Methods and systems for providing a savings goal

• US 8,732,076 B2
• Filed: 07/23/2012
• Issued: 05/20/2014
• Est. Priority Date: 03/14/2007
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: eBay Inc.
• Inventors: Scipioni, German, Fotsch, Donald James, Black, Joseph Edward, Poling, Amy, Tiritoglu, Alp
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/555,928
• Publication Number:
  US 20120290367A1
• Time in Patent Office: 666 Days
• Field of Search: 705 10- 44
• US Class Current: 705/39
• 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 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Example embodiments describe a method and a system to control activities of a financial account. In example embodiments, a secondary account is linked to a primary account. Within the secondary account, a spending account and a savings account are established. A savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside is created. The savings goal includes a goal amount. An automatic purchase of a product associated with the savings goal upon the goal amount being met may be allowed.

Claims

1. A method comprising:

linking a secondary account to a primary account;

establishing, within the secondary account, a spending account and a savings account;

creating, using a processor of a machine, a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and

transferring funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.

2. The method of claim 1, further comprising:

receiving a parameter to automatically purchase the product corresponding to the savings goal in response to achieving the user indicated final goal amount; and

triggering automatic purchase of the product corresponding to the savings goal in response to the user indicated final goal amount being met.

3. The method of claim 1, further comprising:

receiving a selection of the product corresponding to the savings goal, the receiving of the selection causing the product to be placed on a layaway basis; and

automatically purchasing the product with funds paid directly from the secondary account in response to the user indicated final goal amount being met.

4. The method of claim 1, further comprising allowing a primary account holder of the primary account to control or limit the savings goal of a secondary account holder of the secondary account.

5. The method of claim 1, further comprising dynamically monitoring a price of the product corresponding to the savings goal established in the secondary account.

6. The method of claim 1, further comprising:

determining a savings status towards meeting the indicated final goal amount of the savings goal; and

providing the savings status along a bar graph of a user interface to a secondary account holder of the secondary account.

7. The method of claim 1, further comprising performing a transfer of funds from the spending account of the secondary account to the savings goal of the secondary account.

8. The method of claim 7, further comprising establishing a recursive transfer of funds, wherein the transfer of funds occurs on a recursive scheduled basis.

9. The method of claim 1, further comprising:

receiving instructions to automatically deposit a portion of a funds deposit into the savings goal; and

automatically depositing the portion into the savings goal.

10. The method of claim 1, further comprising establishing a fund matching program for the savings goal that allows a primary account holder to match funds in the savings goal of the secondary account.

11. The method of claim 1, further comprising allowing a merchant to offer a selection from the group consisting of a discount for the product corresponding to the savings goal of the secondary account that is placed in an online layaway with the merchant, a sales incentive associated with the savings goal, and a lock-in on a sales price for the product corresponding to the savings goal.

21. The method of claim 1, further comprising providing an option for a user to add a new savings goal including a new explicitly indicated goal amount for the new savings goal resulting in a plurality of savings goals in the secondary account, the option provided on a user interface displaying current savings goals.

12. A system comprising:

a processor of a machine;

at least one account management module to link a secondary account to a primary account and to establish a spending account and a savings account within the secondary account;

a savings module to create, using the processor of the machine, a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and

a payment transfer module to transfer funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.

13. A machine-readable storage medium in communication with at least one processor, the machine-readable medium storing instructions which, when executed by the at least one processor of a machine, cause the machine to perform operations comprising:

linking a secondary account to a primary account;

establishing, within the secondary account, a spending account and a savings account;

creating a savings goal in the savings account of the secondary account that enables a portion of the savings account of the secondary account to be set aside, the savings goal including a user indicated final goal amount to achieve the savings goal; and

transferring funds of the savings goal in the secondary account directly to a third party providing a product corresponding to the savings goal to pay for the product in response to the user indicated final goal amount being met.

14. The machine-readable storage medium of claim 13, wherein the operations further comprise allowing automatic purchase of the product corresponding to the savings goal in response to the user indicated final goal amount being met.

15. The machine-readable storage medium of claim 13, wherein the operations further comprise allowing selection of the product corresponding to the savings goal on a layaway basis.

16. The machine-readable storage medium of claim 13, wherein the operations further comprise dynamically monitoring a price of the product corresponding to the savings goal established in the secondary account.

17. The machine-readable storage medium of claim 13, wherein the operations further comprise:

determining a savings status towards meeting the indicated final goal amount of the savings goal; and

providing the savings status in a graphical format to a secondary account holder of the secondary account.

18. The machine-readable storage medium of claim 13, wherein the operations further comprise:

establishing a schedule for recursive transfers of funds from the spending account to the savings goal;

performing a transfer of the funds from the spending account to the saving goal according to the schedule.

19. The machine-readable storage medium of claim 13, wherein the operations further comprise:

receiving instructions to automatically deposit a portion of a funds deposit into the savings goal; and

automatically depositing the portion into the savings goal.

20. The machine-readable storage medium of claim 13, wherein the operations further comprise establishing a fund matching program for the savings goal that allows a primary account holder to match funds in the savings goal of the secondary account.