System and method for linked account having sweep feature

Number of patents in Portfolio can not be more than 2000

United States of America Patent

PATENT NO 8015084
SERIAL NO

09655886

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ATTORNEY / AGENT: (SPONSORED)

Importance

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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 If adequate funds are present, they will be withdrawn from the demand deposit account, and the credit account will be cleared.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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First Claim

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Patent Owner(s)

Patent OwnerAddressTotal Patents
JPMORGAN CHASE BANK, N.A.NEW YORK, NY1975

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 40
Hirka, Jeffrey L Wilmington, US 19 468

Cited Art Landscape

Patent Info (Count) # Cites Year
 
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* Cited By Examiner

Patent Citation Ranking

Forward Cite Landscape

Patent Info (Count) # Cites Year
 
U.S. BANK NATIONAL ASSOCIATION (1)
* 2009/0144,194 COMPUTER AUTOMATED SYSTEMS, DEVICES AND METHODS FOR DATA PROCESSING OF ACCOUNTING RECORDS 8 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
 
Island Intellectual Property LLC (5)
9430798 Method and system for allocating deposits over a plurality of depository institutions 0 2013
9374370 Invariant biohash security system and method 2 2015
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9607335 Method and system for allocating deposits over a plurality of depository institutions 0 2016
 
GLOBALFOUNDRIES INC. (1)
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JPMORGAN CHASE BANK USA, NA (3)
* 8682730 System and method for linked account having sweep feature 6 2011
* 2011/0131,103 System and Method for Linked Account Having Sweep Feature 7 2011
* 2013/0238,505 System and Method for Linked Account Having Sweep Feature 6 2013
 
BANK OF AMERICA CORPORATION (1)
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AMAZON TECHNOLOGIES, INC. (2)
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* 2008/0162,365 Aggregate Constraints for Payment Transactions 1 2007
* Cited By Examiner

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