System and method for funding a collective account by use of an electronic tag

• US 7,349,866 B2
• Filed: 09/08/2004
• Issued: 03/25/2008
• Est. Priority Date: 08/13/2001
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Schwarz, Charles E. Jr.
• Primary Examiner(s): Carlson; Jeffrey D.
• Assistant Examiner(s): Bekerman; Michael
• Application Number:
  US10/936,374
• Publication Number:
  US 20050040227A1
• Time in Patent Office: 1,294 Days
• Field of Search: 705/14, 235/380, 235/375
• US Class Current: 705/14.27
• CPC Class Codes: G06Q 10/08 Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0236 Incentive or reward received by requiring registration or ID from user
• CPC Class Codes: G06Q 30/0238 at point-of-sale [POS]
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/0279 Fundraising management
• CPC Class Codes: G07B 15/063 using wireless information transmission between the vehicle and a fixed station identification of vehicles G08G

Abstract

A system and method for funding a collective account via aggregating usage of electronic tags is disclosed. The system and method promotes the use of electronic tags, and, the funding of collective accounts that may be associated with charitable or other philanthropic causes. Further benefits may be realized by replenishing the prefunded account that serves as the source of funds for the electronic tag to an affinity account that also benefits the charitable or other philanthropic cause.

Claims

1. A method for attributing a reward to an individual account and a collective account, comprising:

associating an RFID tag with an individual account, wherein the individual account and the RFID tag are both associated with the tagholder and a financial institution, wherein further the financial institution comprises one or more host computers;

aggregating RFID tag usage and calculating, on a periodic basis, a first reward based at least in part on aggregate RFID tag usage, wherein aggregate tag usage comprises aggregate purchase amounts for purchases of at least one of goods or services from a plurality of merchants when the tag is presented to the merchant at time of purchase;

calculating a second reward on the same periodic basis;

aggregating individual account usage and calculating, on the same periodic basis, a third reward based at least in part on individual account usage, wherein individual account usage comprises aggregate purchase amounts for purchases made using the individual account as a source for payment;

attributing the first reward and the third reward to the individual account;

attributing the second reward to a collective account associated with at least one organization, wherein the at least one organization comprises at least one of a business organization, a trade organization, a political party, a religious organization, an athletic organization, a professional society, an educational organization, a charitable organization, a fund-raising organization, or a governmental organization, or combinations thereof; and

distributing the first reward and the third reward to the tagholder from the financial institution,

wherein the REID tag is branded with a symbol, name, or colors, or combinations thereof, generally associated with the at least one organization.

2. The method of claim 1, wherein the RFID tag comprises a sound generating device.

3. The method of claim 2, wherein the sound generating device generates a programmed sound generally associated with the organization.

4. The method of claim 1, wherein one or both of the first and second rewards comprise cash, airline miles, reward points, services, goods, rebates, up front payment, statement credit, discounts or combinations thereof.

5. The method of claim 1, wherein the tagholder selects the organization.

6. The method of claim 1, wherein the RFID tag comprises an LED controllable via the tagholder.

7. The method of claim 1, wherein the RFID tag comprises an LCD controllable via the tagholder.

8. The method of claim 1, wherein the RFID tag comprises at least one communication port allowing the tag to communicate with other devices.

9. The method of claim 1, wherein the RFID tag comprises a microprocessor.

10. The method of claim 1, wherein the RFID tag comprises a transmitter.

11. The method of claim 1, wherein the RFID tag further comprises at least one of a smart card, a plastic card, a bar coded sticker, a transponder readable by a reader/antenna, or combinations thereof.

12. The method of claim 11, wherein the RFID tag operates in half duplex mode.

13. The method of claim 11, wherein the RFID tag operates in fun duplex mode.

14. The method of claim 1, wherein the second reward is calculated based at least in part on RFID tag usage.

15. The method of claim 1, wherein the individual account comprises a credit account, a debit account, a stored value account or a rewards account.

16. The method of claim 15, further comprising attributing the first reward to the individual account substantially upon usage of the RFID tag for the purchase of at Yeast one of goods or services.