Method and apparatus for mapping sources and uses of consumer funds

Abstract

A bill-paying system includes a customer deposit account which receives periodic payroll deposits of an individual or a couple. A bill-paying service enrolls the individual or couple for a fee, and is authorized to transfer money from the deposit account to the accounts of various creditors. An originating depository financial institution, such as a bank, actually handles all the transfers of money, and such transfers are preferably all done electronically. The automated clearing house (ACH) network supports such electronic money transfers. The various bills and debts of the individual or couple come due at times that are asynchronous to their income structure. The bill-paying service is authorized to debit the deposit account for more than the basic minimums due all the creditors each month. Such excess is used to accelerate the repayment of various loans and debts according to what particular application at that time will have the greatest long-term beneficial effect.

1 . A bill-paying system, comprising: 
 a designated deposit account or savings account (DDA) belonging to a debtor that is periodically credited with a payroll income on a first regular schedule;    a custody account belonging to a service provider that is credited with debits to the DDA by an originating depository financial institution (ODFI);    a creditor account belonging to a creditor of said debtor that is credited on a periodic basis with a payment debit to the custody account on a second regular schedule; and    a mechanism for determining an amount and date that said ODFI is instructed to transfer funds between the DDA, custody account, and creditor account; and at least one of:    a trust finder mechanism;    a campaign product;    a subscription transaction table;    one or more account policies, each account policy having one or more disbursement schedules;    one or more subscriptions to which a debtor may subscribe.    
     
     
         2 . The bill-paying system of  claim 1 , further comprising: 
 an ACH-file for providing funds transfer instructions to said ODFI that is generated by the mechanism.    
     
     
         3 . The bill-paying system of  claim 1 , wherein: 
 the DDA receives said payroll income over time that is in excess of a particular debt owed by said debtor to said creditor; and    the mechanism further provides for a computation of an accelerated payment of said debt and an inclusion of an excess payment to said creditor account for providing a reduction in a total finance charge earned by said creditor and costed to said debtor.    
     
     
         4 . The bill-paying system of  claim 1 , further comprising: 
 a service fee account for receiving a service fee from the DDA in payment of a contract between service provider and said debtor, wherein said service provider operates the mechanism.    
     
     
         5 . The bill-paying system of  claim 4 , further comprising: 
 a curtailment process for providing a computation of any funds that may be available in the custody account after the creditor account would be credited with said payment debit, and for providing a transfer of said service fee to said service fee account.    
     
     
         6 . A bill-paying system, comprising: 
 a designated deposit account and savings account (DDA) belonging to a debtor that is periodically credited with a payroll income on a first regular schedule;    a custody account belonging to a service provider that is credited with debits to the DDA by an originating depository financial institution (ODFI);    a plurality of creditor accounts each belonging to a particular independent creditor of said debtor that is credited on a periodic basis with a payment debit to the custody account on a corresponding plurality of second regular schedules; and    a mechanism for determining an amount and date that said ODFI is instructed to transfer funds between the DDA, custody account, and each of the plurality of creditor account; and at least one of:    a trust finder mechanism;    a campaign product;    a subscription transaction table;    one or more account policies, each account policy having one or more disbursement schedules;    one or more subscriptions to which a debtor may subscribe.    
     
     
         7 . The bill-paying system of  claim 6 , further comprising: 
 an ACH-file for providing funds transfer instructions to said ODFI that is generated by the mechanism on a cyclic basis.    
     
     
         8 . The bill-paying system of  claim 6 , wherein: 
 the DDA receives said payroll income over time that is in excess of a particular debt owed by said debtor to said creditor; and    the mechanism further provides for a computation of an accelerated payment of said debt and an inclusion of an excess payment to said creditor account for providing a reduction in a total finance charge earned by said creditor and costed to said debtor.    
     
     
         9 . The bill-paying system of  claim 6 , further comprising: 
 a service fee account for receiving a service fee from the DDA in payment of a contract between service provider and said debtor, wherein said service provider operates the mechanism.    
     
     
         10 . The bill-paying system of  claim 9 , further comprising: 
 a curtailment process for providing a computation of any funds that may be available in the custody account after each respective creditor account would be credited with said payment debit, and for providing a transfer of said service fee to said service fee account.    
     
     
         11 . A bill-paying system, comprising: 
 a plurality of designated deposit accounts (DDA's) each belonging to a corresponding debtor that is periodically credited with a respective payroll income on a plurality of first regular schedules;    a custody account belonging to a service provider that is credited with debits to the DDA by an originating depository financial institution (ODFI);    a plurality of creditor accounts and/or savings accounts each belonging to a particular independent creditor of each corresponding said debtor that are credited on a periodic basis with a plurality of payment debits to the custody account on a corresponding plurality of second regular schedules;    a mechanism for determining an amount and date that said ODFI is instructed to transfer funds between each of the plurality of DDA's, custody account, and each of the plurality of creditor account; and at least one of:    a trust finder mechanism;    a campaign product;    a subscription transaction table;    one or more account policies, each account policy having one or more disbursement schedules;    one or more subscriptions to which a debtor may subscribe.    
     
     
         12 . The bill-paying system of  claim 11 , further comprising: 
 an ACH-file for providing funds transfer instructions to said ODFI that is generated by the mechanism on a cyclic basis.    
     
     
         13 . The bill-paying system of  claim 11 , wherein: 
 each of the plurality of DDA's receive said respective payroll income over time that is in excess of a particular debt owed by a corresponding debtor to a corresponding creditor; and    the mechanism further provides for a computation of an accelerated payment of said debt and an inclusion of an excess payment to said creditor account for providing a reduction in a total finance charge earned by said creditor and costed to said debtor.    
     
     
         14 . The bill-paying system of  claim 11 , further comprising: 
 a service fee account for receiving a service fee from the DDA in payment of a contract between service provider and each said debtor, wherein said service provider operates the mechanism.    
     
     
         15 . The bill-paying system of  claim 14 , further comprising: 
 a curtailment process for providing a computation of any funds that may be available in the custody account after each respective creditor account would be credited with said payment debit, and for providing a transfer of said service fee to said service fee account.    
     
     
         16 . A bill-paying service method, comprising the steps of: 
 enrolling a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account (DDA) that is periodically credited with a payroll income on a first regular schedule;    periodically debiting said DDA through a transmission of an ACH-file to an originating depository financial institution (ODFI) and using any funds obtained to credit a custody account;    charging a service fee to said subscriber by debiting said custody account;    paying said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.    
     
     
         17 . The bill-paying service method of  claim 16 , further comprising the steps of: 
 collecting an enrollment fee from said debtor for an on-going service that includes the step of paying said creditor.    
     
     
         18 . The bill-paying service method of  claim 16 , wherein: 
 the step of periodically debiting said DDA coincides with said first regular schedule; and    the step of paying said creditor coincides with a second regular schedule that differs from said first regular schedule, and such a difference in said first and second regular schedules provides for said accelerated repayment.    
     
     
         19 . A bill-paying service method, comprising the steps of: 
 enrolling a subscriber who is a debtor to a creditor and who has authorized debits to be taken from a designated deposit account or savings account (DDA);    collecting an enrollment fee from said debtor for an on-going service of paying said creditor;    depositing a payroll income on a first regular schedule to said DDA that is over time in excess of a minimum payment on a debt owed by said debtor to said creditor;    periodically debiting said DDA of a first regular schedule and using any funds obtained to credit a custody account;    charging a service fee to said subscriber by debiting said custody account; and    paying said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt on a second regular schedule that differs from said first regular schedule, and such a difference in said first and second regular schedules provides for said accelerated repayment; and providing and at least one of:    a trust finder mechanism;    a campaign product;    a subscription transaction table;    one or more account policies, each account policy having one or more disbursement schedules;    one or more subscriptions to which a debtor may subscribe.    
     
     
         20 . The bill-paying service method of  claim 19 , wherein: 
 the step of periodically debiting, the step of charging a service fee, and the step of paying said creditor each are implemented by a series of transmissions of ACH-files to an originating depository financial institution (ODFI) that has access to said DDA, service fee account, and custody account, and that can forward funds to said creditor.