US 10,475,118 B2Granted

System and method for providing time to cure negative balances in financial accounts while encouraging rapid curing of those balances to a positive net position

AssigneeHuntington Bancshares Incorporated

InventorsDavid Schamer, Lee Lemke, Jeff Kastelic

Life of this patent

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Abstract

A computer implemented method and system for providing financial services are described. The system and method include determining an account balance for a financial account. If the account balance is negative, notice of the negative balance is sent to the account holder in real time. After a predetermined period of time or grace period, and/or by a predetermined end time or cut-off date or time, it is determined whether the negative balance was cured. If the negative balance was not cured during the grace period, an overdraft fee is assessed to the financial account. If the negative balance was cured during the grace period, any assessed overdraft fee for the negative balance is rebated or reversed.

Claims27

Dependent claims

A computer-implemented method for managing financial accounts, the method comprising:

(a) determining, for a financial account of a customer and by a financial management system, that a transaction which deducts a monetary amount from a financial account of a customer results in a negative account balance;
(b) batch processing the transaction so that the financial account obtains the negative account balance;
(c) automatically transmitting, to an electronic device of the customer and by the financial management system, one or more electronic notifications indicating the negative account balance of the financial account, the one or more electronic notifications being transmitted during a predetermined period of time after the transaction, at least one electronic notification of the one or more electronic notifications being transmitted in real-time at a processing stage of a plurality of processing stages performed by the financial management system for the transaction, wherein the predetermined period of time is at least 24 hours;
(d) evaluating whether the negative account balance has been cured during the predetermined period of time;
and
(e) either (i) assessing, to the financial account and by the financial management system, a fee responsive to determining the negative account balance has not been cured during the predetermined period of time, or (ii) rebating, to the financial account and by the financial management system, an assessed fee responsive to determining the negative account balance has been cured during the predetermined period of time.

3 more elements

A financial accounts management system comprising:

(a) at least one processor;
and
(b) memory storing computer-readable instructions that, when executed by the at least one processor, cause the processor to:
determine, for a financial account of a customer, that a transaction which deducts a monetary amount from a financial account of a customer results in a negative account balance;
batch processing the transaction so that the financial account obtains the negative account balance;
assess a fee to the financial account;
automatically transmit in real-time at a processing stage to an electronic device of the customer at least one electronic notification indicating the negative account balance of the financial account;
evaluate whether the negative account balance has been cured during a predetermined period of time after the transaction, wherein the predetermined period of time is at least 24 hours;
and
if the negative account balance has been cured during the predetermined period of time, rebating the assessed fee to the financial account.

7 more elements

Dependencies are inferred from the claim text.

Facts

Application: 15/720,590Filed 29 Sep 2017 · continuation
Priority: 20 May 2010
Published: US 2018/0025421 A125 Jan 2018
Granted: 12 Nov 2019
Term ends: Not estimatedThe source records don’t support an estimate.

Classification9 codes

G06Q 40/02
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: banking, e.g. interest calculation or account maintenance
G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 20/26
Payment schemes or models: debit schemes, e.g. "pay now"
G06Q 20/28
Payment schemes or models: pre-payment schemes, e.g. "pay before"

Family

Application61/346,629Us provisional application · filed 20 May 2010
Application13/112,458Parent of this continuation · filed 20 May 2011
Application13/718,558Parent of this continuation · filed 18 Dec 2012
US 8,364,581 B2Parent of this continuation · filed 29 Jan 2013
Application14/316,402Parent of this continuation · filed 26 Jun 2014
US 8,781,955 B2Parent of this continuation · filed 15 Jul 2014
Application15/262,524Parent of this continuation · filed 12 Sep 2016
US 2018/0025421 A1Pre-grant publication · published 25 Jan 2018
US 10,748,209 B2Related patent
US 2012/0054093 A1Published application
US 2013/0110712 A1Published application
US 2014/0310163 A1Published application
US 2017/0018027 A1Published application
US 10,475,118 B2This patent

From the US filing history. Foreign family members aren’t listed.