System and method for linked account having sweep feature
US8015084B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Sep 6, 2000 |
| Grant date | Sep 6, 2011 |
| Priority date | — |
| Expiry date | Feb 23, 2030 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG07G1/12
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A linked account instrument is used to access funds in an existing demand deposit account held at a financial institution. Merchant or other transactions are first processed against a demand deposit account via an electronic authorization network. If the demand deposit account does not have sufficient funds, the transactions may be processed as a credit charge against a designated credit account. The demand deposit account may subsequently be swept at predetermined times in search of funds to defray the overdraft. If adequate funds are present, they will be withdrawn from the demand deposit account, and the credit account will be cleared. Otherwise, the instrument holder's daily purchasing abilities may be temporarily suspended until the credit account is settled. The processing of overdraft amounts may be on a FIFO, smallest-first or other basis.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.