METHOD, SYSTEM, AND COMPUTER PROGRAM FOR ON-DEMAND SHORT TERM LOAN PROCESSING AND OVERDRAFT PROTECTION
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United States of America Patent
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N/A
Issued Date -
N/A
app pub date -
Dec 16, 2004
filing date -
Sep 16, 2004
priority date (Note) -
Abandoned
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Abstract
A method, system, and computer program for on-demand short term loan processing and overdraft protection is disclosed which utilizes computing equipment (10) to expedite and facilitate loan approval, overdraft protection, and the transfer of funds. The method generally includes the steps of: establishing a customer account for a customer; receiving a request for overdraft protection from the customer; utilizing computing equipment to approve the request for overdraft protection; receiving a request for funds due to a transaction initiated by the customer; utilizing computing equipment to automatically provide an overdraft protection amount when the customer account lacks sufficient funds to cover the initiated transaction; and automatically withdrawing the overdraft protection amount and an overdraft fee from the customer account when additional funds are deposited into the customer account.
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