Offsetting future account discrepancy assessments

US8527414B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Erik Stephen Ross · Charlotte, US
• Tamara S. Kingston · Peoria, US
• John Franklin Tuders · Harrisburg, US
• John Harden Quintiliani · Charlotte, US

Key dates

• Filing date: Jan 14, 2011
• Grant date: Sep 3, 2013
• Expiry date: Jan 14, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/40
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

In general terms, embodiments of the present invention relate to methods and apparatuses for prepaying, covering, avoiding, negating, and/or otherwise offsetting future account discrepancy assessments. For example, in some embodiments, a method is provided that includes: (a) receiving one or more payments for offsetting one or more future account discrepancy assessments, where the one or more payments are associated with an account; (b) receiving transaction information associated with a transaction, where the transaction involves the account, and where the transaction is initiated after the receiving the one or more payments; (c) determining, based at least partially on the transaction information, that the account will incur an account discrepancy as a result of the transaction; (d) determining that the one or more payments are sufficient to offset an account discrepancy assessment associated with the account discrepancy; and (e) authorizing the transaction based at least partially on the determining that the one or more payments are sufficient.