Browse Prior Art Database

Method for efficient Money Management/Control for personal bank accounts

IP.com Disclosure Number: IPCOM000179092D
Original Publication Date: 2009-Feb-05
Included in the Prior Art Database: 2009-Feb-05
Document File: 2 page(s) / 25K

Publishing Venue

IBM

Abstract

Disclosed is a method that gives the consumer of commercial banking institutions the ability to create virtual allocations within their checking/savings account. The consumer will have the ability to give rules to the virtual allocations which will govern how money is handled within the account.

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Method for efficient Money Management /Control for personal bank accounts

This method would solve the problem of having to constantly budget money within a single bank account. Money in the account can be divided into a number of Money Bags. Each Bag would have a name, such as utility bills, house rent, disposable income, etc.

The use of customer defined rules will enrich this user experience. The user will be able to define how and when each Money Bag is used. Customer defined rules would control withdrawal/deposits from/into specific Money Bags for pre-defined events.

The feature would be made available through Internet banking portals, which would allow creation/deletion of Money Bags, transferring money to/from Money Bags, and creation/modification/deletion of rules within a single account.

There shall, at all times, be one default/main Money Bag which cannot be deleted, and which would contain all unallocated money. Whenever money is deposited into an account, it will be added to the default Money Bag unless a rule has been defined to govern the behavior of the deposited money.

The user is then able to define various rules for their Money Bags.

ATM machines would allow customers to choose a Money Bag within an account from which to withdraw money. Creation/deletion and modification to Money Bags will not be possible through ATMs.

In cases of withdrawal where this system cannot be implemented, such as old ATMs or debit card payments at shopping outlets or online money transfers, cash will be deducted first from the designated Money Bag for "ATM". If no ATM Money Bag exists, then the money will be withdrawn from the default/main money bag.

Customers using this feature should always leave sufficient funds in the default Money Bag in order to not upset their other allocations in cases where this feature cannot be implemented by the bank, as is explained in the examples below. Also, customers not making use of this feature remain completely unaffected in all cases.

Example Usage Scenarios:
1. ATMs:


In this case, if the ATM supports the feature, a customer would be able to choose a Money Bag fro...