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 If adequate funds are present, they will be withdrawn from the demand deposit account, and the credit account will be cleared.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, N.A.NEW YORK, NY2401

International Classification(s)

  • [Classification Symbol]
  • [Patents Count]

Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Fox, Steven J Parkton, MD 6 13
Hirka, Jeffrey L Wilmington, DE 25 254

Cited Art Landscape

Patent Info (Count) # Cites Year
 
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Other [Check patent profile for assignment information] (18)
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5,802,498 Computer-aided prepaid transmittal charge billing system 176 1996
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Patent Citation Ranking

Forward Cite Landscape

Patent Info (Count) # Cites Year
 
AMAZON TECHNOLOGIES, INC. (1)
8,655,786 Aggregate constraints for payment transactions 0 2007
 
JPMORGAN CHASE BANK USA, NA (1)
8,682,730 System and method for linked account having sweep feature 0 2011

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