System and method for financial management of advance earned income credit

Abstract

A system and method for financial management of advance earned income credit, wherein eligible taxpayers may elect direct deposit of their paychecks (i.e., net pay), advance earned income credit (advance EIC) inclusive, onto a stored-value debit card that functions as a main bank account. Thereafter, the advance EIC portion of the taxpayer's net pay may be automatically extracted from the net pay direct deposited onto the debit card and conveniently transferred into an associated sub-account (also referred to as a savings pocket or purse). Through the present debit card and associated sub-account program, and the accumulated advance EIC payments thereof, taxpayers may qualify to receive various benefits, including, without limitation, interest accumulation on sub-account balances, credit card issuance with overdraft protection, loan eligibility, and credit history development.

Dependencies are inferred from the claim text.