Hybrid installment loan/savings account

Abstract

A hybrid installment loan/savings account. A financial account is created for an account holder. An amount of money is payed to the account holder, and the amount is charged to the account so that the account has an initial negative balance. Automatic payroll deduction is performed to automatically deduct pay over time from the account holder and apply the deducted pay to the account to pay off the negative balance over time. The automatic payroll deduction continues as the balance turns positive to continue accruing a positive balance in the account via the automatic payroll deduction. Interest is charged on the balance to the account when the balance is negative, and interest is payed on the balance to the account when the balance is positive.

What is claimed is:  
     
         1 . A method comprising: 
 creating an account for an account holder, the account having a balance which can be positive or negative;    performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the balance of the account, the automatic payroll deduction continuing irrespective of whether the balance is negative or positive;    when the balance is negative, charging interest on the balance to the account; and    when the balance is positive, paying interest on the balance to the account.    
     
     
         2 . A method as in  claim 1 , wherein, when the account is initially created, an amount of money is paid to the account holder and is charged to the account so that an initial balance of the account is negative.  
     
     
         3 . A method as in  claim 1 , wherein the automatic payroll deduction is electronic payroll deduction initiated in conjunction with an employer of the account holder, the pay being automatically deducted in specific amounts on a scheduled basis.  
     
     
         4 . A method as in  claim 3 , wherein the automatic payroll deduction continues even when the balance is positive, until canceled by the account holder.  
     
     
         5 . An apparatus comprising: 
 a financial account of an account holder, the account having a balance which can be positive or negative, interest being charged on the balance to the account when the balance is negative, and interest being paid on the balance to the account when the balance is positive; and    a payroll deduction system performing automatic payroll deduction to deduct pay over time from the account holder and apply the deducted pay to the balance of the account, the automatic payroll deduction continuing irrespective of whether the balance is negative or positive.    
     
     
         6 . An apparatus as in  claim 5 , wherein, when the account is initially created, an amount of money is paid to the account holder and is charged to the account so that an initial balance of the account is negative.  
     
     
         7 . An apparatus as in  claim 5 , wherein the payroll deduction system is initiated in conjunction with an employer of the account holder, to automatically and electrically deduct pay in specific amounts on a scheduled basis.  
     
     
         8 . An apparatus as in  claim 5 , wherein the automatic payroll deduction continues even when the balance is positive, until canceled by the account holder.  
     
     
         9 . A method comprising: 
 creating an account for an account holder;    paying an amount of money to the account holder, and charging the amount to the account so that the account has an initial negative balance;    performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the account to pay off the negative balance over time, the automatic payroll deduction continuing as the balance turns positive to continue accruing a positive balance in the account-via the automatic payroll deduction;    charging interest on the balance to the account when the balance is negative; and    paying interest on the balance to the account when the balance is positive.    
     
     
         10 . A method as in  claim 9 , wherein the automatic payroll deduction is electronic payroll deduction initiated in conjunction with an employer of the account holder, the pay being automatically deducted in specific amounts on a scheduled basis.  
     
     
         11 . A method as in  claim 10 , wherein the automatic payroll deduction continues with the account having a positive balance, until canceled by the account holder.  
     
     
         12 . An apparatus comprising: 
 a financial account of an account holder, an amount of money being paid to the account holder and charged to the account so that the account has an initial negative balance;    a payroll deduction system performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the account to pay off the negative balance over time, the automatic payroll deduction continuing as the balance turns positive to continue accruing a positive balance in the account via the automatic payroll deduction; wherein interest is charged on the balance to the account when the balance is negative, and interest is payed on the balance to the account when the balance is positive.    
     
     
         13 . An apparatus as in  claim 12 , wherein the automatic payroll deduction is initiated by the payroll deduction system in conjunction with an employer of the account holder, the pay being automatically deducted in specific amounts on a scheduled basis.  
     
     
         14 . An apparatus as in  claim 12 , wherein the payroll deduction system continues to deduct pay with the account having a positive balance, until canceled by the account holder.  
     
     
         15 . A method comprising: 
 creating an account for an account holder;    paying an amount of money to the account holder, and charging the amount to the account so that the account has an initial negative balance;    performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the account to pay off the negative balance over time, the automatic payroll deduction continuing as the balance turns positive so that a positive balance continues to accrue in the account with each subsequent deduction in pay applied to the account;    charging interest on the balance to the account when the balance is negative; and    paying interest on the balance to the account when the balance is positive.    
     
     
         16 . A method as in  claim 16 , wherein the automatic payroll deduction continues with the account having a positive balance, until canceled by the account holder.  
     
     
         17 . An apparatus comprising: 
 means for providing a financial account of an account holder, the account having a balance which can be positive or negative, interest being charged on the balance to the account when the balance is negative, and interest being paid on the balance to the account when the balance is positive; and    means for performing automatic payroll deduction to automatically deduct pay over time from the account holder and apply the deducted pay to the balance of the account, the automatic payroll deduction continuing irrespective of whether the balance is negative or positive.