System, program product, and method to authorize draw for retailer optimization

• US 8,150,764 B2
• Filed: 04/02/2009
• Issued: 04/03/2012
• Est. Priority Date: 04/04/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Crowe, Andrew B., Galit, Scott H., Sorbe, Trent
• Primary Examiner(s): Akintola, Olabode
• Application Number:
  US12/417,182
• Publication Number:
  US 20090254431A1
• Time in Patent Office: 1,097 Days
• Field of Search: 705/38, 705/39, 705/35
• US Class Current: 705/38
• 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 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0236 Incentive or reward received by requiring registration or ID from user
• 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 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A line of credit optimized for a retailer and attached to a customer account at a financial institution is established for a customer of the retailer. A financial institution computer determines whether to advance funds through the line of credit for a transaction, then advances funds in one or more preselected loan increments to the customer account, up to a total available line of credit for the customer. The financial institution computer decrements the total available line of credit by the amount provided for the customer transaction and by a predetermined customer fee for each of the loan increments. The computer determines a value of a retailer fee to be paid by the retailer, involving a predetermined amount for each of the loan increments. The customer fee amount can be zero or discounted for customer transactions with the retailer. The retailer fee can be a rebate to the customer.

Claims

1. A system to allow a plurality of customers to access a plurality of line of credits associated with a plurality of customer accounts, the system comprising:

a computer associated with a financial institution defining a financial institution computer, the financial institution computer being associated with an electronic communications network and adapted to manage a plurality of line of credit accounts with the financial institution; and

non-transitory computer-readable medium encoded with computer program operable on the financial institution computer, the computer program comprising;

a first computer program to extend one or more line of credit accounts associated with one or more of a plurality of customer accounts defining an incremental line of credit qualifying module, the incremental line of credit qualifying module comprising the instruction of;

establishing, responsive to customer underwriting data and predetermined qualification parameters, a plurality of line of credit accounts associated with a plurality of customer accounts for a plurality of customers, the plurality of line of credit accounts having a plurality of total credit limits having a first portion and a second portion, the first portion of the plurality of total credit limits being reserved for use with one or more transactions with a retailer, each of the plurality of line of credit accounts further being adapted to be drawn in at least one of a plurality of separate predetermined loan increments each being equal in value;

a second computer program to allow one or more draws to the one or more of the plurality of line of credit accounts in one or more of the plurality of separate predetermined loan increments, the second computer program defining an incremental line of credit dispensing module and comprising the instructions of;

determining whether to advance funds from one or more of the plurality of line of credit accounts to one or more of the plurality of customer accounts for one or more customer transaction;

determining a number of separate predetermined loan increments to be added to the one or more of the plurality of customer accounts responsive to the determination to advance funds from the one or more of the plurality of line of credit accounts for the one or more customer transactions; and

loading the one or more of the plurality of customer accounts with at least one of the plurality of separate predetermined loan increments that corresponds with the determined number of separate predetermined loan increments to thereby define loaded predetermined increments when the loaded predetermined increments do not exceed a line of credit balance available for the one or more of the plurality of line of credit accounts, a total value of a predetermined loan advance fee being equal to a predetermined financial institution fee plus a predetermined retailer fee multiplied by the number of separate predetermined loan increments.

2. A system as defined in claim 1, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts includes:

determining, responsive to receipt of transaction data, when one or more customer transaction cards associated with the one or more of the plurality of customer accounts is being used as payment for one or more customer transactions and when a value of the one or more customer transactions is greater than a value associated with the one or more of the plurality of customer accounts.

3. A system as defined in claim 1, wherein the total value of the predetermined loan advance fee is a first amount when the one or more customer transactions is with the retailer and a second amount when the one or more customer transactions is not with the retailer, the second amount being larger than the first amount so that advances from the one or more of the plurality of line of credit accounts for one or more customer transactions with the retailer are provided at a discount.

4. A system as defined in claim 1, wherein the incremental line of credit dispensing module further comprises the instructions of:

deducting the loaded predetermined increments and the total value of the predetermined loan advance fee from a line of credit balance available associated with the one or more of the plurality of line of credit accounts; and

decreasing a line of credit balance associated with the one or more of the plurality of line of credit accounts by at least the predetermined retailer fee to thereby provide a rebate to one or more of the plurality of customers.

5. A system as defined in claim 1, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts is responsive to a request to draw funds from the one or more of the plurality of line of credit accounts using an interactive voice response unit;

and wherein the financial institution is a first financial institution and one or more of the plurality of customer accounts are managed by a second financial institution different and positioned remote from the first financial institution.

6. A system as defined in claim 1, wherein the predetermined retailer fee is paid by the retailer when the loaded predetermined increments are used for the one or more customer transactions with the retailer.

7. A system as defined in claim 2, wherein the determined number of separate predetermined loan increments multiplied by a value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of customer accounts exceeds the value of the one or more customer transactions by less than the value of one of the plurality of separate predetermined loan increments.

8. Non-transitory computer-readable medium encoded with computer program operable on a computer to allow a plurality of customers to access a plurality of line of credits associated with a plurality of customer accounts, the computer program comprising:

a first computer program to extend one or more line of credit accounts associated with one or more of a plurality of customer accounts defining an incremental line of credit qualifying module, the incremental line of credit qualifying module comprising the instruction of;

establishing, by a computer associated with a financial institution to define a financial institution computer, responsive to customer underwriting data and predetermined qualification parameters, a plurality of line of credit accounts associated with a plurality of customer accounts for a plurality of customers, the plurality of line of credit accounts having a plurality of total credit limits and adapted to be drawn in at least one of a plurality of separate predetermined loan increments each being equal in value;

a second computer program to allow one or more draws to the one or more of the plurality of line of credit accounts in one or more of the plurality of separate predetermined loan increments, the second computer program defining an incremental line of credit dispensing module and comprising the instructions of;

determining whether to advance funds from one or more of the plurality of line of credit accounts to one or more of the plurality of customer accounts for one or more customer transaction;

determining a number of separate predetermined loan increments to be added to the one or more of the plurality of customer accounts responsive to the determination to advance funds from the one or more of the plurality of line of credit accounts for the one or more customer transactions; and

loading the one or more of the plurality of customer accounts with at least one of the plurality of separate predetermined loan increments that corresponds with the determined number of separate predetermined loan increments to thereby define loaded predetermined increments when the loaded predetermined increments do not exceed a line of credit balance available for the one or more of the plurality of line of credit accounts, a total value of a predetermined loan advance fee being equal to a predetermined financial institution fee plus a predetermined retailer fee multiplied by the number of separate predetermined loan increments.

9. Non-transitory computer-readable medium as defined in claim 8, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts includes:

determining, responsive to receipt of transaction data, when one or more customer transaction cards associated with the one or more of the plurality of customer accounts is being used as payment for one or more customer transactions and when a value of the one or more customer transactions is greater than a value associated with the one or more of the plurality of customer accounts.

10. Non-transitory computer-readable medium as defined in claim 8, wherein the plurality of total credit limits of the plurality of line of credit accounts have a first portion and a second portion, the first portion being larger than the second portion and reserved for use with one or more transactions with the retailer;

and wherein the predetermined retailer fee being a first amount when the one or more customer transactions is with a retailer and a second amount when the one or more customer transactions is not with the retailer, the second amount being larger than the first amount so that advances from the one or more of the plurality of line of credit accounts for one or more customer transactions with the retailer are provided at a discount.

11. Non-transitory computer-readable medium as defined in claim 8, wherein the incremental line of credit dispensing module further comprises the instructions of:

deducting the loaded predetermined increments and the total value of the predetermined loan advance fee from a line of credit balance available associated with the one or more of the plurality of line of credit accounts; and

decreasing a line of credit balance associated with the one or more of the plurality of line of credit accounts by at least the predetermined retailer fee to thereby provide a rebate to one or more of the plurality of customers.

12. Non-transitory computer-readable medium as defined in claim 8, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts is responsive to a request to draw funds from the one or more of the plurality of line of credit accounts using an interactive voice response unit;

and wherein the financial institution is a first financial institution and one or more of the plurality of customer accounts are managed by a second financial institution different and positioned remote from the first financial institution.

13. Non-transitory computer-readable medium defined in claim 8, wherein the predetermined retailer fee is paid by the retailer when the loaded predetermined increments are used for the one or more customer transactions with the retailer.

14. Non-transitory computer-readable medium as defined in claim 9, wherein the determined number of separate predetermined loan increments multiplied by a value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of customer accounts exceeds the value of the one or more customer transactions by less than the value of one of the plurality of separate predetermined loan increments.

15. A computer-implemented method to allow a plurality of customer to access a plurality of line of credits associated with a plurality of customer accounts, the computer-implemented method comprising:

establishing, by a computer associated with a financial institution to define a financial institution computer, responsive to customer underwriting data and predetermined qualification parameters, a plurality of line of credit accounts associated with a plurality of customer accounts for a plurality of customers, the plurality of line of credit accounts having a plurality of total credit limits and adapted to be drawn in at least one of a plurality of separate predetermined loan increments each being equal in value;

determining, by the financial institution computer, whether to advance funds from one or more of the plurality of line of credit accounts to one or more of the plurality of customer accounts for one or more customer transaction;

determining, by the financial institution computer, a number of separate predetermined loan increments to be added to the one or more of the plurality of customer accounts responsive to the determination to advance funds from the one or more of the plurality of line of credit accounts for the one or more customer transactions; and

loading, by the financial institution computer, the one or more of the plurality of customer accounts with at least one of the plurality of separate predetermined loan increments that corresponds with the determined number of separate predetermined loan increments to thereby define loaded predetermined increments when the loaded predetermined increments do not exceed a line of credit balance available for the one or more of the plurality of line of credit accounts, a total value of a predetermined loan advance fee being equal to a predetermined financial institution fee plus a predetermined retailer fee multiplied by the number of separate predetermined loan increments.

16. A computer-implemented method as defined in claim 15, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts includes:

determining, by the financial institution computer, responsive to receipt of transaction data by the financial institution computer, when one or more customer transaction cards associated with the one or more of the plurality of customer accounts is being used as payment for one or more customer transactions and when a value of the one or more customer transactions is greater than a value associated with the one or more of the plurality of customer accounts.

17. A computer-implemented method as defined in claim 15, wherein the plurality of total credit limits of the plurality of line of credit accounts have a first portion and a second portion, the first portion being larger than the second portion and reserved for use with one or more transactions with the retailer;

and wherein the predetermined retailer fee being a first amount when the one or more customer transactions is with a retailer and a second amount when the one or more customer transactions is not with the retailer, the second amount being larger than the first amount so that advances from the one or more of the plurality of line of credit accounts for one or more customer transactions with the retailer are provided at a discount.

18. A computer-implemented method as defined in claim 15, wherein determining whether to advance funds from the one or more of the plurality of line of credit accounts is responsive to a request to draw funds from the one or more of the plurality of line of credit accounts using a telephone conversation with an interactive voice response unit;

and wherein the financial institution is a first financial institution and one or more of the plurality of customer accounts are managed by a second financial institution different and positioned remote from the first financial institution.

19. A computer-implemented method as defined in claim 15, wherein the predetermined retailer fee is paid by the retailer when the loaded predetermined increments are used for the one or more customer transactions with the retailer.

20. A computer-implemented method as defined in claim 16, wherein the determined number of separate predetermined loan increments multiplied by a value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of customer accounts exceeds the value of the one or more customer transactions by less than the value of one of the plurality of separate predetermined loan increments.