System and method for processing transactions using a multi-account transactions device

• US 8,459,562 B1
• Filed: 09/11/2009
• Issued: 06/11/2013
• Est. Priority Date: 12/31/2007
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Field, Manning R., Reinhard, Walter Brent
• Primary Examiner(s): Lee, Michael G
• Assistant Examiner(s): CHEDEKEL, TABITHA F
• Application Number:
  US12/557,921
• Time in Patent Office: 1,369 Days
• Field of Search: 235/380, 235/487, 235/492, 235/493, 705/38, 705/39
• US Class Current: 235/492
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features

Abstract

A system and method for processing transactions using a multi-account transaction device. The method comprises the steps of: receiving at least one transaction particular relating to a transaction conducted with a multi-account transaction device; determining at least one first desired account associated with the multi-account transaction device to which the transaction will be posted; posting the transaction to the at least one first desired account; receiving at least one second desired account to which at least a portion of the transaction should be posted; posting the at least a portion of the transaction to the at least one second desired account; and reconciling the at least one first desired account.

Claims

1. A method for processing transactions using a multi-account transaction card, comprising:

providing a customer with a multi-account transaction card, the multi-account transaction card including a first account identifier and a second account identifier, wherein only one of the first account identifier and the second account identifier is available for initiation at any time;

receiving a desired account identifier selected from the group consisting of the first account identifier and the second account identifier; and

posting the transaction to a desired account associated with the desired account identifier;

wherein the multi-account transaction card comprises;

a first portion comprising the first account identifier;

a second portion comprising the second account identifier; and

a hinge connecting the first portion and the second portion, wherein the first and second portion are movable between a first position wherein the first account identifier is available for initiation, and a second position where the second account identifier is available for initiation.

2. The method of claim 1, wherein the desired account identifier is received at a point of sale device.

3. The method of claim 1, wherein each of the account identifiers comprises a magnetic stripe.

4. The method of claim 1, wherein each of the account identifiers comprises a RFID device.

5. The method of claim 1, wherein one of the account identifiers is associated with a credit account, and one of the account identifiers is associated with a debit account.

6. The method of claim 1, wherein one of the account identifiers is associated with a stored value account.

7. A multi-account transaction card, comprising:

a first portion comprising a first account identifier;

a second portion comprising a second account identifier; and

a hinge connecting the first portion and the second portion, wherein the first and second portion are movable between a first position wherein only the first account identifier is available for initiation, and a second position where only the second account identifier is available for initiation.

8. The multi-account transaction card of claim 7, wherein each of the account identifiers comprises a magnetic stripe.

9. The multi-account transaction card of claim 7, wherein each of the account identifiers comprises a RFID device.

10. The multi-account transaction card of claim 7, wherein at least one of the first portion and the second portion comprises a metallic substrate.

11. The multi-account transaction card of claim 7, wherein the first account identifiers is associated with a credit account, and the second account identifiers is associated with a debit account.

12. The multi-account transaction card of claim 7, wherein one of the account identifiers is associated with a stored value account.

13. The multi-account transaction card of claim 7, further comprising a closing mechanism.