System, program product, and associated methods to autodraw for micro-credit attached to a prepaid card

US8065187B2 · kind B2 · utility

Assignee

• METABANK · US

Inventors

• Rebecca Ahlers · Cincinnati, US
• Andrew B. Crowe · Los Fresnos, US
• Scott H. Galit · New York, US
• Trent Sorbe · Brookings, US

Key dates

• Filing date: Apr 2, 2009
• Grant date: Nov 22, 2011
• Expiry date: Nov 28, 2029

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A consumer is prequalified for a line of credit attached to a prepaid card by a lending institution. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed purchase using the prepaid card as payment. When the line of credit is accessed, the prepaid card is loaded with an additional value equal to one or more preselected loan increments so that the prepaid card then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed purchase. Next, a new value for the line of credit balance available is determined, accounting for value loaded onto the prepaid card and a preselected loan advance fee for each loan increment loaded onto the prepaid card.