Methods and systems for account management of group accounts

A method for managing and administering a group financial account, the method comprising the steps of:

• receiving a transaction request for the group financial account in a group account management system executed on a CPU and a memory unit of a computer system, wherein the transaction request is typically initiated by a group financial account holder member, and/or an entity associated with the group financial account;
• using the CPU and the memory unit of the computer system to determine whether the transaction request is authorized, restricted, and/or rejected according to account holder member-managed one or more transaction-related rules for a transaction-related action associated with the transaction request, wherein the account holder member-managed one or more transaction-related rules are created, managed, and/or enforced based on a type of a merchant, a particular name of the merchant, a particular location of the merchant, a type of a transaction initiator, a time-based rolling parameter, and/or other transaction-related parameters;
• authorizing or rejecting the transaction request based on the account holder member-managed one or more transaction-related rules executed by the CPU and the memory unit of the computer system;
• processing the transaction request at least in part by using a payment network, a payments processor, and/or a payments manager which is contained or operatively connected to the group account management system;
• and
• debiting or crediting the group financial account if the transaction request is authorized and/or processed successfully.

A method for operating an account holder member-managed group account management system, the method comprising the steps of:

• creating an account holder member identity for one or more financial transaction activities of the group account management system executed on a CPU and a memory unit of a computer system;
• configuring account holder member-managed transaction-related rules and account holder member-managed account privilege settings associated with the group account management system executed on the CPU and the memory unit of the computer system, wherein the account holder member-managed transaction-related rules are created, managed, and/or enforced based on a type of a merchant, a particular name of the merchant, a particular location of the merchant, a type of a transaction initiator, a time-based rolling parameter, and/or other transaction-related parameters;
• and
• monitoring and/or conducting the one or more financial transaction activities based on the account holder member-managed account transaction-related rules and the account holder member-managed privilege settings associated with the group account management system executed on the CPU and the memory unit of the computer system.