System and method for funding a collective account

• US 20030028483A1
• Filed: 07/15/2002
• Published: 02/06/2003
• Est. Priority Date: 07/26/2001
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: First USA Bank N.A. (JP Morgan Chase & Co)
• Inventors: Bowers, Teodore, Sanders, Shelly F.
• Granted Patent: US 7,809,641 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0279 Fundraising management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for funding a collective account such as a charitable account includes issuing a plurality of financial instruments, linking the financial instruments to the collective account, aggregating individual financial instrument usage, calculating a bonus or other reward based on the aggregate financial instrument usage and funding or distributing the reward to the collective account. According to the invention, members of a civic, charitable, political or other entity may generate collective rewards or other benefits which may be attributed to the designated organization.

Claims

1. A method for processing a collective account, said method comprising:

issuing a plurality of financial instruments;

linking the financial instruments to the collective account;

aggregating financial instrument usage for all linked financial instruments in the collective account; and

calculating a reward based on the aggregate financial instrument usage.

2. The method of claim 1, further comprising distributing the reward from the collective account to at least one other account.

3. The method of claim 2, wherein the financial instrument is selected from a group consisting of credit cards, ATM banking cards, debit cards, gift cards, smart cards, proximity type devices, checks, demand deposit accounts, brokerage accounts, mutual fund accounts, money market accounts, telephone card accounts, wireless telephone accounts and frequent flier accounts.

4. The method of claim 3, wherein the financial instruments are issued to members of an organization, and wherein the organization is the holder of the collective account.

5. The method of claim 2, wherein the organization is selected from a group comprising a family wherein the collective account comprises an educational account.

6. The method of claim 2, wherein the collective account comprises a charitable account.

7. The method of claim 1, wherein the linking, aggregating, and calculating steps are done electronically in real time.

8. The method of claim 2, further comprising issuing a statement to each financial instrument holder reporting the reward amount contributed to the collective account.

9. The method of claim 2, wherein the organization is selected from a group comprising families, business organizations, trade organizations, political parties, religious organizations, athletic organizations, professional societies, research organizations, educational organizations, social services organizations.

10. The method of claim 2, wherein the organization is selected from a group comprising lobbying groups, Political Action Committees (PACs) and consortiums of smaller interested groups.

11. The method of claim 3, wherein the financial instrument is comprised of a collective card including one or more integrated circuits and a communication port for communicating with conventional card readers.

12. The method of claim 3, wherein the reward is accumulated prior to designating a recipient organization.

13. The method of claim 3, wherein the reward is based on a percentage of the balances accrued using the financial instrument.

14. The method of claim 3, wherein the reward is based on the account balance maintained using the financial instrument.

15. The method of claim 13, wherein the reward is further based on the time period during which balances are accrued using the financial instrument.

16. A method for making charitable contributions comprising:

issuing a plurality of financial transaction cards to members of an organization;

linking each card to an individual account and to a collective account;

aggregating card usage for each individual account in the collective account;

calculating a reward based on the aggregate card usage in the collective account;

attributing the reward to the collective account; and

distributing the reward to a charitable organization.

17. The method of claim 16, wherein each individual account is electronically linked to the collective account.

18. The method of claim 16, further comprising issuing a statement to each cardholder reporting the bonus amount contributed and the recipient charitable organization.

19. A method for making charitable contributions comprising:

linking a plurality of financial instruments to a collective account;

aggregating usage for all linked financial instruments in the collective account electronically;

calculating a reward based on the aggregate usage of all linked financial instruments on a first periodic basis; and

attributing the reward to at least one charitable organization on a second periodic basis.

20. An automated, computer-based method for making charitable contributions comprising:

linking existing individual card accounts to a collective charitable account upon authorization by the cardholders;

aggregating card usage for all linked cards in the collective account;

calculating a reward based on the aggregate card usage, and

attributing the reward to at least one charitable organization on a periodic basis.

21. The method of claim 20, wherein the issuer of the individual cards is the holder of the collective account.

22. A financial transaction card for funding a collective account comprising:

means for operatively linking the card to at least one individual account;

means for operatively linking the card to the collective account, means for calculating a reward based on an aggregate card usage of all the cards linked to the collective account; and

means for attributing the reward to the collective account.

23. A computer-based system for funding a collective account comprising:

a plurality of financial instruments, wherein at least one financial instrument is operatively linked to an individual account and to the collective account;

means for calculating an aggregate usage for all linked financial instruments;

means for calculating a reward based on the aggregate usage; and

means for processing the content of the collective account.

24. The system of claim 23, wherein the financial instrument is selected from a group consisting of credit cards, ATM banking cards, debit cards, gift cards, smart cards, proximity type devices, checks, demand deposit accounts, brokerage accounts, mutual fund accounts, money market accounts, telephone card accounts, wireless telephone accounts and frequent flier accounts.

25. The system of claim 24, wherein the collective account comprises a charitable contribution account.

26. The system of claim 25, wherein the financial instruments are issued to members of an organization.

27. The system of claim 23, wherein the financial instruments are issued to members of a family.

28. The system of claim 23, wherein the financial instruments comprise smart cards.