Management system and method for personal per-card use subaccount transaction financial management

• US 8,515,815 B2
• Filed: 09/11/2012
• Issued: 08/20/2013
• Est. Priority Date: 07/07/2009
• Status: Active Grant

• Current Assignee: Richard H. Chenot
• Original Assignee: Richard H. Chenot
• Inventors: Chenot, Richard H.
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US13/610,475
• Publication Number:
  US 20130013436A1
• Time in Patent Office: 343 Days
• Field of Search: 705/21, 705/16, 705/17, 705/35, 705/44, 705/64, 705/75, 235/380
• US Class Current: 705/21
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/347 Passive cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/0806 Details of the card record carriers per se G06K

Abstract

A computer system for processing purchase transaction payments with user oriented personal financial management support having a database with primary accounts each with a plurality of subaccounts each having a subaccount indicator and a user defined funding level, receiving a financial purchase transactions payment request for payment authorization of a financial purchase transaction payment associated with an activity of the user including a financial purchase transaction amount, the primary account number, and a user selected subaccount indicator, verifying the received financial purchase transaction amount is within the received funding level for the subaccount associated with the received user selected subaccount indicator contained within the received payment request in near real time; and transmitting a financial purchase transaction authorization in response in near real time to a positive verification that the received financial purchase transaction amount is within the funding level of the subaccount associated with the received subaccount indicator.

Claims

1. A financial system for processing financial purchase transaction payments with user oriented personal financial management support comprising:

a server having a processor, a network interface, a non-transitory memory and computer executable instructions including a database, and a network interface;

the network interface communicatively interfacing with a remote financial purchase transaction processing system over a communication network for receiving a primary account number, a financial purchase transaction amount, and a subaccount indicator;

the database including a plurality of primary accounts each having a plurality of subaccounts each associated with a subaccount indicator and each having a funding level;

computer executable instructions for performing the method of;

establishing in the database a primary account for the user having a primary account number for financial purchase transactions;

establishing in the database a plurality of subaccounts each with a subaccount indicator within the primary account and having a subaccount funding level for financial purchase transactions;

receiving a funding level from the user located at a remote financial purchase processing system for each of the subaccounts and indicating in the database the receipt of such funding level in each of the subaccounts of the primary account for financial purchase transactions;

receiving over the network interface a financial purchase transactions payment request from the financial purchase transaction processing system for payment authorization of a financial purchase transaction payment associated with an activity of the user associated with the financial purchase transaction processing system, the financial purchase transaction payment request including a financial purchase transaction amount, the primary account number, and a user selected subaccount indicator, wherein the received user selected subaccount indicator in the received payment request is one of the plurality of subaccount indicators associated with one of the plurality of subaccounts within the primary account associated with the received primary account number;

verifying the received financial purchase transaction amount is within the received funding level for the subaccount associated with the received user selected subaccount indicator contained within the received payment request in near real time; and

transmitting over the network interface a financial purchase transaction authorization to the financial purchase transaction processing system in response in near real time to a positive verification that the received financial purchase transaction amount is within the funding level of the subaccount associated with the received subaccount indicator.

2. The system of claim 1 wherein the computer executable instructions include processes for further performing the method further comprising:

transmitting over the network interface a lack of funds indicator to the transaction processing system in response to a negative verification that the received transaction amount is greater than the funding level of the subaccount associated with the received subaccount indicator; and

transmitting over the network interface to the transaction processing system a request for an alternative subaccount to be selected by the user for processing of the payment of the transaction amount.

3. The system of claim 1 wherein the computer executable instructions include processes for further performing the method further comprising:

receiving over the network interface an allocation instruction from the user; and

reallocating a funding amount to the received subaccount associated with the received subaccount indicator from a different funding level of a different subaccount to the funding level of the associated subaccount with the received transaction payment amount.

4. The system of claim 1 wherein the computer executable instructions include processes for further performing the method further comprising:

receiving over the network interface a discretionary user funding level; and

allocating the discretionary funding level to one or more of the subaccounts.

5. The system of claim 1 wherein the computer executable instructions include processes for further performing the method further comprising:

receiving over the network interface a user allocation instruction, wherein the allocating is responsive to the instruction.

6. The system of claim 1 wherein the computer executable instructions include processes for further performing the method further comprising:

receiving a specification of a subaccount label for each of the subaccounts within the primary account and for establishing the funding levels for each of the subaccounts within the primary account as a function of the subaccount label associated with each.

7. The system of claim 1 wherein the subaccount indicator is a single digit between 0 and 9.

8. The system of claim 1 wherein the subaccount indicator is a single digit between 0 and 9.

9. The system of claim 1 wherein the financial purchase transaction processing system located remote from the server is a point of sale transaction processing system.

10. The system of claim 1 wherein the financial purchase transaction processing system is a credit card or debit card transaction processing system.

11. A method of providing personal financial management to a user for making payment towards a purchase using a remotely located financial management system comprising:

the remotely located financial management system having a processor, a network interface, a non-transitory memory and computer executable instructions including a database and for performing the processes of;

establishing in the database a primary account for the user having a primary account number for financial purchase transactions;

establishing in the database a plurality of subaccounts each with a subaccount indicator within the primary account and having a subaccount funding level for the subaccount;

receiving an amount for each subaccount funding level from the user for each of the subaccounts and indicating in the database the amount of such funding level in each of the subaccounts of the primary account;

receiving over the network interface from a transaction processing system located remote from the server and at the location of the user a transaction payment request for authorization of a transaction payment associated with an activity of the user associated with the transaction processing system, the financial purchase transactions payment request including a transaction amount, the primary account number, and a user selected subaccount indicator, wherein the received user selected subaccount indicator in the received payment request is one of the plurality of subaccount indicators associated with one of the plurality of subaccounts within the primary account associated with the received primary account number;

verifying the received transaction amount is within the received funding level for the subaccount associated with the received user selected subaccount indicator contained within the received payment request in near real time; and

transmitting over the network interface a transaction authorization to the transaction processing system in response in near real time to a positive verification that the received transaction amount is within the funding level of the subaccount associated with the received subaccount indicator.

12. The method of claim 11 further comprising:

transmitting over the network interface a lack of funds indicator to the transaction processing system in response to a negative verification that the received transaction amount is greater than the funding level of the subaccount associated with the received subaccount indicator; and

transmitting over the network interface to the transaction processing system a request for an alternative subaccount to be selected by the user for processing of the payment of the transaction amount.

13. The method of claim 11 further comprising:

receiving over the network interface an allocation instruction from the user; and

reallocating a funding level to the received subaccount associated with the received subaccount indicator from a different funding level of a different subaccount to the funding level of the associated subaccount with the received transaction payment amount.

14. The method of claim 11 further comprising:

receiving over the network interface a discretionary user funding level; and

allocating the discretionary funding level to one or more of the subaccounts.

15. The method of claim 11 further comprising:

receiving over the network interface a user allocation instruction, wherein the allocating is responsive to the instruction.

16. The method of claim 11 further comprising:

receiving a specification of a subaccount label for each of the subaccounts within the primary account and for establishing the funding levels for each of the subaccounts within the primary account as a function of the subaccount label associated with each.

17. The method of claim 11 wherein the subaccount indicator is a single digit between 0 and 9.

18. The method of claim 11 wherein the subaccount indicator is a single digit between 0 and 9.

19. The method of claim 11 wherein the financial purchase transaction processing system located remote from the server is a point of sale transaction processing system.

20. The method of claim 11 wherein the financial purchase transaction processing system is a credit card or debit card transaction processing system.