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US 2012/0072342 A1Published application
System and Method for Providing Debt Protection for Financial Overdraft Account
AssigneeAssociated Banc-Corp.
InventorWilliam M. Bohn
Life of this patent
Estimating the term…
Abstract
A system and method that provides an enhancement to an overdraft protection program at a financial institution. The debt protection of the program is funded by the financial institution rather than by a consumer/user of the financial account at the financial institution. Under the debt protection program, if the consumer dies, becomes disabled, or becomes involuntarily unemployed and such facts are established to a reasonable degree, the debt protection program will automatically repay the overdraft in full including cost and fees up to a predetermined maximum amount. The payment can occur in a single payment or over a period of time, for example monthly, until the predetermined maximum amount is reached.
Claims31
A system of providing overdraft protection for financial accounts, the system comprising:
- a computer readable financial institution database configured to store financial account data for at least one financial account of at least one user at a financial institution;
- a financial institution computer processor coupled to the financial institution database, with the financial institution computer processor being configured to:
- update and maintain financial account records stored in said financial institution database for the at least one financial account of the at least one user at the financial institution;
- update and maintain at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive information establishing an occurrence of one of a selected plurality of adverse events that has been experienced by the user;
- and
- based upon the receipt of the experience by the user of the occurrence of one of a selected plurality of adverse events, generating an adverse event occurrence signal;
- a computer readable debt protection program database configured to store debt protection account data for the at least one financial account of the least one user at the financial institution;
- and
- a debt protection program processor coupled to the debt protection program database, with the debt protection program processor being configured to:
- receive information from the financial institution computer processor regarding the overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive payment from the financial institution for the overdraft protection of the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive the adverse event occurrence signal from the financial institution computer processor regarding the experience by the user of the occurrence of one of a selected plurality of adverse events;
- and
- in response to receipt of the event occurrence signal from the financial institution computer processor, sending at least one payment to the financial institution to be credited to the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution.
12 more elements
A method of providing overdraft protection for financial accounts, the method comprising:
- providing a computer readable financial institution database configured to store financial account data for at least one financial account of at least one user at a financial institution;
- providing a financial institution computer processor coupled to the financial institution database, with the financial institution computer processor being configured to:
- updating and maintaining financial account records stored in said financial institution database for the at least one financial account of the at least one user at the financial institution;
- updating and maintaining at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receiving information establishing an occurrence of one of a selected plurality of adverse events that has been experienced by the user;
- and
- based upon the receipt of the experience by the user of the occurrence of one of a selected plurality of adverse events, generating an adverse event occurrence signal;
- providing a computer readable debt protection program database configured to store debt protection account data for the at least one financial account of the least one user at the financial institution;
- and
- providing a debt protection program processor coupled to the debt protection program database, with the debt protection program processor configured for:
- receiving information from the financial institution computer processor regarding the overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receiving payment from the financial institution for the overdraft protection of the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receiving the adverse event occurrence signal from the financial institution computer processor regarding the experience by the user of the occurrence of one of a selected plurality of adverse events;
- and
- in response to receipt of the event occurrence signal from the financial institution computer processor, sending at least one payment to the financial institution to be credited to the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution
12 more elements
A system of providing overdraft protection for financial accounts, the system comprising:
- a computer readable financial institution database configured to store financial account data for at least one financial account of at least one user at a financial institution;
- a financial institution computer processor coupled to the financial institution database, with the financial institution computer processor being configured to:
- update and maintain financial account records stored in said financial institution database for the at least one financial account of the at least one user at the financial institution;
- update and maintain at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive information from the user establishing an occurrence of one of a selected plurality of adverse events that has been experienced by the user, including a verification of the event;
- and
- based upon the receipt of the experience by the user of the occurrence of one of a selected plurality of adverse events, generating an adverse event occurrence signal;
- a computer readable debt protection program database configured to store debt protection account data for the at least one financial account of the at least one user at the financial institution;
- and
- a debt protection program processor coupled to the debt protection program database, with the debt protection program processor being configured to:
- receive information from the financial institution computer processor regarding the overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive payment from the financial institution for the overdraft protection of the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution;
- receive the adverse event occurrence signal from the financial institution computer processor regarding the experience by the user of the occurrence of one of a selected plurality of adverse events;
- and
- in response to receipt of the event occurrence signal from the financial institution computer processor, sending at least one payment to the financial institution to be credited to the at least one overdraft account linked to the at least one financial account of the at least one user at the financial institution.
12 more elements
Dependencies are inferred from the claim text.