System, method, and program product for foreign currency travel account

• US 8,290,853 B2
• Filed: 09/14/2011
• Issued: 10/16/2012
• Est. Priority Date: 09/04/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott
• Primary Examiner(s): RANKINS, WILLIAM E
• Application Number:
  US13/232,405
• Publication Number:
  US 20120005095A1
• Time in Patent Office: 398 Days
• Field of Search: 705 35- 39
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 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 20/354 Card activation or deactivation
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Systems, program product, and methods for securing or procuring destination currency funds for a traveler to be used for travel in a destination country commencing at a scheduled future travel date, are provided. A system can include a domestic financial institution server including foreign destination currency transaction account program product. The system provides for establishing an interest-bearing foreign destination currency transaction account having a user-selected maturity date coinciding with a preselected travel date, and near, but prior to the preselected travel date, providing to the traveler a travel debit card having access to the balance of foreign destination currency funds including both principal and accrued interest.

Claims

1. A computer-implemented method of securing foreign destination currency funds for a traveler for prospective travel in a selected foreign destination country commencing on a preselected travel date, the method comprising the steps of:

providing, by a financial institution computer, an online enrollment site configured to allow a traveler or a representative thereof to initiate an interest-bearing foreign destination currency transaction account, the online enrollment site configured to receive a selected travel date to define a preselected travel date, a foreign destination country, and traveler personnel identification data;

converting, by the financial institution computer, domestic currency funds to foreign destination currency funds at a foreign exchange rate responsive to receiving domestic currency funds from the traveler or the representative thereof

establishing, by the financial institution computer, the interest-bearing foreign destination currency transaction account to thereby procure foreign destination currency funds for the traveler at the foreign exchange rate, the transaction account having an origination date and being available for use on and after a date substantially after the origination date to define a maturity date, the transaction account configured to accrue interest on the foreign destination currency funds at one or more interest rates from the origination date of the transaction account to the maturity date and

determining an amount of interest on the foreign destination currency funds to be provided at the one or more interest rates between the origination date of the transaction account and the maturity date.

2. A computer-implemented method of claim 1, the method further comprising the step of:

initiating, by the financial institution computer, one or more travel debit cards to have access to the foreign destination currency funds on and after the maturity date, a value of a balance of the destination currency transaction account at the maturity date to include interest accrued on the transaction account from the origination date to the maturity date.

3. A computer-implemented method of claim 2, wherein one or more travel debit cards includes a storage medium configured to store an account indicator provided to enable access to the interest-bearing foreign destination currency transaction account;

and

the method further comprising the step of;

initiating storing of the account access indicator from the storage medium of one or more debit cards responsive to receiving indicia of receipt of the domestic currency funds provided by the traveler or the representative thereof and passage of the preselected travel date to thereby activate the one or more debit cards.

4. A computer-implemented method of claim 1, the method further comprising the step of:

transferring remaining unspent foreign currency funds associated with the one or more travel debit cards into a foreign destination currency rollover account responsive to an indication of travel completion and an indication of desired funds disposition by the traveler or the representative thereof.

5. A computer-implemented method of claim 1, the method further comprising the steps of:

providing an on-line balance and replenishment web page form including;

at least one field indicating current foreign destination currency transaction account balance, and at least one field configured to receive an amount or value of foreign destination currency funds requested by the traveler to replenish the foreign destination currency transaction account, the value provided in at least one of the following formats;

domestic currency funds format and foreign destination currency funds format.

6. A computer-implemented method of claim 1, wherein the traveler is one of a plurality of travelers desiring foreign destination currency funds;

and wherein the converting of the domestic currency funds to the foreign destination currency funds includes acquiring by the financial institution computer an interest bearing bank deposit at a foreign financial institution bank located in the foreign destination country equal to an aggregate of a total amount of foreign destination currency purchased by each of the plurality of travelers.

7. A computer-implemented method of claim 1, wherein the step of converting the domestic currency funds occurs substantially immediately responsive to the financial institution computer receiving funds to fund the transaction account.

8. A computer-implemented method of securing foreign destination currency funds for a traveler for prospective travel in a selected foreign destination country commencing on a preselected travel date, the method comprising the steps of:

providing, by a financial institution computer, an online enrollment site configured to allow a traveler or a representative thereof to initiate an interest-bearing foreign destination currency transaction account, the online enrollment site configured to receive a selected travel date to define a preselected travel date, a foreign destination country, and traveler personnel identification data;

converting, by the financial institution computer, domestic currency funds to foreign destination currency funds at a foreign exchange rate responsive to receiving domestic currency funds from the traveler or the representative thereof;

establishing, by the financial institution computer, the interest-bearing foreign destination currency transaction account to thereby procure foreign destination currency funds for the traveler at the foreign exchange rate, the transaction account having an origination date and being available for use on and after a date substantially after the origination date to define a maturity date, the transaction account configured to accrue interest on the foreign destination currency funds at one or more interest rates from the origination date of the transaction account to the maturity date;

initiating, by the financial institution computer, one or more travel debit cards to have access to the foreign destination currency funds on and after the maturity date, a value of a balance of the destination currency transaction account at the maturity date to include interest accrued on the transaction account from the origination date to the maturity date, the one or more travel debit cards includes a storage medium configured to store an account indicator provided to enable access to the interest-bearing foreign destination currency transaction account; and

initiating, by the financial institution computer, storing of the account access indicator from the storage medium of one or more debit cards responsive to receiving indicia of receipt of the domestic currency funds provided by the traveler or the representative thereof and passage of the preselected travel date to thereby activate the one or more debit cards.

9. A computer-implemented method of claim 8, the method further comprising the step of:

transferring remaining unspent foreign currency funds associated with one or more travel debit cards into a foreign destination currency rollover account responsive to an indication of travel completion and an indication of desired funds disposition by the traveler or the representative thereof.

10. A computer-implemented method of claim 8, the method further comprising the steps of:

providing an on-line balance and replenishment web page form including;

at least one field indicating current foreign destination currency transaction account balance, and at least one field configured to receive an amount or value of foreign destination currency funds requested by the traveler to replenish the foreign destination currency transaction account, the value provided in at least one of the following formats;

domestic currency funds format and foreign destination currency funds format.

11. A computer-implemented method of claim 8, wherein the traveler is one of a plurality of travelers desiring foreign destination currency funds;

and wherein the converting of the domestic currency funds to the foreign destination currency funds includes acquiring by the financial institution computer an interest bearing bank deposit at a foreign financial institution bank located in the foreign destination country equal to an aggregate of a total amount of foreign destination currency purchased by each of the plurality of travelers.

12. A computer-implemented method of claim 8, wherein the step of converting the domestic currency funds occurs substantially immediately responsive to the financial institution computer receiving funds to fund the transaction account.