Promoting savings by facilitating incremental commitments...

Details Promoting savings by facilitating incremental commitments... Promoting savings by facilitating incremental commitments...

2003-08-21

2009-08-18

Patel, Jagdish N (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S035000

Reexamination Certificate

active

07577604

ABSTRACT:
The present invention provides tools and techniques for directing funds on behalf of a consumer to a specified account as a beneficial side-effect of a transaction that is primarily directed toward another goal, such as the purchase of merchandise or services. For instance, when the consumer purchases goods with a specified credit card, one version of the invention automatically directs an incremental amount to savings on behalf of the consumer, pursuant to an agreement previously made between the consumer and a facilitator. Under such an agreement, a specified percentage of the transaction or a flat amount per transaction is directed to a savings account, a mutual fund account, or another savings vehicle. The benefited savings vehicle is not necessarily owned by the consumer. The directed funds may be deposited on an annual basis, a threshold basis, or a one-deposit-per-transaction basis. Other variations are also described.

REFERENCES:
patent: 5297026 (1994-03-01), Hoffman
patent: 5787404 (1998-07-01), Fernandez-Holmann
patent: 6070153 (2000-05-01), Simpson
patent: 6105865 (2000-08-01), Hardesty
patent: 6112191 (2000-08-01), Burke

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