Transfer account systems, computer program products, and computer-implemented methods to prioritize payments from preselected bank account

• US 8,108,272 B2
• Filed: 12/18/2008
• Issued: 01/31/2012
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Larson, Troy
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US12/338,645
• Publication Number:
  US 20090164353A1
• Time in Patent Office: 1,139 Days
• Field of Search: 705/16, 705/41, 705/64, 705/39, 705/42, 705/44, 705/35, 705/402
• US Class Current: 705/30
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/145 Payments according to the detected use or quantity
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• 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

Abstract

A financial institution computer maintains one or more lists of account identifiers for accounts enrolled in a prioritized payment program including pre-authorization of certain payment requests by select creditors. The computer estimates a value of one or more prioritized payments associated with a first account and authorizes a first sweep payment to a second account at a second financial institution from a third stand-in account at a payroll processor, so that the estimated value is held back in the stand-in account. Then the computer receives an automatic deposit associated with an account identifier for a first account. The financial institution computer generates prioritized payments from the first account to select creditors and generates a second sweep payment, if necessary, from the first account to the second account, responsive to the incoming automatic deposit. The second account can be, for example, a demand deposit account or a prepaid card account.

Claims

1. A system for providing prioritized payments from proceeds of automatic deposits when a primary authorization computer for one or more accounts enrolled in a prioritized program is unavailable to receive automatic deposits for real-time processing, the system comprising:

a first computer having at least a processor and a tangible, non-transitory memory and being the primary authorization computer for a first account enrolled in the prioritize payment program at a first financial institution to thereby define a first financial institution computer, the first financial institution computer being adapted to communicate with a payroll processor, the payroll processor adapted to send and withhold at least a portion of an automatic deposit, the first financial institution computer further being adapted to communicate with a second computer associated with a second financial institution to thereby define a second financial institution computer; and

computer program product stored in the non-transitory computer memory of the first financial institution computer to perform a process of associating the first account enrolled in a prioritized payment program at the first financial institution with a stand-in account associated with the payroll processor 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 first financial institution computer, cause the first financial institution computer to perform the operations of;

estimating, by the first financial institution computer, a total value of prioritize payments associated with the first account enrolled in the prioritized payment program, the estimation being based on one or more unfilled pre-authorized payment request by one or more select creditors,

updating the payroll processor with the estimated value of the prioritized payments,

authorizing the payroll processor to withhold from the automatic deposit the estimated value of the prioritized payments responsive to the first financial institution computer being unavailable to receive the automatic deposit for real-time processing, the payroll processor adapted to deposit a balance of the automatic deposit minus the estimated value of the prioritized payments to thereby define a sweep payment from the stand-in account to a second user account at the second financial institution associated with a user enrolled in the prioritize program so that the user only has access to the automatic deposit net the estimated value of the one or more prioritized payments to be paid to select creditors, and

generating by the first financial institution computer one or more prioritized payments to one or more select creditors responsive to the first financial institution computer being available to receive a deposit from the payroll processor for the estimated value of the prioritized payments withheld from the automatic deposit by the payroll processor.

2. A system as defined in claim 1, wherein the computer program product further causes the first financial institution computer to perform the operation of:

generating a remaining balance of the estimated value of prioritized payments received from the payroll process less the one or more prioritize payments to select creditors from the first financial institution computer to the second user account at the second financial institution when the estimated value of the one or more prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

3. A system as defined in claim 1, wherein the first account is one of a plurality of first accounts enrolled in the prioritize program, and wherein the total value of prioritize payments are associated with the plurality of first accounts enrolled in the prioritize payment program, and wherein the second account is one of a plurality of second accounts at a plurality of second financial institutions, each second financial institution being remote from the first financial institution;

and

wherein the computer program product further causes the first financial institution computer to perform the operation of;

generating for each of the first accounts enrolled in the prioritize payment program a remaining balance of the estimated value of prioritized payments received from the payroll process less the one or more prioritize payments to select creditors from the first financial institution computer to each of the second user accounts when the estimated value of the prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

4. A system as defined in claim 1, wherein the first account enrolled in the prioritized payment program is a demand deposit account, and wherein the second user account at the second financial institution is one or more of the following:

a demand deposit account, a checking account, a savings account, a money market account, a brokerage account, and an account associated with a prepaid card.

5. A system of claim 1, wherein the unfilled pre-authorized payment requests are initiated from the one ore more select creditors in response to a query from the first financial institution computer.

6. A system for providing prioritized payments from proceeds of automatic deposits when a primary authorization computer for one or more accounts enrolled in a prioritized program is unavailable for real-time processing, the system comprising:

a first computer having at least a processor and a tangible, non-transitory memory and being the primary authorization computer for a first account enrolled in the prioritize payment program at a first financial institution to thereby define a first financial institution computer, the first financial institution computer being adapted to communicate with a second computer being a source of automatic deposits defining a depository institution computer, the depository institution computer adapted to send and withhold at least a portion of an automatic deposit, the first financial institution computer further being adapted to communicate with a third computer associated with a second financial institution to thereby define a second financial institution computer; and

computer program product stored in the non-transitory computer memory of the first financial institution computer to perform a process of associating the first account enrolled in a prioritized payment program at the first financial institution with a stand-in account associated with the depository institution computer 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 first financial institution computer, cause the first financial institution computer to perform the operations of;

estimating, by the first financial institution computer, a total value of prioritize payments associated with the first account enrolled in the prioritized payment program, the estimation being based on one or more unfilled pre-authorized payment request by one or more select creditors,

updating the depository institution computer with the estimated value of the prioritized payments,

authorizing the depository institution computer to withhold from the automatic deposit the estimated value of the prioritized payments responsive to the first financial institution computer being unavailable for real-time processing, the depository institution computer adapted to deposit a balance of the automatic deposit minus the estimated value of the prioritized payments to thereby define a sweep payment from the stand-in account to a second user account at the second financial institution associated with a user enrolled in the prioritize program so that the user only has access to the automatic deposit net the estimated value of the one or more prioritized payments to be paid to select creditors, and

generating by the first financial institution computer one or more prioritized payments to one or more select creditors responsive to the first financial institution computer being available to receive a deposit from the depository institution computer for a total of the estimated value of the prioritized payments withheld from the automatic deposit by the payroll processor, the one or more prioritize payment being less than the estimated value of the prioritize payments.

7. A system as defined in claim 6,

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;

wherein the one or more 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 an account holder is located, and a bill payment to a third-party; and

wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

8. A system as defined in claim 6, wherein the computer program product further causes the first financial institution computer to perform the operation of:

generating a remaining balance of the estimated value of prioritized payments received from the depository institution computer less the one or more prioritize payments to select creditors from the first financial institution computer to the second user account at the second financial institution when the estimated value of the one or more prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

9. A computer program product stored on a non-transitory computer memory of a first financial institution computer to perform the process of providing prioritized payments from proceeds of automatic deposits when a primary authorization computer for one or more accounts enrolled in a prioritized program is unavailable for real-time processing, the computer program product comprising a set of instructions that, when executed by the first financial institution computer, cause the first financial institution computer to perform the operations of:

estimating, by a first financial institution computer, a total value of prioritize payments associated with a first account enrolled in the prioritized payment program at a first financial institution, the estimation being based on one or more unfilled pre-authorized payment request by one or more select creditors, the first financial institution computer being the primary authorization computer for the first account enrolled in the prioritize payment program,

updating a depository institution computer with the estimated value of the prioritized payments,

authorizing the depository institution computer to withhold from an automatic deposit the estimated value of the prioritized payments responsive to the first financial institution computer being unavailable for real-time processing, the depository institution computer adapted to deposit a balance of the automatic deposit minus the estimated value of the prioritized payments to thereby define a sweep payment from the stand-in account to a second user account at the second financial institution associated with a user enrolled in the prioritize program so that the user only has access to the automatic deposit net the estimated value of the one or more prioritized payments to be paid to select creditors, and

generating by the first financial institution computer one or more prioritized payments to one or more select creditors responsive to the first financial institution computer being available to receive a deposit from the depository institution computer for the estimated value of the prioritized payments withheld from the automatic deposit by the depository institution computer.

10. A computer program product as defined in claim 9, wherein the computer program product further causes the first financial institution computer to perform the operation of:

generating a remaining balance of the estimated value of prioritized payments received from the depository institution computer less the one or more prioritize payments to select creditors from the first financial institution computer to a second user account at the second financial institution when the estimated value of the one or more prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

11. A computer program product of claim 9, wherein the unfilled pre-authorized payment requests are initiated from the one ore more select creditors in response to a query from the first financial institution computer.

12. A computer program product of claim 9, 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;

wherein the one or more 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 an account holder is located, and a bill payment to a third-party; and

wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

13. A computer program product stored in a non-transitory computer memory of the first financial institution computer to perform a process of providing prioritized payments from proceeds of automatic deposits when a primary authorization computer for one or more accounts enrolled in a prioritized program is unavailable to receive automatic deposits for real-time processing, the compute program product comprising a set of instructions that, when executed by the first financial institution computer, cause the first financial institution computer to perform the operations of:

estimating, by the first financial institution computer, a total value of prioritize payments associated with a first account enrolled in the prioritized payment program, the estimation being based on one or more unfilled pre-authorized payment request by one or more select creditors, the first financial institution computer being the primary authorization computer for a first account enrolled in the prioritize payment program at a first financial institution and adapted to communicate with a payroll processor and a second financial institution computer,

updating a payroll processor with the estimated value of the prioritized payments,

authorizing the payroll processor to withhold from the automatic deposit the estimated value of the prioritized payments responsive to the first financial institution computer being unavailable to receive the automatic deposit for real-time processing, the payroll processor adapted to deposit a balance of the automatic deposit minus the estimated value of the prioritized payments to thereby define a sweep payment from a stand-in account to a second user account at the second financial institution associated with a user enrolled in the prioritize program so that the user only has access to the automatic deposit net the estimated value of the one or more prioritized payments to be paid to select creditors, and

generating by the first financial institution computer one or more prioritized payments to one or more select creditors responsive to the first financial institution computer being available to receive a deposit from the payroll processor for the estimated value of the prioritized payments withheld from the automatic deposit by the payroll processor.

14. A computer program product as defined in claim 13, wherein the first account is one of a plurality of first accounts enrolled in the prioritize program and wherein the total value of prioritize payments are associated with the plurality of first accounts enrolled in the prioritize payment program, and wherein the second account is one of a plurality of second accounts at a plurality of second financial institutions, each second financial institution being remote from the first financial institution;

and

wherein the computer program product further causes the first financial institution computer to perform the operation of;

generating for each of the first accounts enrolled in the prioritize payment program a remaining balance of the estimated value of prioritized payments received from the payroll process less the one or more prioritize payments to select creditors from the first financial institution computer to each of the second user accounts when the estimated value of the prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

15. A computer program product 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 sales;

wherein the one or more 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 an account holder is located, and a bill payment to a third-party; and

wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

16. A computer-implemented method to perform a process of providing prioritized payments from proceeds of automatic deposits when a primary authorization computer for one or more accounts enrolled in a prioritized program is unavailable for real-time processing, the computer-implemented method comprising:

estimating, by a first financial institution computer, a total value of prioritize payments associated with a first account enrolled in the prioritized payment program at a first financial institution, the estimation being based on one or more unfilled pre-authorized payment request by one or more select creditors, the first financial institution computer being the primary authorization computer for the first account enrolled in the prioritize payment program,

updating a depository institution computer with the estimated value of the prioritized payments,

authorizing the depository institution computer to withhold from an automatic deposit the estimated value of the prioritized payments responsive to the first financial institution computer being unavailable for real-time processing, the depository institution computer adapted to deposit a balance of the automatic deposit minus the estimated value of the prioritized payments to thereby define a sweep payment from the stand-in account to a second user account at the second financial institution associated with a user enrolled in the prioritize program so that the user only has access to the automatic deposit net the estimated value of the one or more prioritized payments to be paid to select creditors, and

generating by the first financial institution computer one or more prioritized payments to one or more select creditors responsive to the first financial institution computer being available to receive a deposit from the depository institution computer for the estimated value of the prioritized payments withheld from the automatic deposit by the depository institution computer.

17. A computer-implemented method as defined in claim 16, wherein the computer-implemented method further comprises the step of:

generating a remaining balance of the estimated value of prioritized payments received from the depository institution computer less the one or more prioritize payments to select creditors from the first financial institution computer to a second user account at the second financial institution when the estimated value of the one or more prioritized payments exceeds the one or more prioritized payments to one or more select creditors.

18. A computer-implemented method as defined in claim 16, wherein the unfilled pre-authorized payment requests are initiated from the one ore more select creditors in response to a query from the first financial institution computer.

19. A computer-implemented method as defined in claim 16, 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;

wherein the one or more 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 an account holder is located, and a bill payment to a third-party; and

wherein enrollment of the first account in the prioritized payment program of the first financial institution is required as a condition of a loan.

20. A computer-implemented method as defined in claim 16, wherein the first account is one of a plurality of first accounts enrolled in the prioritize program and wherein the total value of prioritize payments are associated with the plurality of first accounts enrolled in the prioritize payment program, and wherein the second account is one of a plurality of second accounts at a plurality of second financial institutions, each second financial institution being remote from the first financial institution;

and

wherein the computer-implemented method further comprising;

generating for each of the first accounts enrolled in the prioritize payment program a remaining balance of the estimated value of prioritized payments received from the depository institution computer less the one or more prioritize payments to select creditors from the first financial institution computer to each of the second user accounts when the estimated value of the prioritized payments exceeds the one or more prioritized payments to one or more select creditors.