Overdraft protection and forgiveness
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United States of America Patent
Stats
-
Aug 28, 2012
Grant Date -
May 26, 2011
app pub date -
Oct 8, 2010
filing date -
Oct 9, 2009
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
Various aspects relate to systems, methods or devices for processing overdrafts made by customers. A particular embodiment is directed towards, a system that is configured to receive transaction data from customer-oriented terminals. The transaction data includes requests for monetary transfers on behalf of customers that hold a checking or savings account at a financial institution. In response to receiving the transaction data, the system accesses customer account information, which can include the amount of funds in the checking or savings accounts. The system determines whether sufficient funds exist in the accounts to cover the financial transactions. In response to a potential overdraft of one or more customer accounts, stored customer information is accessed to determine and authorize overdraft deferment eligibility of the customer based upon the stored customer information. The system defers an overdraft fee by providing a grace period during which funds can be transferred to cover the overdraft.
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