Systems and methods for providing ach transaction notification and facilitating ach transaction disputes
OwnerDeborah Peace, David Peaceinventors
Life of this patent
Estimating the term…
Abstract
A system and method for identifying incoming ACH transactions involving subscriber accounts at a financial institution, comparing the ACH transaction details with preset notification criteria, suspending any ACH transaction that satisfy the preset criteria so that the transaction does not post to the account, notifying the subscriber of the incoming ACH transaction, providing the subscriber with the option to either authorize or dispute the ACH transaction, and facilitating the dispute process according to applicable banking rules by requesting further information from the subscriber and forwarding the dispute information to the ACH operator.
Claims18
1-21. (canceled)
A method of protecting account holders against fraudulent transactions involving financial accounts, comprising the steps of:
- comparing transaction data with preset notification criteria, wherein the transaction data is associated with an underlying financial transaction involving an account and the preset notification data relates to characteristics of financial transactions;
- suspending the underlying transaction if the preset notification criteria is satisfied by the transaction data, wherein suspension prevents the underlying transaction from being finalized;
- and
- querying the account holder of the underlying transaction associated with the transaction data as to whether the underlying transaction is disputed, wherein further information as required by any applicable rules is requested from the account holder if a dispute of the underlying transaction is indicated by the account holder.
A system of protecting account holders against fraudulent transactions, comprising:
- a data processing device configured for:
- i) comparing transaction data with preset notification criteria, wherein the transaction data is associated with an underlying financial transaction involving an account and the preset notification data relates to characteristics of financial transactions;
- ii) suspending the underlying transaction if the preset notification criteria is satisfied by the transaction data, wherein suspension prevents the underlying transaction from being finalized;
- and
- a data output device configured for querying the account holder of the underlying transaction associated with the transaction data as to whether the underlying transaction is disputed, wherein further information as required by any applicable rules is requested from the account holder if a dispute of the underlying transaction is indicated by the account holder.
A method of protecting account holders against fraudulent transactions involving financial accounts, comprising the steps of:
- receiving an election of notification criteria from an account holder, wherein the notification criteria relates to characteristics of financial transactions;
- comparing transaction data with elected notification criteria, wherein the transaction data is associated with an underlying financial transaction involving an account;
- suspending the underlying transaction associated if preset notification criteria is satisfied by the transaction data, wherein suspension prevents the underlying transaction from being finalized;
- querying the account holder of the underlying transaction associated with the transaction data as to whether the underlying transaction is disputed, wherein further information as required by any applicable rules is requested from the account holder if a dispute of the underlying transaction is indicated by the account holder;
- and
- unsuspending the underlying transaction if a dispute of the underlying transaction is not indicated by the account holder.
Dependencies are inferred from the claim text.