Method and system for underwriting and servicing financial accounts

• US 20050055296A1
• Filed: 09/08/2003
• Published: 03/10/2005
• Est. Priority Date: 09/08/2003
• Status: Abandoned Application

• Current Assignee: Michael Hattersley, Seong-Kun Oh, Thomas Jadico Jr
• Original Assignee: Michael Hattersley, Seong-Kun Oh, Thomas Jadico Jr
• Inventors: Jadico, Thomas Jr., Hattersley, Michael, Oh, Seong-Kun
• Application Number:
  US10/657,456
• Publication Number:
  US 20050055296A1
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

Abstract

Method and system for providing financial account underwriting and servicing exclusively using online transactions by requiring a link to the account holder'"'"'s bank account as a condition of account approval process and account servicing performed exclusively online with the account holders including the steps of receiving account application information including a bank account information, depositing at least one deposit amount to the bank account corresponding to the received bank account information, receiving a deposit verification amount, from the applicant, confirming the deposit verification amount received from the applicant, and generating a financial account corresponding to the received account application information, where the financial account is electronically linked to the bank account for periodic debit transaction to withdraw funds from the linked bank account and to deposit the withdrawn funds into the linked financial account, and a server terminal configured to perform these steps are provided.

Claims

1. A method of providing underwriting and/or servicing of an financial account, comprising the steps of:

receiving account application information including a bank account information;

depositing at least one deposit amount to the bank account corresponding to the received bank account information;

receiving a deposit verification amount;

comparing the received deposit verification amount with the deposited at least one deposit amount; and

generating a financial account corresponding to the received account application information, where the financial account is electronically linked to the bank account.

2. The method of claim 1 further including the step of receiving a periodic debit transaction amount.

3. The method of claim 2 wherein the periodic debit transaction amount is configured to be periodically debited from the bank account electronically to the financial account.

4. The method of claim 3 wherein the periodic debit transaction is performed at 30 day interval.

5. The method of claim 2 wherein the periodic debit transaction amount includes one of a full balance of the financial account, a minimum payment amount of the financial account, and a minimum payment amount of the financial account plus a predetermined payment amount.

6. The method of claim 1 further including the step of performing credit verification based on the received account application information.

7. The method of claim 6 wherein the step of performing credit verification includes the steps of:

transmitting the account application information to a credit bureau; and

receiving a credit history information corresponding to said transmitted account application information.

8. The method of claim 7 wherein the credit history information includes a numeric representation of the account application information.

9. The method of claim 1 wherein the financial account is a credit card account.

10. The method of claim 1 further including the step of generating an financial account default notification when the balance amount of the linked bank account falls below a predetermined minimum level.

11. The method of claim 10 further including the step of transmitting said financial account default notification.

12. A system for providing underwriting and/or servicing of an financial account, comprising:

a data network;

a user terminal operatively coupled to said data network configured to transmit and receive data therefrom;

a server terminal operatively coupled to said data network, said server terminal further configured to;

receive account application information including a bank account information from said user terminal;

deposit at least one deposit amount to the bank account corresponding to the received bank account information;

receive receiving a deposit verification amount from said user terminal;

compare the received deposit verification amount with the deposited at least one deposit amount; and

generate a financial account corresponding to the received account application information, where the financial account is electronically linked to the bank account.

13. The system of claim 12 wherein the server terminal is further configured to receive a periodic debit transaction amount from the user terminal.

14. The system of claim 13 wherein the server terminal is configured to periodically debited said periodic debit transaction amount from the linked bank account electronically to the financial account.

15. The method of claim 14 wherein the periodic debit transaction is performed at 30 day interval.

16. The system of claim 13 wherein the periodic debit transaction amount includes one of a full balance of the financial account, a minimum payment amount of the financial account, and a minimum payment amount of the financial account plus a predetermined payment amount.

17. The system of claim 12 wherein the server terminal is further configured to:

transmit the account application information to a credit bureau; and

receive a credit history information corresponding to said transmitted account application information.

18. The system of claim 12 wherein the financial account is a credit card account.

19. The system of claim 12 wherein the server terminal is configured to:

generate a financial account default notification when the balance amount of the linked bank account falls below a predetermined minimum level; and

transmit said account default notification to the user terminal.

20. A program storage device readable by a machine, tangibly embodying a program of instructions executable by the machine to perform a method of providing underwriting and/or servicing of an financial account, comprising the steps of:

receiving account application information including a bank account information;

depositing at least one deposit amount to the bank account corresponding to the received bank account information;

receiving a deposit verification amount;

comparing the received deposit verification amount with the deposited at least one deposit amount; and

generating a financial account corresponding to the received account application information, where the financial account is electronically linked to the bank account.