Computerized extension of credit to existing demand deposit accounts, prepaid cards and lines of credit based on expected tax refund proceeds, associated systems and computer program products

• US 8,090,649 B2
• Filed: 03/19/2009
• Issued: 01/03/2012
• Est. Priority Date: 12/18/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott H., Sorbe, Trent
• Primary Examiner(s): Borlinghaus, Jason M
• Assistant Examiner(s): Norman, Samica L
• Application Number:
  US12/407,320
• Publication Number:
  US 20100241557A1
• Time in Patent Office: 1,020 Days
• Field of Search: 705/31, 705/38
• US Class Current: 705/38
• 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 40/123 Tax preparation or submission

Abstract

Systems, computer program products, and computer-implemented methods apply or otherwise make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. A computerized estimate of the tax refund available from a tax return of the customer is formed. A portion of the computerized estimate of the tax refund which can be made available as the line of credit is then determined. The existing line of credit is then adjusted based on the expected refund determined to be available, which will serve as an additional source: of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted. The invention may be implemented as a computerized process, a computer system or a computer program product.

Claims

1. A computer-implemented method of adjusting an existing line of credit account, the method comprising of:

determining, by a computer associated with a credit provider and configured to control a plurality of existing line of credit accounts, whether a consumer has one or more of the plurality of existing line of credit accounts, each of the plurality of existing line of credit accounts adapted to be drawn in at least one of a plurality of separate predetermined loan increments, each of the plurality of separate predetermined loan increments being equal in value;

determining, by the computer, an estimated tax refund for the consumer responsive to the consumer having one or more of the plurality of existing line of credit accounts;

determining, by the computer, a number of separate predetermined loan increments to be added to a total credit limit of the one or more of the plurality of existing line of credit accounts responsive to determining a portion of the estimated tax refund available as borrowing capacity; and

increasing, by the computer, the total credit limit of the one or more of the plurality of existing line of credit accounts by the determined number of separate predetermined loan increments to thereby increase existing available credit for the consumer, the increased available credit adapted to be drawn in at least one of the plurality of separate predetermined loan increments.

2. A computer-implemented method as defined in claim 1, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of demand deposit accounts associated with the consumer;

and the method further comprising the step of;

loading, by the computer, one or more of the plurality of demand deposit accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of demand deposit accounts.

3. A computer-implemented method as defined in claim 1, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of prepaid card accounts associated with the consumer;

and the method further comprising the step of;

loading, by the computer, one or more of the plurality of prepaid card accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of prepaid card accounts.

4. A computer-implemented method as defined in claim 1, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of customer accounts positioned remote from the computer and the method further comprising the step of:

repaying at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts responsive to receiving a tax refund associated with the consumer.

5. A computer-implemented method as defined in claim 1, wherein at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts is not due until a tax refund associated with the consumer is received;

and wherein the estimated tax refund is determined and the total credit limit is increased prior to a tax return being filed.

6. A computer-implemented method as defined in claim 1, wherein the estimated tax refund is based on an actual tax-filing.

7. A computer-implemented method as defined in claim 1, wherein the portion of the estimated tax refund available as borrowing capacity is determined based on underwriting criteria;

and wherein the method further comprising the step of;

adjusting one or more terms of the one or more of the plurality of existing line of credit accounts responsive to the portion of the estimated tax refund being available as borrowing capacity.

8. A computer associated with a credit provider for adjusting an existing line of credit account, the computer comprising:

an input/output unit for transferring commands to a computer associated with a credit provider, the computer being configured to control a plurality of existing line of credit accounts;

non-transitory memory encoded with computer program, the computer program comprising the instructions of

determining, by the computer, whether a consumer has one or more of the plurality of existing line of credit accounts, each of the plurality of existing line of credit accounts adapted to be drawn in at least one of a plurality of separate predetermined loan increments, each of the plurality of separate predetermined loan increments being equal in value;

determining, by the computer, an estimated tax refund for the consumer responsive to the consumer having one or more of the plurality of existing line of credit accounts;

determining, by the computer, a number of separate predetermined loan increments to be added to a total credit limit of the one or more of the plurality of existing line of credit accounts responsive to deter lining a portion of the estimated tax refund available as borrowing capacity; and

increasing, by the computer, the total credit limit of the one or more of the plurality of existing line of credit accounts by the determined number of separate predetermined loan increments to thereby increase existing available credit for the consumer, the, increased available credit adapted to be drawn in at least one of the plurality of separate predetermined loan increments.

9. A computer as defined in claim 8, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of demand deposit accounts associated with the consumer;

and the computer program further comprising the instruction of;

loading, by the computer, one or more of the plurality of demand deposit accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of demand deposit accounts.

10. A computer as defined in claim 8, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of prepaid card accounts associated with the consumer;

and the computer program further comprising the instruction of;

loading, by the computer, one or more of the plurality of prepaid card accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of prepaid card accounts.

11. A computer as defined in claim 8, the computer program further comprising the instruction of:

repaying at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts responsive to receiving a tax refund associated with the consumer.

12. A computer as defined in claim 8, wherein at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts is not due until a tax refund associated with the consumer is received;

and wherein the estimated tax refund is determined and the total credit limit is increased prior to a tax return being filed.

13. A computer as defined in claim 8, wherein the estimated tax refund is based on an actual tax-filing.

14. A computer as defined in claim 8, wherein the portion of the estimated tax refund available as borrowing capacity is determined based on underwriting criteria.

15. Non-transitory memory encoded with computer program for adjusting an existing line of credit account, the computer program comprising the instructions of:

determining, by a computer associated with a credit provider and configured to control a plurality of existing line of credit accounts, whether a consumer has one or more of the plurality of existing line of credit accounts, each of the plurality of existing line of credit accounts adapted to be drawn in at least one of a plurality of separate predetermined loan increments, each of the plurality of separate predetermined loan increments being equal in value;

determining, by the computer, an estimated tax refund for the consumer responsive to the consumer having one or more of the plurality of existing line of credit accounts;

determining, by the computer, a number of separate predetermined loan increments to be added to a total credit limit of the one or more of the plurality of existing line of credit accounts responsive to determining a portion of the estimated tax refund available as borrowing capacity; and

increasing, by the computer, the total credit limit of the one or more of the plurality of existing line of credit accounts by the determined number of separate predetermined loan increments to thereby increase existing available credit for the consumer, the increased available credit adapted to be drawn in at least one of the plurality of separate predetermined loan increments.

16. Non-transitory memory as defined in claim 15, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of demand deposit accounts associated with the consumer;

and the computer program further comprising the instruction of;

loading, by the computer, one or more of the plurality of demand deposit accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of demand deposit accounts.

17. Non-transitory memory as defined in claim 15, wherein the one or more of the plurality of existing line of credit accounts are associated with one or more of a plurality of prepaid card accounts associated with the consumer;

and the computer program further comprising the instruction of;

loading, by the computer, one or more of the plurality of prepaid card accounts with draws from the one or more of the plurality of existing line of credit accounts in at least one of the plurality of separate predetermined loan increments, a total value of a predetermined loan advance fee being equal to a predetermined fee multiplied by the number of separate predetermined loan increments loaded to the one or more of the plurality of prepaid card accounts.

18. Non-transitory memory as defined in claim 15, the computer program further comprising the instruction of:

repaying at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts responsive to receiving a tax refund associated with the consumer.

19. Non-transitory memory as defined in claim 15, wherein at least a portion of a line of credit balance of one or more of the plurality of existing line of credit accounts is not due until a tax refund associated with the consumer is received;

wherein the credit provider extends credit to the consumer on an ongoing basis based on the determined estimated tax refund for the consumer; and

wherein the estimated tax refund is determined and the total credit limit is increased prior to a tax return being filed.

20. Non-transitory memory as defined in claim 15, wherein the portion of the estimated tax refund available as borrowing capacity is determined based on underwriting criteria.