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US 8,301,530 B2Granted
Automatic savings program
AssigneeBank of America Corporation
InventorsDaniel A. Carretta, Thomas M. Hancock, Karen K. Lewy, Charles R. Liu, Jack Meyers, Sheryl W. Strott, Faith A. Tucker, Carrie A. Williams
Life of this patent
Estimating the term…
Abstract
A computer implemented method of processing a financial transaction executed by first person includes determining an automatic savings amount from the financial transaction by rounding up the amount of the financial transaction to the nearest dollar. The method further includes debiting the calculated savings amount from an account of the first person and crediting the savings amount to an account of a second person.
Claims13
A method for saving money comprising:
- (a) receiving at a financial institution, directly from a point of sale device communicating over a network with the financial institution, information relating to at least one financial transaction associated with a checking account;
- (b) debiting, by a processor at the financial institution, the checking account based on the at least one financial transaction;
- (c) periodically calculating, by the processor, an aggregate savings amount based at least on a plurality of financial transactions, where the plurality of financial transactions includes the at least one financial transaction;
- (d) determining, by the processor, if the checking account has sufficient funds to cover the aggregate savings amount;
- (e) if sufficient funds are available to cover the aggregate savings amount, debiting, by the processor, the aggregate savings amount from the checking account and crediting the aggregate savings amount in a second account;
- (f) periodically calculating, by the processor, an additional amount;
- and
- (g) crediting, by the processor, the additional amount in the second account, where the additional amount is provided by the financial institution, and where the calculating the additional amount is for a fixed period of time.
5 more elements
A system for saving money comprising:
- (a) a checking account associated with a customer capable of executing debit transactions;
- (b) a savings account associated with the customer;
- (c) a communication interface adapted to receive financial transaction information directly from a point of sale device over a communication network;
- (d) computer executable instructions for performing the steps comprising:
- i. receiving information relating to at least one financial transaction associated with the checking account;
- ii. debiting the checking account based on the at least one financial transaction;
- iii. periodically calculating an aggregate savings amount based at least on a plurality of financial transactions;
- iv. determining if the checking account has sufficient funds to cover the aggregate savings amount;
- v. if sufficient funds are available to cover the aggregate savings amount, debiting the aggregate savings amount from the account and crediting the aggregate savings amount in the savings-account;
- vi. periodically calculating an additional amount;
- and
- vii. crediting the additional amount in the savings account, where the additional amount is provided by a financial institution, and where the calculating the additional amount is for a fixed period of time;
- (e) a processor for executing the computer executable instructions;
- and
- (f) a memory for storing at least the computer executable instructions.
12 more elements
A method comprising:
- receiving at a financial institution, from a point of sale device communicating over a network, information relating to at least one financial transaction associated with an account;
- debiting, by a processor at the financial institution, the account based on the at least one financial transaction;
- periodically calculating, by the processor, an aggregate savings amount based at least on a plurality of financial transactions, where the plurality of financial transactions includes the at least one financial transaction;
- determining, by the processor, if the account has sufficient funds to cover the aggregate savings amount;
- and
- if sufficient funds are available to cover the aggregate savings amount, debiting, by the processor, the aggregate savings amount from the account and crediting the aggregate savings amount in a second account.
3 more elements
Dependencies are inferred from the claim text.