US Patent No: 8,015,084 - Analytics, PDF, Full Text and PAIR Access

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System and method for linked account having sweep feature

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Abstract

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A linked account instrument is used to access funds in an existing demand deposit account held at a financial institution. Merchant or other transactions are first processed against a demand deposit account via an electronic authorization network. If the demand deposit account does not have sufficient funds, the transactions may be processed as a credit charge against a designated credit account. The demand deposit account may subsequently be swept at predetermined times in search of funds to defray the overdraft. If adequate funds are present, they will be withdrawn from the demand deposit account, and the credit account will be cleared. Otherwise, the instrument holder's daily purchasing abilities may be temporarily suspended until the credit account is settled. The processing of overdraft amounts may be on a FIFO, smallest-first or other basis.

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Patent Owner(s)

Patent OwnerAddressTotal Patents
JPMORGAN CHASE BANK, NATIONAL ASSOCIATIONNEW YORK, NY1973

International Classification(s)

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  • [Patents Count]

Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Fox, Steven J Newark, US 5 17
Hirka, Jeffrey L Wilmington, US 19 351

Cited Art Landscape

Patent Info (Count) # Cites Year
 
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5,677,955 Electronic funds transfer instruments 1037 1995
 
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5,873,072 System and method for electronically providing customer services including payment of bills, financial analysis and loans 341 1995
 
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* Cited By Examiner

Patent Citation Ranking

Forward Cite Landscape

Patent Info (Count) # Cites Year
 
U.S. BANK NATIONAL ASSOCIATION, AS COLLATERAL TRUSTEE (1)
* 2009/0144,194 COMPUTER AUTOMATED SYSTEMS, DEVICES AND METHODS FOR DATA PROCESSING OF ACCOUNTING RECORDS 5 2008
 
PAYPAL, INC. (3)
* 2009/0271,313 METHOD AND SYSTEM FOR BALANCE ACCOUNT UTILIZATION 2 2008
* 2011/0087,597 FUNDING ON-LINE ACCOUNTS 0 2010
* 2015/0248,675 FUNDING ON-LINE ACCOUNTS 0 2015
 
GLOBALFOUNDRIES INC. (1)
* 2015/0081,524 ANALYTICS DRIVEN ASSESSMENT OF TRANSACTIONAL RISK DAILY LIMIT EXCEPTIONS 0 2014
 
JPMORGAN CHASE BANK USA, NA (3)
* 8,682,730 System and method for linked account having sweep feature 0 2011
* 2011/0131,103 System and Method for Linked Account Having Sweep Feature 2 2011
* 2013/0238,505 System and Method for Linked Account Having Sweep Feature 1 2013
 
BANK OF AMERICA CORPORATION (1)
* 2011/0208,640 TICKETED FUNDS TRANSFERS BETWEEN A BROKERAGE ACCOUNT AND A DEPOSIT ACCOUNT 32 2010
 
AMAZON TECHNOLOGIES, INC. (2)
* 8,655,786 Aggregate constraints for payment transactions 0 2007
* 2008/0162,365 Aggregate Constraints for Payment Transactions 1 2007
* Cited By Examiner

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