Transfer account systems, computer program products, and computer-implemented methods to prioritize payments from preselected bank account
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United States of America Patent
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Mar 5, 2013
Grant Date -
Feb 23, 2012
app pub date -
Oct 28, 2011
filing date -
Dec 21, 2007
priority date (Note) -
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Abstract
A financial institution computer maintains one or more lists of account identifiers for accounts enrolled in a prioritized payment program including pre-authorization of certain payment requests by select creditors. The computer estimates a value of one or more prioritized payments associated with a first account and authorizes a first sweep payment to a second account at a second financial institution from a third stand-in account at a payroll processor, so that the estimated value is held back in the stand-in account. Then the computer receives an automatic deposit associated with an account identifier for a first account. The financial institution computer generates prioritized payments from the first account to select creditors and generates a second sweep payment, if necessary, from the first account to the second account, responsive to the incoming automatic deposit. The second account can be, for example, a demand deposit account or a prepaid card account.
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