Automatic savings program

Patent metadata

Field	Value
Publication number	US-11526856-B2
Application number	US-202016817785-A
Country	US
Kind code	B2
Filing date	Mar 13, 2020
Priority date	Aug 2, 2005
Publication date	Dec 13, 2022
Grant date	Dec 13, 2022

Abstract

A computer implemented method of processing a financial transaction executed by first person includes determining an automatic savings amount from the financial transaction by rounding up the amount of the financial transaction to the nearest dollar. The method further includes debiting the calculated savings amount from an account of the first person and crediting the savings amount to an account of a second person.

First claim

What is claimed is:

1. A system comprising:
a checking account associated with a customer capable of executing debit transactions;
a savings account associated with the customer;
a communication interface adapted to receive financial transaction information from a point of sale device; and
a computer server communicatively coupled over a communication network with the point of sale device, wherein the computer server comprises memory storing computer-executable instructions that, when executed by a processor of the computer server, perform steps comprising:
(a) receiving at a financial institution, directly from the point of sale device communicating with the financial institution, information relating to a first base financial transaction associated with the checking account and relating to a transaction for at least one of goods and services between the customer and a merchant;
(b) if the checking account has sufficient funds to cover the first base financial transaction, debiting the checking account by amount of the first base financial transaction;
(c) receiving at the financial institution information relating to a second base financial transaction associated with the checking account;
(d) if the checking account has sufficient funds to cover the second base financial transaction, debiting the checking account by amount of the second base financial transaction;
(e) periodically calculating at the financial institution an aggregate savings amount based at least on the first and the second base financial transactions, wherein the periodically calculating is postponed by the computer server by a predetermined period of time;
(f) determining if the checking account has sufficient funds to cover the aggregate savings amount;
(g) if sufficient funds are available to cover the aggregate savings amount, debiting the aggregate savings amount from the checking account and crediting the aggregate savings amount in the savings account; and
(h) if insufficient funds are available to cover the aggregate savings amount, bypassing the debiting of the aggregate savings amount from the checking account and the crediting of the aggregate savings amount in the savings account, while still having performed at least one of the steps (b) and (d);

wherein computing load on the point of sale device is reduced because the calculation of the aggregate savings amount is deferred to the computer server.

2. The system of claim 1 , further comprising:
(i) periodically calculating a rewards amount; and
(j) crediting the rewards amount in the savings account, where the rewards amount is provided by the financial institution, and where the calculating the rewards amount is for a fixed period of time,

where calculating the rewards amount is based on a predetermined percentage of the aggregate savings amount for a fixed period of time.

3. The system of claim 1 , wherein calculating the aggregate savings amount is based off a fixed amount of money for each base financial transaction.

4. The system of claim 1 , wherein calculating the aggregate savings amount is based off of rounding up to a next dollar amount for each base financial transaction.

5. The system of claim 1 comprising, generating a monthly statement of the first and the second base financial transactions and the aggregate savings amounts debited for a month.

6. A computer-readable medium storing computer-executable instructions for causing a processor to perform a method comprising:
(a) posting a plurality of debit transactions from a point of sale device to a source account;
(b) calculating, by a computer server at a financial institution, a first savings amount based on a first of the plurality of debit transactions;
(c) calculating, by the computer server at the financial institution, a second savings amount based on a second of the plurality of debit transactions;
(d) subsequent to step (a), calculating, by the computer server at the financial institution, an aggregate savings amount comprising the first savings amount and the second savings amount, wherein the calculating in step (d) is postponed by the computer server by a predetermined period of time;
(e) determining whether adequate funds are available in the source account to cover the aggregate savings amount; and
if adequate funds are available in the source account,
i. debiting the source account by the aggregate savings amount; and
ii. crediting a recipient account by the aggregate savings amount;

wherein computing load on the point of sale device is reduced because the calculation of the aggregate savings amount is deferred to the computer server.

7. The computer-readable medium of claim 6 , wherein the calculating the aggregate savings amount is based off one of: a fixed amount of money for each base financial transaction, and rounding up to a next dollar amount for each base financial transaction; and
wherein the calculating an aggregate savings amount and the determining whether adequate funds are available are performed by a computer system operated by a financial institution.

8. The computer-readable medium of claim 6 , wherein the aggregate savings amount is one of: equal to a predetermined monetary amount multiplied by a number of transactions of the plurality of debit transactions posted during a day; and the predetermined monetary amount applied for each transaction posted during a predetermined time period.

9. The computer-readable medium of claim 6 , where recipient account is a savings account, and the source account is a checking account.

10. The computer-readable medium of claim 6 , where a debit transaction of the plurality of debit transactions is associated with one of: a check card associated with the source account, and an electronic bill pay associated with the source account.

11. The computer-readable medium of claim 6 , the method for saving money further comprising:
receiving input from a holder of the source account, where the input comprises information to discontinue enrollment of the source account.

12. The computer-readable medium of claim 6 , where the rewards amount credited to the recipient account is provided by a financial institution of the source account.

13. The computer-readable medium of claim 6 , where a holder of the source account owns the recipient account.

14. The computer-readable medium of claim 6 , where the source account is owned by a first holder and the recipient account is owned by a second holder.

15. The computer-readable medium of claim 6 , the method further comprising:
(g) generating a statement of the plurality of debit transactions and the aggregate savings amounts debited over a predetermined time period.

16. The computer-readable medium of claim 6 , the method further comprising:
(g) if adequate funds are available in the source account,
i. calculating a rewards amount; and
ii. crediting the recipient account by the rewards amount, where the rewards amount is provided by the financial institution and for a fixed period of time.

Assignees

• Bank Of America

Inventors

• Carretta Daniel A
• Hancock Thomas M
• Lewy Karen K
• Liu Charles R
• Meyers Jack
• Strott Sheryl W
• Tucker Faith A
• Hanson Carrie A

Classifications

• G06Q40/03

  Credit; Loans; Processing thereof · CPC title

• G06Q20/10 Primary

  specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems · CPC title

• G06Q40/02

  Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03) · CPC title

• G06Q20/40

  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 title

• G06Q40/025

  Physics · mapped topic