Transfer Account Systems, Computer Program Products, And Associated Computer-Implemented Methods

• US 20090164350A1
• Filed: 12/18/2008
• Published: 06/25/2009
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Larson, Troy
• Granted Patent: US 8,055,557 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

Embodiments of the present invention include transfer account systems, computer program products, and associated computer-implemented methods of providing prioritized payments from the proceeds of automatic or direct deposits. Embodiments of the present invention include routing automatic deposit information to a financial institution computer managing a prioritized payment program and formulating an outgoing ACH file with both an entry for an automatic deposit destined for a customer account and an entry for a pre-authorized prioritized payment to a select creditor, so that the automatic deposit is credited to the customer account and relatively instantaneously any prioritized payment is debited from the customer account. According to embodiments of the present invention, the customer account can be a prepaid card account so that a customer has effective access on the prepaid card only to a net value of funds.

Claims

1. A system for providing prioritized payments from the proceeds of automatic deposits, the system comprising:

a computer associated with a financial institution defining a financial institution computer, the financial institution computer having memory, associated with an electronic communications network, and positioned to receive, process, and send an Automated Clearing House (ACH) file; and

a computer program product associated with the financial institution computer, stored on a tangible computer memory media, operable on a computer, and used to provide prioritized payments, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

maintaining one or more lists of prepaid card account identifiers for accounts enrolled in a prioritized payment program by a financial institution, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors,

receiving an incoming ACH file through an ACH electronic data communication network, the ACH file including one or more account identifiers associated with a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit destined for a prepaid card account,

comparing the one or more of the account identifiers in the incoming ACH file with the maintained one or more lists of account identifiers for accounts enrolled in the prioritized payment program, and

appending to an ACH file one or more prioritized payments from the prepaid card account to one or more select creditors to thereby define an outgoing ACH file, the outgoing ACH file being responsive to the incoming ACH file, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by one or more select creditors, so that the automatic deposit is credited to the prepaid card account and relatively instantaneously any prioritized payment to the one or more select creditors is debited from the prepaid card account.

2. A system of claim 1, wherein a payment request by the one or more select creditors is initiated in response to a query from the financial institution computer after notification that the incoming ACH file includes one or more accounts enrolled in the prioritized payment program.

3. A system of claim 1, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sales.

4. A system of claim 1, wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where a prepaid card account holder is located, and a bill payment to a third-party.

5. A computer program product associated with a financial institution computer, stored on a tangible computer memory media, operable on a computer, and used to provide prioritized payments, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

maintaining one or more lists of account identifiers for prepaid card accounts enrolled in a prioritized payment program by a financial institution, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors;

receiving an incoming Automated Clearing House (ACH) file through an ACH electronic data communication network, the ACH file including one or more account identifiers associated with a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit destined for a prepaid card account;

comparing the one or more of the account identifiers in the incoming ACH file with the maintained one or more lists of account identifiers for accounts enrolled in the prioritized payment program; and

appending to an ACH file one or more prioritized payments from the prepaid card account to one or more select creditors to thereby define an outgoing ACH file, the outgoing ACH file being responsive to the incoming ACH file, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by one or more select creditors, so that the automatic deposit is credited to the prepaid card account and relatively instantaneously any prioritized payment to the one or more select creditors is debited from the prepaid card account.

6. A computer program product of claim 5, wherein a payment request by the one or more select creditors is initiated in response to a query from the financial institution computer after notification that the incoming ACH file includes one or more accounts enrolled in the prioritized payment program.

7. A computer program product of claim 5, wherein the outgoing ACH file is directed to a prepaid card processor for posting to the prepaid card so that a user of the prepaid card has relatively no time to use the prepaid card without the debit from the creditor having already occurred and a net amount is all that is available on the card.

8. A computer program product of claim 5, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sales.

9. A computer program product of claim 5, wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside a country where a prepaid card account holder is located, and a bill payment to a third-party.

10. A computer program product of claim 5, further comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

generating fees for the financial institution for the one or more prioritized payments from the prepaid card account to one or more select creditors, the one or more prioritized payments being identified as an appendage to the outgoing ACH file.

11. A computer program product of claim 5, wherein enrollment of an account in the prioritized payment program is required as a condition of a transaction with a select creditor.

12. A computer program product of claim 11,

wherein the transaction includes a loan;

and

wherein the select creditor includes one or more of the following;

the financial institution defining a first financial institution, and a second financial institution different and remote from the first financial institution.

13. A computer-implemented method of providing prioritized payments for a prepaid card account, the computer-implemented method comprising:

maintaining one or more lists of prepaid card account identifiers for accounts enrolled in a prioritized payment program by a financial institution computer, the prioritized payment program including pre-authorization of certain payment requests by one or more select creditors;

receiving an incoming Automated Clearing House (ACH) file by the financial institution computer through an ACH electronic data communication network, the ACH file including one or more account identifiers associated with a deposit being a payment that is electronically deposited into an account at a depository institution defining an automatic deposit, the automatic deposit destined for a prepaid card account;

comparing by the financial institution computer the one or more of the account identifiers in the incoming ACH file with the maintained one or more lists of the prepaid card account identifiers for accounts enrolled in the prioritized payment program; and

appending to an ACH file one or more prioritized payments from the prepaid card account to one or more select creditors by the financial institution computer to thereby define an outgoing ACH file, the outgoing ACH file being responsive to the incoming ACH file, the one or more prioritized payments being responsive to one or more unfilled pre-authorized payment requests by the one or more select creditors, so that the automatic deposit is credited to a prepaid card and relatively instantaneously any prioritized payment to the one or more select creditors is debited from the prepaid card.

14. A computer-implemented method of claim 13, wherein a payment request by the one or more select creditors is initiated in response to a query from the financial institution computer after notification that the incoming ACH file includes one or more prepaid card accounts enrolled in the prioritized payment program.

15. A computer-implemented method of claim 13, wherein the outgoing ACH file is directed to a prepaid card processor for posting to the prepaid card so that a user of the prepaid card has relatively no time to use the prepaid card without the debit from the creditor having already occurred and a net amount is all that is available on the card.

16. A computer-implemented method of claim 13, wherein the automatic deposit includes one or more of the following:

an employer-initiated direct deposit of payroll, a government-initiated electronic transfer of benefits payment, and a bank-initiated payment to a merchant for credit card sales.

17. A computer-implemented method of claim 13, wherein the prioritized payment program further includes customer-initiated payments, including one or more of the following:

a gift card purchase, a remittance to family located outside of a country where a prepaid card account holder is located, and a bill payment to a third-party.

18. A computer-implemented method of claim 13, further comprising:

generating fees for the financial institution by the financial institution computer for the one or more prioritized payments from the prepaid card account to one or more select creditors, the one or more prioritized payments being identified as an appendage to the outgoing ACH file.

19. A computer-implemented method of claim 13, further comprising requiring enrollment of a prepaid card account in the prioritized payment program on the financial institution computer as a condition of a transaction with a select creditor.

20. A computer-implemented method of claim 19,

wherein the transaction includes a loan;

and

wherein the select creditor includes one or more of the following;

the financial institution defining a first financial institution, and a second financial institution different and remote from the first financial institution.