credit card enabled account and the second type of account can only be reloaded a set number of times.

19. The method of claim 1 wherein the second prepaid financial account is configured to be loaded by an employer using the direct deposit account number.

20. The method of claim 1 further comprising notifying the consumer that the first prepaid financial account is being migrated.

21. The method of claim 1 wherein setting the first prepaid financial account for closure occurs after a new payment device associated with the second prepaid financial account is activated by the consumer.

22. The method of claim 1 wherein setting the first prepaid financial account for closure occurs after a set period of time has elapsed.

23. The method of claim 1 wherein the second prepaid financial account includes more benefits and fewer limitations than the first prepaid financial account.

24. The method of claim 1 wherein the second prepaid financial account includes more limitations than the first prepaid financial account.

25. The method of claim 1 wherein if the fraud trigger has been met, the consumer is required to verify with a Personal Identification Number each transaction conducted using the second prepaid financial account.

26. The method of claim 1 wherein the profile comprises counters tracking consumer behavior.

27. The method of claim 1 wherein the first prepaid financial account comprises a limited function payroll account, and the second prepaid financial account comprises an unlimited re-loadable payroll account.

28. The method of claim 13 wherein the second prepaid account comprises an account type, wherein the account type is assigned to the consumer based upon the number of trigger criteria the first prepaid financial account has met.

29. A method of automatically migrating a consumer between prepaid financial accounts, the method comprising:

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated, using a server computer, with a profile of the consumer;

setting, using a server computer, trigger criteria for migrating the consumer from the first prepaid financial account, wherein the trigger criteria is based on the first prepaid financial account activity comprising reloading the first prepaid financial account a set number of times;

monitoring, using a server computer, the first prepaid financial account activity to determine when the first prepaid financial account has been reloaded the set number of times, so that the trigger criteria has been met;

automatically issuing a second prepaid financial account to the consumer when the trigger criteria has been met and migrating, using a server computer, the profile of the consumer and funds loaded on the first prepaid financial account to the second prepaid financial account; and

determining, using a server computer, a type of the second prepaid financial account by comparing the first prepaid financial account activity to numerical levels established in at least one trigger criterion.

30. The method of claim 29 wherein the profile comprises counters tracking consumer behavior.

31. The method of claim 29 wherein the set number of times comprises three reloads.

32. A non-transitory computer readable medium storing a computer program containing instructions thereon for instructing a computer to perform the steps of:

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated with a profile of the consumer;

setting trigger criteria for migrating the consumer from the first prepaid financial account to a second prepaid financial account, wherein the trigger criteria is based on account activity of the first prepaid financial account and includes a fraud trigger;

monitoring the account activity of the first prepaid financial account to determine when the fraud trigger has been met;

automatically issuing the second prepaid financial account to the consumer when the fraud trigger has been met and associating the profile with the second prepaid financial account, wherein associating the profile with the second prepaid financial account comprises associating at least a direct deposit account number of the consumer with the second prepaid financial account; and

setting, using the server computer, the first prepaid financial account for closure.

33. A server computer comprising:

a processor; and

a computer readable medium coupled to the processor, storing a computer program containing instructions thereon for instructing the server computer to perform the steps of;

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated with a profile of the consumer;

setting trigger criteria for migrating the consumer from the first prepaid financial account to a second prepaid financial account, wherein the trigger criteria is based on account activity of the first prepaid financial account and wherein the trigger criteria comprises reloading the first prepaid financial account a set number of times;

monitoring the account activity of the first prepaid financial account to determine when the first prepaid financial account has been reloaded the set number of times, so that the trigger criteria has been met;

automatically issuing the second prepaid financial account to the consumer when the trigger criteria has been met and associating the profile with the second prepaid financial account, wherein associating the profile with the second prepaid financial account comprises associating at least a direct deposit account number of the consumer with the second prepaid financial account and migrating funds loaded on the first prepaid financial account to the second prepaid financial account; and

setting, using the server computer, the first prepaid financial account for closure.

34. A method of automatically migrating a consumer between prepaid financial accounts, the method comprising:

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated, using a server computer, with a profile of the consumer;

setting, using the server computer, trigger criteria for migrating the consumer from the first prepaid financial account to a second prepaid financial account, wherein the trigger criteria is based on account activity of the first prepaid financial account;

monitoring, using the server computer, the account activity of the first prepaid financial account to determine when the trigger criteria has been met;

automatically issuing the second prepaid financial account to the consumer when the trigger criteria has been met, and associating, using the server computer, the profile with the second prepaid financial account, wherein associating the profile with the second prepaid financial account comprises associating at least a direct deposit account number of the consumer with the second prepaid financial account; and

setting, using the server computer, the first prepaid financial account for closure, wherein the trigger criteria includes a fraud trigger and wherein if the fraud trigger has been met, the second prepaid financial account is associated with a limited reloadable, Automated Teller Machine-only card.

35. A system comprising:

a database for storing account information; and

a server computer comprising a processor and a computer readable medium coupled to the processor, storing a computer program containing instructions thereon for instructing the server computer to perform;

issuing a first prepaid financial account to a consumer, wherein the first prepaid financial account is associated with a profile of the consumer;

setting trigger criteria for migrating the consumer from the first prepaid financial account to a second prepaid financial account, wherein the trigger criteria is based on account activity of the first prepaid financial account;

monitoring the account activity of the first prepaid financial account to determine when the trigger criteria has been met;

automatically issuing the second prepaid financial account to the consumer when the trigger criteria has been met and associating the profile with the second prepaid financial account, wherein associating the profile with the second prepaid financial account comprises associating at least a direct deposit account number of the consumer with the second prepaid financial account; and

setting, using the server computer, the first prepaid financial account for closure, wherein the trigger criteria includes a fraud trigger and wherein after the fraud trigger has been met, the consumer is migrated to the second prepaid financial account.

36. The system of claim 35 further comprising a portable consumer device.