System and method for providing warning and protection for bill payments

• US 8,380,591 B1
• Filed: 07/10/2009
• Issued: 02/19/2013
• Est. Priority Date: 07/10/2009
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Kazenas, Joseph Alfred, Voutour, Teddy Joseph Edmond
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US12/500,653
• Time in Patent Office: 1,320 Days
• Field of Search: 705/30, 705/42, 705/35, 705/39
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/145 Payments according to the detected use or quantity

Abstract

Methods and systems for providing protection to an individual or party from penalties associated with late or missed payments of bills, invoices and other charges are described. The methods and systems can warn a user of possible penalties and take correction action to avoid incurring the penalty. In an example, a computerized method, and system for performing the method can include receiving data about a plurality of payments to be paid by at least one party, the data includes at least one penalty associated with at least one of the payments, ranking the payments based at least partially upon the penalty and determining an order for the payments to be paid. In an example, a computerized method, and system for performing the method can include receiving data about a plurality of bills for at least one user, determining at least one action to prevent incurring a penalty for at least one of the bills and allowing the user to select the action. In an example, a computerized method, and system for performing the method can include receiving data for a plurality of bills for at least one user, determining if at least one penalty event can occur and communicating the penalty event to the user.

Claims

1. A method of operating a bill payment system comprising:

receiving a first set of account terms associated with a first account, wherein the first set of account terms includes penalty information associated with the first account;

receiving a second set of account terms associated with a second account, wherein the second set of account terms includes penalty information associated with the second account;

receiving a first bill associated with the first account and a second bill associated with the second account, wherein the first bill has a first due date and the second bill has a second due date and wherein the first bill and the second bill are received separately from the first and the second sets of account terms;

processing the first bill and the second bill based on the respective sets of account terms, the respective due dates, and the respective penalty information to determine penalties associated with the bills; and

determining a ranking of the bills based on the penalties, wherein the ranking includes an order of payment of the first bill and the second bill that minimizes the penalties.

2. The method of claim 1 further comprising:

scheduling payment dates for the first bill and the second bill based on the ranking; and

paying the first bill and the second bill on the respective payment dates.

3. The method of claim 1 wherein priority indicators are associated with each of the first bill and the second bill and determining the ranking of the bills is further based on the associated priority indicators.

4. The method of claim 1 further comprising transmitting an alert describing at least one of the penalties to an account owner.

5. The method of claim 1 further comprising assigning each of the penalties a penalty type from a plurality of penalty types.

6. The method of claim 5 wherein the plurality of penalty types includes a late payment fee, an interest rate increase, an accelerated payment, and a credit rating reduction.

7. The method of claim 5 wherein weighting factors provided by an account owner are associated with each of the penalty types and determining the ranking of the bills includes applying at least one of the weighting factors to at least one of the penalties based on the penalty type.

8. A bill payment system comprising:

a database; and

one or more processors configured to;

receive a first set of account terms associated with a first account, wherein the first set of account terms includes penalty information associated with the first account;

receive a second set of account terms associated with a second account, wherein the second set of account terms includes penalty information associated with the second account;

store the first and the second sets of account terms in the database;

receive a first bill associated with the first account and a second bill associated with the second account, wherein the first bill has a first due date and the second bill has a second due date and wherein the first bill and the second bill are received separately from the first and the second sets of account terms;

retrieve the first and the second sets of account terms from the database in response to receiving the bills;

process the first bill and the second bill using the retrieved sets of account terms to determine penalties associated with the bills; and

determine a ranking of the bills based on the penalties, wherein the ranking includes an order of payment of the first bill and the second bill that minimizes the penalties.

9. The bill payment system of claim 8 wherein the one or more processors are further configured to:

schedule payment dates for the first bill and the second bill based on the ranking; and

pay the first bill and the second bill on the respective payment dates.

10. The bill payment system of claim 8 wherein priority indicators are associated with each of the first bill and the second bill and determining the ranking of the bills is further based on the associated priority indicators.

11. The bill payment system of claim 8 wherein the one or more processors are further configured to transmit an alert that describes at least one of the penalties to an account owner.

12. The bill payment system of claim 8 wherein the one or more processors are further configured to assign each of the penalties a penalty type from a plurality of penalty types.

13. The bill payment system of claim 12 wherein the plurality of penalty types includes a late payment fee, an interest rate increase, an accelerated payment, and a credit rating reduction.

14. The bill payment system of claim 12 wherein weighting factors are associated with each of the penalty types and determining the ranking of the bills includes applying at least one of the weighting factors to at least one of the penalties based on the penalty type.

15. A non-transitory machine-readable medium comprising instructions which, when executed by one or more processors, direct the one or more processors to:

receive a first set of account terms associated with a first account, wherein the first set of account terms includes penalty information associated with the first account;

receive a second set of account terms associated with a second account, wherein the second set of account terms includes penalty information associated with the second account;

receive a first bill associated with the first account and a second bill associated with the second account, wherein the first bill has a first due date and the second bill has a second due date;

process the first bill and the second bill based on the respective sets of account terms, the respective due dates, and the respective penalty information to determine penalties associated with the bills; and

determine a ranking of the bills based on the penalties, wherein the ranking includes an order of payment of the first bill and the second bill that minimizes the penalties.

16. The machine-readable medium of claim 15 wherein the instructions further direct the one or more processors to schedule payment dates for the first bill and the second bill based on the ranking.

17. The machine-readable medium of claim 15 wherein priority indicators are associated with each of the first bill and the second bill and determining the ranking of the bills is further based on the associated priority indicators.

18. The machine-readable medium of claim 15 wherein the instructions further direct the one or more processors to transmit an alert that describes at least one of the penalties.

19. The machine-readable medium of claim 15 wherein the instructions further direct the one or more processors to assign each of the penalties a penalty type from a plurality of penalty types.

20. The machine-readable medium of claim 19 wherein the plurality of penalty types includes a late payment fee, an interest rate increase, an accelerated payment, and a credit rating reduction.

21. The machine-readable medium of claim 19 wherein weighting factors are associated with each of the penalty types and determining the ranking of the bills includes applying at least one of the weighting factors to at least one of the penalties based on the penalty type.