System and method for establishment of rules governing child accounts

• US 7,909,246 B2
• Filed: 07/14/2006
• Issued: 03/22/2011
• Est. Priority Date: 07/15/2005
• Status: Active Grant

• Current Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Original Assignee: Serve Virtual Enterprises Incorporated
• Inventors: Graf, Patrick, Hogg, Jason J.
• Primary Examiner(s): Le; Thien M.
• Assistant Examiner(s): VO, TUYEN KIM
• Application Number:
  US11/487,169
• Publication Number:
  US 20070119921A1
• Time in Patent Office: 1,712 Days
• Field of Search: 235/383, 235/380, 235/379, 235/375, 235/382, 235/449, 235/451, 235/487, 235/492, 235/493, 705 39- 44
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/209 Specified transaction journal output feature, e.g. printed receipt or voice output
• CPC Class Codes: G06Q 20/2295 Parent-child type, e.g. where parent has control on child rights
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/3823 combining multiple encryption tools for a transaction
• CPC Class Codes: G06Q 20/3829 involving key management
• 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 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/016 : After-sales
• CPC Class Codes: G06Q 30/0185 : Product, service or business identity fraud
• CPC Class Codes: G06Q 30/0208 : Trade or exchange of goods or services in exchange for incentives or rewards
• CPC Class Codes: G06Q 30/0214 : Referral reward systems
• CPC Class Codes: G06Q 30/0226 : Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/04 : Billing or invoicing
• CPC Class Codes: G06Q 30/06 : Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 : Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 30/0637 : Approvals
• 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 40/03 : Credit; Loans; Processing thereof
• 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 7/1008 : Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/122 : Online card verification
• CPC Class Codes: G07G 1/12 : electronically operated digital data processing aspects G06Q20/00
• CPC Class Codes: G07G 3/003 : Anti-theft control theft alarms G08B13/00

Abstract

A system and method for establishment of rules governing child accounts may include associating, in a database, a first transaction card through which access to monetary funds is extended with a second transaction card through which access to the monetary funds is extended. Also, in the database, the second transaction card is associated with one or more rules governing access to the monetary funds by the second transaction card. Finally, an individual owning the first transaction card is permitted to specify the rules governing access to the monetary funds by the second transaction card.

Claims

1. A computerized method comprising:

associating, in a database, a first transaction card through which access to monetary funds of a first account having a common account balance is extended with a second transaction card through which access to said monetary funds of the first account is extended;

associating, in said database, said second transaction card with one or more rules governing access to said monetary funds of the first account by said second transaction card, said rules selected from a set of rules for restricting purchases with said second transaction card based on characteristics of merchants, products, and services;

permitting an individual owning said first transaction card to specify said rules governing access to said monetary funds of the first account by said second transaction card; and

permitting said individual owning said first transaction card to select fraud triggers to be assigned to the second transaction card;

wherein said rules include one or more rules restricting purchases with said second transaction card based on one or more characteristics of merchants, products, or services and wherein said second transaction card maintains the common account balance with said first transaction card.

2. The method of claim 1, wherein said individual is permitted to specify a maximum number of dollars per specified period of time that may be spent from said monetary funds by said second transaction card.

3. The method of claim 1, wherein said individual is permitted to specify a one or more products or services that may not be purchased with said second transaction card.

4. The method of claim 1, wherein said individual is permitted to specify a one or more shop keeper units (SKUs) that may not be associated with any product purchased with said second transaction card.

5. The method of claim 1, wherein said individual is permitted to specify one or more classes of products or services that may not be purchased with said second transaction card.

6. The method of claim 1, wherein said individual is permitted to specify a one or more classes of shop keeper units (SKUs) that may not be associated with any product purchased with said second transaction card.

7. The method of claim 1, wherein said individual is permitted to specify one or more merchants to which payment from said monetary funds may not be extended by said second transaction card.

8. The method of claim 1, wherein said individual is permitted to specify one or more merchant type to which payment from said monetary funds may not be extended by said second transaction card.

9. The method of claim 1, wherein said individual is permitted to specify one or more merchant category to which payment from said monetary funds may not be extended by said second transaction card.

10. The method of claim 1, wherein said individual is permitted to specify one or more merchants to which payment from said monetary funds may be extended by said second transaction card.

11. The method of claim 1, wherein said second transaction card comprises a credit card.

12. The method of claim 1, wherein said second transaction card comprises a debit card.

13. The method of claim 1, wherein said second transaction card comprises a stored value card.

14. The method of claim 1, further comprising:

if said rules governing access to said monetary funds by said second transaction card are violated, then notifying said individual owning said first transaction card.

15. A system comprising:

a first transaction card through which access to monetary funds of a first account having a common account balance is extended;

a second transaction card through which access to said monetary funds of the first account is extended;

a database in which said first transaction card is associated with said second transaction card, and in which said second transaction card is associated with one or more rules governing access to said monetary funds of the first account by said second transaction card, said rules selected from a set of rules for restricting purchases with said second transaction card based on characteristics of merchants, products, and services; and

a computing system programmed to permit an individual owning said first transaction card to specify said rules governing access to said monetary funds of the first account by said second transaction card and to permit said individual owning said first transaction card to select fraud triggers to be assigned to said second transaction card;

wherein said rules include one or more rules restricting purchases with said second transaction card based on one or more characteristics of merchants, products, or services and said second transaction card maintains the common account balance with said first transaction card.

16. The system of claim 15, wherein said computing system is programmed to permit said individual to specify a maximum number of dollars per specified period of time that may be spent from said monetary funds by said second transaction card.

17. The system of claim 15, wherein said computing system is programmed to permit said individual to specify a one or more products or services that may not be purchased with said second transaction card.

18. The system of claim 15, wherein said computing system is programmed to permit said individual to specify a one or more shop keeper units (SKUs) that may not be associated with any product purchased with said second transaction card.

19. The system of claim 15, wherein said computing system is programmed to permit said individual to specify one or more classes of products or services that may not be purchased with said second transaction card.

20. The system of claim 15, wherein said computing system is programmed to permit said individual to specify a one or more classes of shop keeper units (SKUs) that may not be associated with any product purchased with said second transaction card.

21. The system of claim 15, wherein said computing system is programmed to permit said individual to specify one or more merchants to which payment from said monetary funds may not be extended by said second transaction card.

22. The system of claim 15, wherein said computing system is programmed to permit said individual to specify one or more merchants to which payment from said monetary funds may be extended by said second transaction card.

23. The system of claim 15, wherein said computing system is programmed to permit said individual to specify one or more merchant types to which payment from said monetary funds may be extended by said second transaction card.

24. The system of claim 15, wherein said computing system is programmed to permit said individual to specify one or more merchant categories to which payment from said monetary funds may be extended by said second transaction card.

25. The system of claim 15, wherein said second transaction card comprises a credit card.

26. The system of claim 15, wherein said second transaction card comprises a debit card.

27. The system of claim 15, wherein said second transaction card comprises a stored card.

28. A computerized method comprising:

assigning a first card number to a first transaction card through which access to monetary funds is extended;

assigning a second card number to a second transaction card through which access to monetary funds is extended, wherein said second card number is different from said first card number and said second transaction card is associated with fraud triggers and one or more rules governing access to said monetary funds, said fraud triggers and said rules selected by an individual owning said first transaction card from a set of rules for restricting purchases with said second transaction card based on characteristics of merchants, products, and services; and

associating, in a database, a master account with said first transaction card and said second transaction card, so that said monetary funds accessed through said second transaction card are the same monetary funds as those accessed through said first transaction card and said second transaction card maintains a common account balance with said first transaction card.

29. The method of claim 28, wherein said first and second transaction cards are credit cards.

30. The method of claim 28, wherein said first and second transaction cards are debit cards.

31. The method of claim 28, wherein said first and second transaction cards are stored value cards.

32. A system comprising:

a first transaction card through which access to monetary funds is extended, said first transaction card having a storage medium encoding a first number uniquely identifying said first transaction card;

a second transaction card through which access to monetary funds is extended, said second transaction card having a storage medium encoding a second number uniquely identifying said second transaction card, said second transaction card associated with fraud triggers and one or more rules governing access to said monetary funds, said fraud triggers and said rules selected by an individual owning said first transaction card from a set of rules for restricting purchases with said second transaction card based on characteristics of merchants, products, and services;

a database associating a master account with said first transaction card and said second transaction card, so that said monetary funds accessed through said second transaction card are the same monetary funds as those accessed through said first transaction card and said second transaction card maintains a common account balance with said first transaction card.

33. The method of claim 32, wherein said first and second transaction cards are credit cards.

34. The method of claim 32, wherein said first and second transaction cards are debit cards.

35. The method of claim 32, wherein said first and second transaction cards are stored value cards.