System and method for linked account having sweep feature
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United States of America Patent
Stats
-
Dec 4, 2012
Grant Date -
Aug 23, 2007
app pub date -
Apr 6, 2007
filing date -
Sep 6, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A computer-implemented method for facilitating electronic funds transactions is disclosed. According to one embodiment, the method may comprise the steps of: issuing a transaction card to a cardholder by associating the transaction card with a demand deposit account from which the cardholder is authorized to electronically disburse funds; receiving an authorization request for an attempted transaction between a merchant and the cardholder, the authorization request containing information associated with the transaction card and the attempted transaction; processing the authorization request based on one or more predetermined business rules; authorizing the transaction without immediately settling the transaction against the demand deposit account of the cardholder; and settling the transaction, at a time subsequent to the execution of the transaction, through automated clearing house (ACH) from funds retained within the demand deposit account of the cardholder.
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