Financial instrument having loan proceeds and pre-paid characteristics
US8751396B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Sep 28, 2011 |
| Grant date | Jun 10, 2014 |
| Priority date | — |
| Expiry date | Nov 3, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Financial methods and systems for using a financial instrument are disclosed. A financial account includes both a loan balance portion and a pre-paid cash balance portion. The loan balance portion and the pre-paid cash balance portion are used in performing a purchase transaction. The purchase transaction is initiated by the account holder using the financial instrument. A prioritization scheme is selected that indicates an order of priority of the loan balance portion and the pre-paid cash balance portion of a financial account. A purchase amount is applied to the financial account according to the prioritization scheme. A transaction fee is not charged by the financial institution when any portion of the loan balance portion is applied to the purchase amount. And, a transaction fee is charged by the financial institution when no portion of the loan balance portion is applied to the purchase amount.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.