Method and system to create and distribute excess funds from consumer spending transactions

• US 8,025,217 B2
• Filed: 08/08/2009
• Issued: 09/27/2011
• Est. Priority Date: 02/18/1993
• Status: Expired due to Fees

• Current Assignee: Bertram V. Burke
• Original Assignee: Bertram V. Burke
• Inventors: Burke, Bertram V.
• Primary Examiner(s): HESS, DANIEL A
• Application Number:
  US12/462,691
• Publication Number:
  US 20100299248A1
• Time in Patent Office: 780 Days
• Field of Search: 235/379, 235/380, 705/14.1
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• 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

Abstract

The present invention provides a system for accumulating credits from a customer account belonging to the customer and managed by an institution and placing the credits into a provider account. The system includes an information processor including a data store with data identifying the customer, the rounding determinant, the managed institution, and the account. The data store includes data authorizing the processor to access and read the customer account and further includes data to calculate rounders after receiving a plurality of payment transactions from the read customer account and to calculate an excess based on the rounders. The data store also includes data to withdraw the excess from the customer account and data to transfer the withdrawn excess to the provider account.

Claims

1. A system for accumulating credits from a customer account belonging to the customer and managed by an institution and placing the credits into a provider account, comprising:

an information processor;

said information processor including a data store with data identifying the customer, the rounding determinant, the managed institution, and the account;

said data store including machine readable instructions authorizing the processor to access and read the customer account;

said data store including machine readable instructions to calculate rounders after receiving a plurality of payment transactions from the read customer account and to calculate an excess based on the rounders;

said data store including machine readable instructions to withdraw the excess from the customer account;

said data store including machine readable instructions to transfer the withdrawn excess to the provider account.

2. A system as in claim 1, wherein said information processor includes a communicator coupled to a communication network connected to the customer, the institution, and the account.

3. A system as in claim 1, wherein said data store includes data from a plurality of customers, a plurality of institutions, and a plurality of accounts.

4. A system as in claim 1, wherein said information processor is a service organization for handling data from a number of customers, institutions, and accounts.