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System and method for funding a collective account by use of an electronic tag

  • US 8,033,451 B2
  • Filed: 10/30/2007
  • Issued: 10/11/2011
  • Est. Priority Date: 08/13/2001
  • Status: Active Grant
First Claim
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1. A method for distributing a reward, comprising:

  • associating by a financial institution an RFID tag with an individual account and the financial institution, wherein a tagholder is the holder of the individual account, wherein further the financial institution comprises one or more host computers;

    aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants using the individual account as a payment source;

    determining by the financial institution if any of the purchases that were made using the individual account as a payment source were made by presenting the RFID tag to merchants;

    aggregating by the financial institution purchase amounts for purchases made from a plurality of merchants by presenting the RFID tag to merchants;

    calculating by a host computer a reward based at least in part on RFID tag usage; and

    attributing the reward to the individual account.

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