Multiple account banking system and method

A transaction card associated with a first financial institution, comprising:

• a memory unit for storing account data;
• and
• a processing unit coupled to the memory unit, the processing unit operable for a consumer to
• conduct at least one transaction at a point-of-sale using a line of credit issued by the first financial institution or a second financial institution when the transaction card is operating as a debit card, if the consumer selects a credit option at a point-of-sale terminal, wherein
• the point-of-sale terminal transmits transaction data including at least a portion of the account data along one of a plurality of networks if the consumer selected the credit option after at least a portion of the account data stored in the memory unit is read by the processing unit.

A method for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the method comprising:

• receiving selection data transmitted by a point-of-sale terminal after the conventional debit card is read at the point-of-sale terminal, the selection data associated with an attempted transaction and including at least an amount of the transaction;
• determining if the consumer selected a credit option at the point-of-sale terminal;
• and
• processing the transaction in accordance with the consumer selection by accessing a line of credit associated with one of the multiple accounts, if the consumer selected the credit option.

A method for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the method comprising:

• receiving selection data transmitted by an automated teller machine after the conventional debit card is read by the automated teller machine, the selection data associated with an attempted transaction and including at least an amount of the transaction;
• determining if the consumer selected a credit option at the automated teller machine;
• and
• processing the transaction in accordance with the consumer selection by accessing a line of credit associated with one of the multiple accounts, if the consumer selected the credit option.

A system for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the system comprising:

• a determination unit associated with a financial institution and adapted to communicate with a point-of-sale terminal through a debit network and a credit network and adapted to communicate with an automated teller machine through the debit network, the determination unit being further adapted to receive transaction data from the point-of-sale terminal and the automated teller machine;
• and
• a memory unit electrically connected to the determination unit and encoded with instructions for performing the following:
• determining if the consumer selected a credit option at the point-of-sale terminal at least based on whether the transaction data was transmitted via the credit network, and determining whether the consumer selected a credit option at the automated teller machine at least based on a portion of the transaction data indicating the selection, and
• processing the transaction data in accordance with the consumer selection so that an account associated with the financial institution is credited if the consumer selected the respective credit option.

A system for providing a consumer an option to use a conventional debit card for accessing multiple accounts, the system comprising:

• a determination unit associated with a first financial institution and adapted to communicate with a point-of-sale terminal through a debit network and a credit network and adapted to communicate with an automated teller machine through the debit network, the determination unit being further adapted to receive transaction data from the point-of-sale terminal and the automated teller machine;
• and
• a memory unit electrically connected to the determination unit and encoded with instructions for performing the following:
• determining if the consumer selected a credit option at the point-of-sale terminal at least based on whether the transaction data was transmitted via the credit network, and determining whether the consumer selected a credit option at the automated teller machine at least based on a portion of the transaction data indicating the selection,
• processing the transaction data in accordance with the consumer selection if the consumer selected another option at the point-of-sale terminal or at the automated teller machine, and
• transmitting at least a portion of the transaction data to a second financial institution for processing if the consumer selected the respective credit option.

A method for processing a transaction initiated at a point-of-sale terminal, the method comprising:

• identifying a conventional debit card was read at the point-of-sale terminal the conventional debit card having previously been associated with at least two accounts;
• determining whether a credit option was selected at the point-of-sale terminal;
• and
• accessing a credit line associated with one of the at least two accounts if the credit option was selected.

A method for providing a consumer an option to use a conventional credit card for accessing multiple accounts, the method comprising:

• receiving selection data transmitted by an automated teller machine after the conventional credit card is read by the automated teller machine, the selection data associated with an attempted transaction and including at least an amount of the transaction;
• determining if the consumer selected a debit option at the automated teller machine;
• and
• processing the transaction in accordance with the consumer selection by accessing a debit account associated with one of the multiple accounts.

A method for processing a transaction initiated at a point-of-sale, the method comprising:

• identifying data associated with a conventional debit account was input at the point-of-sale, the conventional debit account having previously been associated with at least one other account;
• determining whether a credit option was selected at the point-of-sale;
• and
• accessing a credit line associated with the at least one other account if the credit option was selected.