Award system with increased payout options

• US 8,108,304 B2
• Filed: 12/07/2009
• Issued: 01/31/2012
• Est. Priority Date: 11/03/2003
• Status: Active Grant

• Current Assignee: DFS Services LLC (Discover Financial Services)
• Original Assignee: DFS Services LLC (Discover Financial Services)
• Inventors: Loeger, Julie Anne, Smith-Doyle, Vicki Ann
• Primary Examiner(s): HAMILTON, LALITA M
• Application Number:
  US12/632,317
• Publication Number:
  US 20100082418A1
• Time in Patent Office: 785 Days
• Field of Search: 705/35, 705/39, 705/40
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0216 Investment accounts
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A cash rebate award system with increased payout options is presented, wherein a consumer using a financial alternative to currency is rewarded based on the purchases made by the consumer within a given time frame, and is allowed to electronically transfer the award into any number of banking or investment accounts. A standard electronic currency transfer system, such as the ABA routing number system, or the ACH routing system, can be used so as not to limit the accounts into which the consumer can transfer their award. Consumers can also choose to transfer their award to multiple accounts, or accounts belonging to others, such as family or charities. Account information can also be saved for more efficient subsequent transfers, and automated transfers can also be set up by the consumer.

Claims

1. A physical computer readable medium having stored thereon computer executable instructions for fulfilling a request by a consumer to redeem rewards from a rewards account, the rewards account associated with a transaction account maintained by a financial institution and representing a dollar-value balance of rewards accrued to the consumer based on purchase transactions made by the consumer through the transaction account, the instructions executing the steps of:

electronically presenting to the consumer a web interface for managing the rewards account, the interface presented by a financial transactions computer system over a network and providing a plurality of redemption options for selection by the consumer, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account and at least one other option selected from the group consisting of;

an option to redeem at least a portion of the dollar-value balance through a merchant certificate;

an option to redeem at least a portion of the dollar-value balance through a credit to the transaction account; and

an option to redeem at least a portion of the dollar-value balance through a charitable gift;

receiving, via the web interface, a selection by the consumer of the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account;

electronically presenting to the consumer, via the web interface, a field for the consumer to enter information identifying the bank account;

electronically presenting to the consumer, via the web interface, a field for the consumer to enter information specifying a selected redemption amount, the selected redemption amount being less than or equal to the dollar-value balance;

receiving, via the web interface, consumer-entered information identifying the bank account and the selected redemption amount;

debiting the rewards account by the selected redemption amount; and

initiating an electronic funds transfer over a financial transactions network, using the information identifying the bank account, to the bank account in the amount of the selected redemption amount.

2. The computer readable medium of claim 1 wherein the information identifying the bank account comprises a name associated with the bank account and ABA routing information.

3. The computer readable medium of claim 1 wherein the financial transaction network routes Automated Clearing House transactions.

4. The computer readable medium of claim 1 wherein the bank account is a checking account or savings account.

5. The computer readable medium of claim 1 wherein the bank account is an investment account.

6. The computer readable medium of claim 1 wherein the bank account is maintained by a second financial institution.

7. The computer readable medium of claim 1, the instructions further executing the steps of:

electronically presenting to the consumer, via the web interface, a field for the consumer to enter information specifying a periodic time interval; and

initiating regular electronic funds transfers over the financial transactions network to the bank account in the amount of the selected redemption amount according to the specified periodic time interval.

8. The computer readable medium of claim 1, the instructions further executing the steps of:

electronically presenting to the consumer, via the web interface, a field for the consumer to enter information specifying a threshold value;

determining that the dollar-value balance of the rewards account exceeds the specified threshold value; and

initiating, in response to determining the threshold value has been exceeded, an electronic funds transfer over the financial transactions network to the bank account in the amount of the threshold value.

9. The computer readable medium of claim 1, the instructions further executing the steps of:

retrieving from a database one or more records identifying one or more previously specified bank accounts; and

electronically presenting to the consumer, via the web interface, a user-selectable option to specify one of the one or more previously specified bank accounts identified in the retrieved records as the recipient of the electronic deposit.

10. A method for enabling a consumer to redeem rewards from a rewards account, the rewards account associated with a transaction account maintained by a financial institution and representing a balance of rewards accrued to the consumer based on transactions made by the consumer through the transaction account, comprising:

electronically transmitting over a communication network, to a user station, data for providing an interface for managing the rewards account, the interface providing a plurality of redemption options from a plurality of distinct redemption categories for selection by the user, including an option to redeem at least a portion of the balance through an electronic deposit to a bank account and at least one other option;

receiving, over the network, data representing a selection by the user of the option to redeem at least a portion of the balance through an electronic deposit to a bank account;

electronically transmitting to the user station data for providing, as part of the interface, an option to identify the bank account;

electronically transmitting to the user station data for providing, as part of the interface, for the user to specify a redemption amount, the redemption amount being less than or equal to the balance;

receiving, over the network, data representing an identification of the bank account and the specified redemption amount;

determining, based on information pertaining to the transaction account, a redemption limitation for the consumer, wherein a predetermined stringency of the redemption limitation is inversely proportional to an amount of transactions incurred by the consumer in the transaction account;

determining that the electronic funds transfer to the bank account in the amount of the selected redemption amount is permissible within the redemption limitation; and

when the electronic funds transfer to the bank account is permissible within the redemption limitation, initiating the electronic transfer, over a financial transactions network, to the bank account of an amount of funds corresponding to the specified redemption amount, using the data representing the identification of the bank account.

11. The method of claim 10 wherein the option to identify the bank account comprises a listing of one or more bank accounts associated with the consumer.

12. The method of claim 10 wherein the option to identify the bank account comprises a field for the consumer to enter information identifying the bank account.

13. The method of claim 12 further comprising:

electronically presenting to the consumer, via the web interface, an option to save consumer-entered information identifying the bank account.

14. The method of claim 10 wherein the redemption limitation is a maximum dollar amount that can be redeemed.

15. The method of claim 10 wherein the redemption limitation is a time interval for redemption.

16. A method for giving a gift to an intended gift recipient by redeeming rewards in a financial transactions computer system, the rewards having accrued in a rewards account associated with a transaction account maintained by a financial institution and representing a dollar-value balance of rewards accrued based on purchase transactions made through the transaction account, comprising:

providing an electronic access to a web interface configured to manage the rewards account, the interface presented by the financial transactions computer system over a network and having a plurality of redemption options from a plurality of distinct redemption categories for selection, including an option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account;

electronically receiving a selection, through the web interface, of the option to redeem at least a portion of the dollar-value balance through an electronic deposit to a bank account;

electronically receiving a designation, through the web interface, of information identifying a bank account of the intended gift recipient;

electronically receiving a designation, through the web interface, of a selected redemption amount less than or equal to the dollar-value balance to be debited from the rewards account for transfer to the bank account of the intended gift recipient;

determining, based on information pertaining to the transaction account, a redemption limitation for the rewards account, wherein a predetermined stringency of the redemption limitation is inversely proportional to an amount of transactions incurred in the transaction account;

determining that an electronic funds transfer to the bank account of the intended gift recipient in the amount of the selected redemption amount is permissible within the redemption limitation; and

when the electronic funds transfer to the bank account of the intended gift recipient is permissible within the redemption limitation initiating the electronic funds transfer.

17. The method of claim 16 wherein the intended gift recipient is a child of the consumer.

18. The method of claim 16 wherein the bank account of the intended gift recipient is a checking account or savings account.

19. The method of claim 16 wherein the bank account of the intended gift recipient is an investment account.