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US 8,027,919 B2Granted
Method and apparatus for allowing secured overdrafts of reloadable debit card accounts
OwnerSean MacGuireinventor
Life of this patent
Estimating the term…
Abstract
The invention discloses a reloadable debit card which may be overdrawn by authorized merchants thus allowing future and recurring payments to be made via ACH transactions against this debit card. In addition, the cardholder may repay indebtedness simply by depositing funds onto the reloadable debit card.
Claims11
A method for providing overdraft funds to at least one user, the method comprising the steps of:
- a) pre-authorizing a merchant for overdraft transactions;
- b) having the user conduct a purchase using a reloadable debit card issued by an entity;
- c) wherein when the debit card carries insufficient funds to cover the purchase, electronically overdrawing the debit card by an overdraft amount using a communication means, the overdraft amount being the difference between the cost of the purchase and the funds available in the debit card;
- d) the entity electronically depositing the overdraft amount in a secure account using the communication means;
- and,
- e) once the user provides to the entity a reimbursement corresponding to the overdraft amount or part thereof the reimbursement is paid to the merchant from the secure account.
3 more elements
A method for providing overdraft funds to at least one user, the method comprising the steps of:
- a) pre-authorizing a merchant for overdraft transactions;
- b) having the user conduct a purchase using a reloadable debit card;
- c) wherein when the debit card carries insufficient funds to cover the purchase, electronically overdrawing the debit card by an overdraft amount over a communication means, the overdraft amount being the difference between the cost of the purchase and the funds available in the debit card;
- d) securingly setting aside the overdraft amount;
- and
- e) once the user provides a reimbursement corresponding to the overdraft amount or part thereof, paying the reimbursement to the merchant.
3 more elements
Dependencies are inferred from the claim text.