Systems and methods for automatic migration of a consumer between financial accounts

• US 8,788,382 B2
• Filed: 11/19/2010
• Issued: 07/22/2014
• Est. Priority Date: 06/04/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Monk, Justin T.
• Primary Examiner(s): Apple, Kirsten
• Application Number:
  US12/950,667
• Publication Number:
  US 20110125634A1
• Time in Patent Office: 1,341 Days
• Field of Search: 705/35
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

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.

Claims

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.

2. The method of claim 1 wherein conducting financial transactions comprises receiving a direct deposit payment.

3. The method of claim 1 wherein the upgraded account features comprise at least one of an ability to conduct credit card transactions and an ability to reload the second account an unlimited number of times.

4. The method of claim 1 wherein the consumer profile comprises a direct deposit account number.

5. The method of claim 1, wherein the new device is embossed with at least a consumer name.

6. A method of utilizing financial accounts, the method comprising:

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.

7. The method of claim 6, wherein the account activity comprises an amount of money spent using the first financial account.

8. The method of claim 6, wherein the first financial account comprises a payroll card account configured to be loaded by an employer, wherein the trigger criteria comprises reloading the first financial account a set number of times.

9. The method of claim 6 further comprising determining a type of the second account based on a number of trigger criteria that have been met.

10. The method of claim 6 further comprising determining a type of the second account by comparing the account activity to numerical levels established in at least one trigger criterion.

11. The method of claim 6 wherein the first account is of a first type and the second account is of a second type, wherein each type of account includes a different set of features.

12. The method of claim 11 wherein the first type of account can only be reloaded a set number of times and the second type of account is capable unlimited reloads.

13. The method of claim 11 wherein the first type of account can only be used at an ATM and the second type of account can also be used to conduct credit card transactions.

14. The method of claim 6 wherein the first account is an account that can only be reloaded a set number of times and the trigger criteria is reloading the account the set number of times.

19. The method of claim 6 wherein the trigger criteria include a fraud trigger criteria.

20. The method of claim 19 wherein when it is determined that the fraud trigger criteria is met, the second prepaid financial account is a PIN-only account.

21. The method claim 6 wherein the consumer profile includes a direct deposit account (DDA) number.

15. A server computer, comprising:

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.

16. The server computer of claim 15, wherein conducting financial transactions comprises receiving a direct deposit payment.

17. The server computer of claim 15, wherein the upgraded account features comprise at least one of an ability to conduct credit card transactions and an ability to reload the second account an unlimited number of times.

18. The server computer claim 15, wherein the consumer profile comprises a direct deposit account number.