FINANCIAL CARDS AND METHODS FOR PER-TRANSACTION PERSONAL FINANCIAL MANAGEMENT

• US 20110010294A1
• Filed: 07/07/2009
• Published: 01/13/2011
• Est. Priority Date: 07/07/2009
• Status: Active Grant

• Current Assignee: Richard H. Chenot
• Original Assignee: Richard H. Chenot
• Inventors: Chenot, Richard H.
• Granted Patent: US 8,290,868 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06K 19/041 Constructional details G06K19/06 takes precedence
• CPC Class Codes: G06K 19/06196 Constructional details
• 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 20/347 Passive cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/0806 Details of the card record carriers per se G06K

Abstract

Systems and methods for personal financial management using a financial card having a body with a front side and a back side, and a primary account number user associated with a primary account of a user of the financial card. A user interface is configured for receiving input from the user at a time of use of the financial card for selecting a subaccount indicator from among a plurality of subaccount indicators each of which is associated with a subaccount within the primary account. A magnetic strip is positioned on the back side and includes a user definable portion configurable by the user at a time of use of the financial card for a transaction. The user interface is adapted to configure the user definable portion to include the user selected subaccount indicator.

Claims

1. A financial card for personal financial management having a body with a front side and a back side and a primary account number associated with a primary account of a user of the financial card, the card comprising:

a user interface configured for receiving input from the user at a time of use of the financial card for selecting a subaccount indicator from among a plurality of subaccount indicators each of which is associated with a subaccount within the primary account; and

a magnetic strip positioned on the back side, the magnetic strip including a user definable portion configurable by the user at a time of use of the financial card for a transaction, the user interface configuring the user definable portion to include the user selected subaccount indicator.

2. The financial card of claim 1 wherein the magnetic strip includes at least track 1 and track 2 of encoded data consistent with ISO standards and wherein the user definable portion of the magnetic strip is configurable by the user via the user interface and includes the subaccount indicator in the additional data field of at least one of track 1 and track 2.

3. The financial card of claim 1 wherein the user interface includes one or more rotatable wheels embedded within the body of the financial card and wherein the magnetic strip includes a mechanically adjustable portion associated with the user definable portion, and wherein one of the mechanical wheels is a user input wheel rotatable to each of the plurality of subaccount indicators, and positionable by the user to select the subaccount indicator for a particular transaction.

4. The financial card of claim 3, further comprising a display window positioned proximate to one of the mechanical wheels having indicia for each of the subaccount indicators, wherein the indicia associated with the user selected subaccount indicator is positioned at the display window upon selection by the user for visually viewing thereof.

5. The financial card of claim 4 wherein the indicia is selected from the group consisting of single digit numerals and descriptive text labels.

6. The financial card of claim 3 wherein one of the wheels includes a ring of spaced apart magnetic sections and wherein one of the spaced apart magnetic sections corresponding to the user selected subaccount indicator is positionable relative to the magnetic strip for providing the user definable portion thereof.

7. The financial card of claim 6 wherein each spaced apart magnetic section is a paddle having the magnetic section position on a free end, and where the magnetic section includes the user definable portion having the selected subaccount indicator, and an associated end sentinel character and an associated longitude redundancy check (LRC) character.

8. The financial card of claim 6 wherein the wheel having the spaced apart magnetic sections and the body of the card proximate to the wheel are each configured with an aperture dimensioned for receiving key and wherein the wheel is configured to rotate responsive to a rotation of the received key.

9. The financial card of claim 6 wherein the wheel having the ring of spaced apart magnetic sections is configured to selectively lock into a position

10. The financial card of claim 1 wherein the user interface includes a plurality of blister buttons positioned on one of the sides of the body of the financial card, each blister button being associated with a different one of the plurality of subaccount indicators, the user interface being configured to change the magnetic coding on the user definable portion of the magnetic strip responsive to the user activating an associated blister button.

11. The financial card of claim 10, further including indicia about the side of the body of the financial card associated with each of the blister buttons, wherein the indicia is selected from the group consisting of single digit numerals and descriptive text labels.

12. The financial card of claim 1 wherein the user definable portion includes the selected subaccount indicator, and an associated end sentinel character and an associated longitude redundancy check character.

13. The financial card of claim 1 wherein the financial card is selected from the group consisting of a debit card, a smart card, and credit card.

14. The system of claim 1 wherein the user definable portion includes a single digit indicative of the subaccount identifier.

15. A financial transaction card for personal financial management comprising:

a smart card having a body and an integrated microprocessor and memory including a primary account number having a plurality of subaccounts, each with a different subaccount indicator;

a user interface configured for receiving a user selection of one of the subaccount indicators and providing the user selected subaccount indicator to the integrated microprocessor; and

an output interface configured for providing the primary account number and the user selected subaccount indicator to a point of sale terminal at the time of use of the smart card by the user for payment of a transaction amount.

16. A method of personal financial management using a debit card comprising:

opening a debit card primary account having a primary account number from a financial institution;

receiving the debit card from the financial institution;

establishing a plurality of subaccounts within the primary account wherein each subaccount has a unique subaccount indicator;

funding each of the subaccounts within the primary account with a subaccount funding amount;

selecting one of the plurality of subaccount indicators for use as payment of a transaction amount; and

initiating payment of a transaction amount from the primary account using the debit card including providing the selected subaccount indicator along with the primary account number.

17. The method of claim 16, further comprising:

receiving a rejection responsive to the initiating payment indicating insufficient available funds in the subaccount associated with the selected subaccount indicator;

selecting an alternative subaccount indicator from the plurality of subaccount indicators for use as payment of the transaction amount; and

providing the alternative subaccount indicator for payment of the transaction amount.

18. The method of claim 16, further comprising:

transmitting an allocation instruction to the financial institution for reallocating funding from a first subaccount to a second subaccount if and when there is an indication of insufficient funds for payment of a transaction amount from the second subaccount.

19. The method of claim 16, further comprising:

transmitting a discretionary amount allocation instruction to the financial institution for allocating a discretionary amount to one or more of the subaccounts.

20. A financial card for personal financial management having a primary account with a plurality of subaccounts comprising:

means for selecting a subaccount indicator associated with one of the subaccounts for use of payment of a transaction amount;

means for providing a primary account number of the primary account to a transaction entity for payment of a transaction amount; and

means for providing the selected subaccount indicator to the transaction entity for payment of the transaction amount from the selected associated subaccount within the primary account.