Methods and devices for savings participation

• US 8,682,760 B2
• Filed: 05/20/2009
• Issued: 03/25/2014
• Est. Priority Date: 05/20/2009
• Status: Active Grant

• Current Assignee: US Bank National Association (US Bancorp)
• Original Assignee: US Bank National Association (US Bancorp)
• Inventors: Cameo, Valerie Felice, Moning, Todd C., Phillips, Jeffrey D.
• Primary Examiner(s): RANKINS, WILLIAM E
• Application Number:
  US12/469,411
• Publication Number:
  US 20100299186A1
• Time in Patent Office: 1,770 Days
• Field of Search: 705 35- 40
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A computer-based automated savings method includes storing in a memory circuit, for each customer, customer profile data that identifies an account for accumulating automated savings, that identifies customer-specified types of financial transactions for automated savings participation, and that identifies a customer-specified saving algorithm for each of the different types of financial transactions. Notification data is received that is indicative of one of the customers having actively engaged in one of the types of financial transactions for automated savings participation. The customer'"'"'s profile data in the memory circuit is accessed, the type of financial transaction being engaged in by the customer is compared with the customer-specified types of financial transactions, and therefrom it is determined whether the type of financial transaction qualifies for automated savings participation. The method further includes based upon the comparison, selecting a customer-specified saving algorithm as specified for the type of financial transaction, accessing and implementing the customer-specified saving algorithm for the financial transaction for which notification data has been received and, therefrom, increasing the amount of savings in the account for accumulating automated savings.

Claims

1. A computer-based method for implementation by a computer on behalf of a financial institution, the method comprising:

storing in a memory circuit, for each of a plurality of customers, customer profile data that identifies a checking or savings account for accumulating automated savings, that identifies customer-specified types of financial transactions for automated savings participation, and that identifies a customer-specified saving algorithm for each of the types of financial transactions and customer-specific savings goals;

receiving, at an interface circuit, notification data indicative of each one of the plurality of customers having actively engaged in at least one of the types of financial transactions for automated savings participation; and

for each one of the plurality of customers, executing instructions at a computer processor to perform the steps of;

accessing the customer profile data in the memory circuit;

comparing, in response to the steps of receiving notification data and accessing the customer profile data, said one of the types of financial transactions being actively engaged and the customer-specified types of financial transactions and determining therefrom whether said one of the types of financial transactions qualifies for automated savings participation,

based upon the determining,

selecting a customer-specified saving algorithm as specified for the type of financial transaction,

accessing and implementing the customer-specified saving algorithm for the financial transaction for which notification data has been received and, therefrom,

increasing the amount of savings in the account for accumulating automated savings;

placing a lock on withdrawals from the account, for a set number of days and for the increased amount of savings;

detecting achievement of a customer-specific savings goal; and

providing, in response to detecting achievement of a customer-specific savings goal, a reward.

2. The method of claim 1, wherein the notification data is received from a retailer terminal at which the customer initiates a business transaction.

3. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a broadband network, the terminal being used as part of a business transaction involving the customer.

4. The method of claim 1, further including the steps of reporting the increased amount of savings in the account and separately reporting an accumulated automated savings resulting from the step of increasing the amount of savings in the account for accumulating automated savings.

5. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a broadband network and is received in response to a deposit of funds other than funds identifiable as a paycheck deposit.

6. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to a paycheck deposit.

7. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to an ATM transaction.

8. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to an online bill pay transaction.

9. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a broadband communications network and is received in response to an online bill pay transaction.

10. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to a debit card transaction.

11. The method of claim 1, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to a credit card transaction.

12. The method of claim 11, wherein the transaction involves a card sponsored by the customer'"'"'s financial institution.

13. The method of claim 11, wherein the transaction involves a card sponsored by a financial institution other than the customer'"'"'s financial institution.

14. The method of claim 1, wherein the notification data is received from a retail terminal connected to the computer through a communications network and is received in response to a purchase transaction initiated by the customer.

15. The method of claim 1, further including the step of storing, for said one of the plurality of customers, a first customer-specified saving algorithm for one of the types of financial transactions, and another customer-specified saving algorithm for another of the types of financial transactions.

16. The method of claim 1, further including the step of storing, for said one of the plurality of customers, a common customer-specified saving algorithm for each of at least two types of financial transactions.

17. The method of claim 1, further including the step of storing, for said one of the plurality of customers, a first saving algorithm and a second saving algorithm for the same type of financial transaction, wherein the customer profile data specifies use of the first customer-specified saving algorithm for a first customer-account condition and the second saving algorithm for another condition.

18. The method of claim 1, further including increasing the amount of savings in the account for accumulating automated savings as a function of both the customer-specified saving algorithm and another incentive program common to a plurality of the customers, wherein the lock on the account expires prior to transferring the savings corresponding to the customer-specified saving algorithm and the another incentive program out of the account.

19. A non-transitory data-storage medium containing computer-executable data that, in response to being executed by a computer circuit, causes the computer circuit to execute a method comprising the steps of:

storing in a memory circuit, for each of a plurality of customers, customer profile data that identifies an account for accumulating automated savings, that identifies customer-specified types of financial transactions for automated savings participation, and that identifies a customer-specified saving algorithm for each of the types of financial transactions;

receiving notification data indicative of one of the plurality of customers having actively engaged in one of the types of financial transactions for automated savings participation;

for said one of the plurality of customers,

accessing the customer profile data in the memory circuit;

comparing, in response to the steps of receiving notification data and accessing the customer profile data, said one of the types of financial transactions being actively engaged and the customer-specified types of financial transactions and determining therefrom whether said one of the types of financial transactions qualifies for automated savings participation,

based upon the comparison,

selecting a customer-specified saving algorithm as specified for the type of financial transaction,

accessing and implementing the customer-specified saving algorithm for the financial transaction for which notification data has been received and, therefrom,

increasing the amount of savings in the account for accumulating automated savings, wherein the increased amount of savings includes funds from a rewards program, and

charging a penalty, in response to a subsequent transfer of the funds corresponding to the rewards program out of the account for accumulating automated savings.

20. A computer-based circuit operable on behalf of a financial institution for accumulating savings on behalf of an individual, the computer-based circuit comprising:

a memory circuit storing, for each of a plurality of customers, customer profile data that identifies an account for accumulating automated savings, that identifies customer-specified types of financial transactions for automated savings participation, and that identifies a customer-specified saving algorithm for each of the types of financial transactions;

a network-interface circuit configured to receive notification data, from a customer-oriented terminal, indicative of one of the plurality of customers having actively engaged in one of the types of financial transactions for automated savings participation;

a computer arrangement, including at least one software-programmed computer, configured for said one of the plurality of customers, to

access the customer profile data in the memory circuit;

compare, in response to the steps of receiving notification data and accessing the customer profile data, said one of the types of financial transactions being actively engaged and the customer-specified types of financial transactions and determine therefrom whether said one of the types of financial transactions qualifies for automated savings participation,

based upon the comparison,

select a customer-specified saving algorithm as specified for the type of financial transaction,

access and implement the customer-specified saving algorithm for the financial transaction for which notification data has been received and, therefrom,

increase the amount of savings in the account for accumulating automated savings, wherein the increased amount of savings includes funds from a rewards program,

determine that funds withdrawn from the account for accumulating automated savings correspond to the funds for a rewards program,

charge a penalty, in response to determining the withdrawn funds correspond to the funds for the rewards program, and

not charge the penalty for withdrawals that do not correspond to funds for the rewards program.

21. The computer-based circuit of claim 20, wherein the notification data is received from a retailer terminal at which the customer initiates a business transaction.

22. The computer-based circuit of claim 20, wherein the notification data is received from a terminal connected to the computer through a broadband network, the terminal being used as part of a business transaction involving the customer.

23. The computer-based circuit of claim 20, further including the steps of reporting the increased amount of savings in the account and separately reporting an accumulated automated savings resulting from the step of increasing the amount of savings in the account for accumulating automated savings.

24. The computer-based circuit of claim 20, wherein the notification data is received from a terminal connected to the computer through a broadband network and is received in response to a deposit of funds other than funds identifiable as a paycheck deposit.

25. The computer-based circuit of claim 20, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to one or more of a paycheck deposit;

an ATM transaction;

an online bill pay transaction; and

a credit or debit card transaction.

26. The computer-based circuit of claim 20, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to a credit or debit card transaction, wherein the transaction involves a card sponsored by the customer'"'"'s financial institution.

27. The computer-based circuit of claim 20, wherein the notification data is received from a terminal connected to the computer through a communications network and is received in response to a credit or debit card transaction, wherein the transaction involves a card sponsored by a financial institution other than the customer'"'"'s financial institution.

28. The computer-based circuit of claim 20, wherein the notification data is received from a retail terminal connected to the computer through a communications network and is received in response to a purchase transaction initiated by the customer.

29. The computer-based circuit of claim 20, wherein the memory circuit further stores for said one of the plurality of customers, a first customer-specified saving algorithm for one of the types of financial transactions, and another customer-specified saving algorithm for another of the types of financial transactions.

30. The computer-based circuit of claim 20, wherein the memory circuit further stores for said one of the plurality of customers, a common customer-specified saving algorithm for each of at least two different types of financial transactions.

31. The computer-based circuit of claim 20, wherein the memory circuit further stores for said one of the plurality of customers, a first saving algorithm and a second saving algorithm for the same type of financial transaction, wherein the customer profile data specifies use of the first customer-specified saving algorithm for a first customer-account condition and the second saving algorithm for another condition.

32. The computer-based circuit of claim 20, wherein the computer arrangement is further configured to increase the amount of savings in the account for accumulating automated savings as a function of both the customer-specified saving algorithm and another incentive program common to a plurality of the customers.