Transfer account systems, computer program products, and associated computer-implemented methods

• US 8,055,557 B2
• Filed: 12/18/2008
• Issued: 11/08/2011
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Larson, Troy, Sorbe, Trent
• Primary Examiner(s): Frenel; Vanel
• Application Number:
  US12/338,365
• Publication Number:
  US 20090164350A1
• Time in Patent Office: 1,055 Days
• Field of Search: 705 39- 40, 705/44, 705/1, 705/7, 705/35, 705/500, 700/1, 700/90, 700/91, 235/380, 235/385
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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 40/12 Accounting
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

Embodiments of the present invention include transfer account systems, computer program products, and associated computer-implemented methods of providing prioritized payments from the proceeds of automatic or direct deposits. Embodiments of the present invention include routing automatic deposit information to a financial institution computer managing a prioritized payment program and formulating an outgoing ACH file with both an entry for an automatic deposit destined for a customer account and an entry for a pre-authorized prioritized payment to a select creditor, so that the automatic deposit is credited to the customer account and relatively instantaneously any prioritized payment is debited from the customer account. According to embodiments of the present invention, the customer account can be a prepaid card account so that a customer has effective access on the prepaid card only to a net value of funds.

Claims

1. A system for providing prioritized payments from proceeds of automatic deposits, the system comprising:

a computer associated with a financial institution defining a financial institution computer, the financial institution computer having a non-transitory memory, the financial institution computer being associated with an electronic communications network, and positioned to receive, process, and send an automated clearing house (ACH) file; and

computer program product associated with the financial institution computer, stored in the non-transitory computer memory, and used to perform a process of associating a prepaid card account with an automatic deposit and a process of providing prioritized payments from the automatic deposit, the computer program product comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform the operations of;

maintaining one or more lists of prepaid card account identifiers for a plurality of prepaid user card accounts enrolled in a prioritized payment program at the financial institution, the prioritized payment program allowing the prepaid card user to pre-authorize payment requests by one or more select creditors,

matching, responsive to receipt through an ACH electronic data communication network of an incoming ACH file including at least one account identifier, the at least one account identifier in the incoming ACH file with an account identifier in the one or more lists of account identifiers for prepaid card accounts enrolled in the prioritized payment program, the at least one account identifier being associated with the automatic deposit, the automatic deposit destined for the prepaid card account,

determining, responsive to matching the at least one account identifier in the incoming ACH file, whether the prepaid card account is associated with one or more pre-authorized payment requests by one or more select creditors to thereby define one or more prioritized payments, and

appending to the incoming ACH file the one or more prioritized payments to one or more select creditors to thereby create an outgoing ACH file so that the one or more prioritized payments is adapted to be deducted from the automatic deposit and credited to the one or more select creditors, and a balance of the automatic deposit is adapted to be credited to the prepaid card account.

2. A system of claim 1, wherein the pre-authorized payment request by the one or more select creditors is initiated in response to a query from the financial institution computer responsive to matching the incoming ACH file to one or more accounts enrolled in the prioritized payment program;

and the computer program product further comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform the operations of;

determining, by the financial institution computer, which of a plurality of prepaid card processors is associated with the prepaid card account, and

transmitting, via the ACH electronic data communications network, the ACH outgoing file to the prepaid processor determined by the financial institution computer to be associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

3. A system of claim 1, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sales; and

wherein the outgoing ACH file includes one or more entries associated with the incoming ACH file and one or more entries associated with the prioritize payments to the one or more select creditors; and

the computer program product further comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform the operations of;

transmitting, via the ACH electronic data communications network, the ACH outgoing file to a prepaid processor associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

4. A system of claim 1, wherein the prioritized payments include customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where a prepaid card account holder is located, and a bill payment to a third-party, wherein the balance of the automatic deposit to be credited to the prepaid card account is defined as a value of the automatic deposit less a total value of the one or more prioritized payments to the one or more select creditors, and wherein the prepaid card account is configured so that the balance to be credited to the prepaid card account is adapted to be posted to an associated prepaid card so that the prepaid card user only has access to the automatic deposit less the one or more prioritize payments to the select creditors.

5. Computer program product stored on a non-transitory computer memory operable on a financial institution computer, the computer program product comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform a process of associating a prepaid card account with an automatic deposit and a process of providing prioritized payments from the automatic deposit, the computer program product performing the operations of:

maintaining one or more lists of prepaid card account identifiers for a plurality of prepaid user card accounts enrolled in a prioritized payment program at a financial institution, the prioritized payment program allowing a prepaid card user to pre-authorize payment requests by one or more select creditors;

matching, responsive to receipt through an ACH electronic data communication network of an incoming ACH file including at least one account identifier, the at least one account identifier in the incoming ACH file with an account identifier in the one or more lists of account identifiers for prepaid card accounts enrolled in the prioritized payment program, the at least one account identifier being associated with the automatic deposit, the automatic deposit destined for the prepaid card account;

determining, responsive to matching the at least one account identifier in the incoming ACH file, whether the prepaid card account is associated with one or more pre-authorized payment requests by one or more select creditors to thereby define one or more prioritized payments; and

appending to the incoming ACH file the one or more prioritized payments to one or more select creditors to thereby create an outgoing ACH file so that the one or more prioritized payments is adapted to be deducted from the automatic deposit and credited to the one or more select creditors, and a balance of the automatic deposit is adapted to be credited to the prepaid card account.

6. Computer program product of claim 5, wherein the pre-authorized payment request by the one or more select creditors is initiated in response to a query from the financial institution computer responsive to matching the incoming ACH file to one or more accounts enrolled in the prioritized payment program;

and the computer program product further comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform the operations of;

determining, by the financial institution computer, which of a plurality of prepaid card processors is associated with the prepaid card account, and

transmitting, via the ACH electronic data communications network, the ACH outgoing file to the prepaid processor determined by the financial institution computer to be associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

7. Computer program product of claim 5, wherein the outgoing ACH file is directed to a prepaid card processor for posting to a prepaid card so that the prepaid card user only has the balance available on the card.

8. Computer program product of claim 5, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sales,

and wherein the outgoing ACH file includes one or more entries associated with the incoming ACH file and one or more entries associated with the prioritize payments to the one or more select creditors, and

the computer program product further comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

transmitting, via the ACH electronic data communications network, the ACH outgoing file to a prepaid processor associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

9. Computer program product of claim 5, wherein the prioritized payments include customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside a country where a prepaid card account holder is located, and a bill payment to a third-party, wherein the balance of the automatic deposit to be credited to the prepaid card account is defined as a value of the automatic deposit less a total value of the one or more prioritized payments to the one or more select creditors, and wherein the prepaid card account is configured so that the balance to be credited to the prepaid card account is configured to be posted to an associated prepaid card so that the prepaid card user only has access to the automatic deposit less the one or more prioritize payments to the select creditors.

10. Computer program product of claim 5, further comprising a set of instructions that, when executed by the financial institution computer, cause the financial institution computer to perform the operations of:

debiting a fee from either the one or more prioritized payments or the balance of the automatic deposit.

11. Computer program product of claim 5, wherein enrollment of the prepaid user account in the prioritized payment program is required as a condition of a transaction with the one or more select creditors.

12. Computer program product of claim 11,

wherein the transaction includes a loan;

and

wherein the one or more select creditors includes at least a second financial institution different and remote from the financial institution.

13. A computer-implemented method for performing a process of associating a prepaid card user account with an automatic deposit and a process of providing prioritized payments from the automatic deposit, the computer-implemented method comprising the steps of

maintaining, by a financial institution computer, one or more lists of prepaid card account identifiers for a plurality of prepaid card accounts enrolled in a prioritized payment program at a financial institution, the prioritized payment program allowing a prepaid card user to pre-authorize payment requests by one or more select creditors;

matching, responsive to receipt through an ACH electronic data communication network of an incoming ACH file including at least one account identifier, the at least one account identifier in the incoming ACH file with an account identifier in the one or more lists of account identifiers for prepaid card accounts enrolled in the prioritized payment program, the at least one account identifier being associated with the automatic deposit, the automatic deposit destined for the prepaid card account;

determining, responsive to matching the at least one account identifier in the incoming ACH file, whether the prepaid card account is associated with one or more pre-authorized payment requests by one or more select creditors to thereby define one or more prioritized payments, and

appending to the incoming ACH file the one or more prioritized payments to one or more select creditors to thereby create an outgoing ACH file so that the one or more prioritized payments is adapted to be deducted from the automatic deposit and credited to the one or more select creditors, and a balance of the automatic deposit is adapted to be credited to the prepaid card account.

14. A computer-implemented method of claim 13, wherein the payment request by the one or more select creditors is initiated in response to a query from the financial institution computer responsive to matching the incoming ACH file to one or more accounts enrolled in the prioritized payment program,

and the computer-implemented method further comprising the steps of:

determining, by the financial institution computer, which of a plurality of prepaid card processors is associated with the prepaid card account, and

transmitting, via the ACH electronic data communication network, the ACH outgoing file to the prepaid processor determined by the financial institution computer to be associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

15. A computer-implemented method of claim 13, wherein the outgoing ACH file is directed to a prepaid card processor for posting to the prepaid card so that the prepaid card user only has the balance available on the card.

16. A computer-implemented method of claim 13, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sale, wherein the outgoing ACH file includes one or more entries associated with the incoming ACH file and one or more entries associated with the prioritize payments to the one or more select creditors, and

the computer-implemented method further comprising the steps of

transmitting, via the ACH electronic data communications network, the ACH outgoing file to a prepaid processor associated with the prepaid card account so that relatively instantaneously the one or more prioritized payments to the selected creditors is configured to be debited from the prepaid card account and the balance of the automatic deposit is configured to be credited to the prepaid card account.

17. A computer-implemented method of claim 13, wherein the prioritized payments include customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where a prepaid card account holder is located, and a bill payment to a third-party, wherein the balance of the automatic deposit to be credited to the prepaid card account is defined as a value of the automatic deposit less a total value of the one or more prioritized payments to the one or more select creditors, and wherein the prepaid card account is configured so that the balance to be credited to the prepaid card account being configured to be posted to an associated prepaid card so that the prepaid card user only has access to the automatic deposit less the one or more prioritize payments to the select creditors.

18. A computer-implemented method of claim 13, further comprising:

debiting a fee from either the one or more prioritized payments or the balance of the automatic deposit to be credited.

19. A computer-implemented method of claim 13, wherein enrollment of the prepaid user account in the prioritized payment program is required as a condition of a transaction with the one or more select creditors.

20. A computer-implemented method of claim 19,

wherein the transaction includes a loan;

and

wherein the one or more select creditors includes at least a second financial institution different and remote from the financial institution.