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 8,296,227 B2
• Filed: 05/17/2012
• Issued: 10/23/2012
• Est. Priority Date: 03/19/2009
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott H., Sorbe, Trent
• Primary Examiner(s): Norman, Samica L
• Application Number:
  US13/474,519
• Publication Number:
  US 20120226599A1
• Time in Patent Office: 159 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 programs encoded on non-transitory memory, and computer-implemented methods to 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. The new or additional credit being, for example, based on a computerized estimate of the tax refund of the customer. The existing line of credit, for example, is adjusted based on the expected refund and/or actual tax refund determined to be available, which can 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.

Claims

1. A computer-implemented method of issuing a line of credit account based on an estimated tax refund, the method comprising of:

determining, by a computer associated with a credit provider and configured to control a plurality of line of credit accounts, whether a consumer has one or more of a 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;

determining, by the computer, an estimated tax refund for the consumer; and

issuing, by the computer, a new line of credit account for the consumer, the new line of credit account being responsive to the consumer not having one or more of the plurality of existing line of credit accounts and further being responsive to the estimated tax refund, the new line of credit account further adapted to be drawn in at least one of the plurality of separate predetermined loan increments, each of the plurality of separate predetermined loan increments being equal in value so that a total value of a loan advance fee equals a predetermined loan advance fee multiplied by a number of separate predetermined loan increments drawn by the consumer.

2. A computer-implemented method as defined in claim 1, the method comprising of:

allocating, by the computer, a portion of the estimated tax refund to repay at least a portion of a line of credit balance of the new line of credit account.

3. A computer-implemented method as defined in claim 1, wherein the new line of credit account is associated with one or more of a plurality of user 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 user card accounts with draws from the new line of credit account in at least one of the plurality of separate predetermined loan increments.

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

adjusting, by the computer, loan fee terms for the new line of credit account responsive to an actual tax refund so that the total value of a loan advance fee equals a predetermined loan advance fee multiplied by a number of separate predetermined loan increments drawn by the consumer.

5. A computer-implemented method as defined in claim 1, the method further comprising the step of:

adjusting, by the computer, loan fee terms for new line of credit account responsive to a second estimated tax refund.

6. A computer-implemented method as defined in claim 4, wherein the adjusting includes:

increasing, by the computer, the total credit limit of the one or more of the plurality of existing line of credit accounts by a second number of separate predetermined loan increments responsive a filing of the actual tax refund to thereby increase existing available credit for the consumer by a second amount, the second increased available credit adapted to be drawn in at least one of the plurality of separate predetermined loan increments.

7. A computer-implemented method as defined in claim 6, wherein the adjusting includes:

increasing, by the computer, the total credit limit of the one or more of the plurality of existing line of credit accounts by a second number of separate predetermined loan increments responsive a filing of an actual tax refund to thereby increase existing available credit for the consumer by a second amount, the second increased available credit adapted to be drawn in at least one of the plurality of separate predetermined loan increments.