Systems and methods for automatic migration of a consumer between financial accounts
First Claim
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1. A method of utilizing prepaid financial accounts, the method comprising:
- receiving a first prepaid financial account from an issuer having a first account number, wherein the first prepaid financial account is associated with a consumer profile and wherein the first prepaid financial account is associated with trigger criteria preset by the issuer;
conducting, electronically on a processor, financial transactions on the first account, wherein the issuer monitors account activity, including the financial transactions conducted on the first prepaid financial account, to determine that the trigger criteria is met;
automatically receiving a second prepaid financial account from the issuer based on the trigger criteria being met by the account activity of the first account including the financial transactions conducted on the first prepaid financial account, wherein the second prepaid financial account has a second account number different than the first account number, and is associated with the consumer profile, and wherein the second prepaid financial account possesses upgraded account features; and
conducting, electronically on the processor, financial transactions on the second prepaid financial account utilizing the upgraded account features using a new portable consumer device associated with the second prepaid financial account.
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Abstract
Embodiments of the invention provide systems and methods for automatically migrating a consumer from one prepaid financial account to another prepaid financial account based on preset trigger criteria. A prepaid payment device, such as a payroll card, may be issued to the consumer and associated with a prepaid financial account. The prepaid financial account may include a profile for the consumer. The issuer of the prepaid payment device may monitor the account activity and set trigger criteria that control when the consumer is automatically migrated from the current prepaid financial account and which type of new account the consumer is migrated into.
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Citations
21 Claims
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1. A method of utilizing prepaid financial accounts, the method comprising:
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receiving a first prepaid financial account from an issuer having a first account number, wherein the first prepaid financial account is associated with a consumer profile and wherein the first prepaid financial account is associated with trigger criteria preset by the issuer; conducting, electronically on a processor, financial transactions on the first account, wherein the issuer monitors account activity, including the financial transactions conducted on the first prepaid financial account, to determine that the trigger criteria is met; automatically receiving a second prepaid financial account from the issuer based on the trigger criteria being met by the account activity of the first account including the financial transactions conducted on the first prepaid financial account, wherein the second prepaid financial account has a second account number different than the first account number, and is associated with the consumer profile, and wherein the second prepaid financial account possesses upgraded account features; and conducting, electronically on the processor, financial transactions on the second prepaid financial account utilizing the upgraded account features using a new portable consumer device associated with the second prepaid financial account. - View Dependent Claims (2, 3, 4, 5)
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6. A method of utilizing financial accounts, the method comprising:
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receiving a first financial account from an issuer having a first account number, wherein the first financial account is associated with a consumer profile and wherein the first financial account is associated with trigger criteria preset by the issuer; conducting, using a portable consumer device including a computer readable storage medium, financial transactions on the first financial account electronically on a processor, wherein the issuer monitors account activity, including the financial transactions conducted on the first financial account, to determine that the trigger criteria is met; automatically receiving a second financial account from the issuer based on the trigger criteria being met by the account activity of the first financial account, including the financial transactions, wherein the second financial account is associated with the consumer profile; and conducting, electronically on the processor, financial transactions on the second financial account. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 14, 19, 20, 21)
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15. A server computer, comprising:
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a processor; and a computer readable medium, the computer readable medium comprising code for receiving a first prepaid financial account from an issuer having a first account number, wherein the first prepaid financial account is associated with a consumer profile and wherein the first prepaid financial account is associated with trigger criteria preset by the issuer; code for conducting financial transactions on the first account, wherein the issuer monitors account activity, including the financial transactions conducted on the first prepaid financial account, to determine that the trigger criteria is met; code for automatically receiving a second prepaid financial account from the issuer based on the trigger criteria being met by the account activity of the first prepaid financial account including the financial transactions conducted on the first prepaid financial account, wherein the second prepaid financial account has a second account number different than the first account number, and is associated with the consumer profile, and wherein the second prepaid financial account possesses upgraded account features, and code for conducting financial transactions on the second prepaid financial account utilizing the upgraded account features. - View Dependent Claims (16, 17, 18)
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Specification