Method for Issuing and Managing Debit Gift Card Accounts

Abstract

A method for generating and managing debit gift card accounts and facilitating the processing of gift card payments through a debit process. The method involves associating a gift card with a purchaser and transferring any unused residual balance to the purchaser following card expiration or other triggering event.

1 . A method of facilitating the processing of debit gift account payment systems on behalf of a customer, the method comprising the steps of:
 a) opening a customer account at an issuing entity utilizing an issuer computer system, wherein said customer account contains personal identification information of said customer including the name and unique identifier of said customer, wherein said customer account is not a financial account, wherein said issuing entity is neither a financial institution nor a merchant, wherein said issuer computer system is operated by said issuing entity, wherein said issuer computer system is remotely connected over a network to a customer computer operated by a person authorized by said customer, wherein said opening of said customer account is performed in response to a first electronic communication from said customer computer to said issuer computer system, and wherein said first electronic communication includes the name and unique identifier of the customer;   b) receiving, by said issuer computer system, a second electronic communication from said customer computer, wherein said second electronic communication includes a request to establish a Gift Card Account (“GCA”) at a financial institution, wherein said second electronic communication includes a gift amount and a name and unique identifier of a giftee, wherein said source account is a financial account containing a balance of readily available funds, or cash equivalent and wherein said source account is not a credit account;   c) sending, by said issuer computer system to a financial computer system remotely connected over a network to the issuer computer system, a third electronic communication requesting the establishment of the GCA at the financial institution, wherein the third electronic communication includes the name and unique identifier of the customer, the gift amount, and the identifier for the source account;   d) opening the GCA at the financial institution on behalf of said customer by the financial computer system, wherein the GCA is a financial account designated by said customer, and wherein the GCA is not a credit account;   e) transferring funds, by said financial computer system, from said source account to said GCA in an amount equal to the gift amount, wherein said funds are readily available in said GCA after being properly cleared, and wherein the funds in said GCA are designated by the customer until the funds are debited from the GCA;   f) receiving, by said issuer computer system, a fourth electronic communication from the financial computer system confirming the establishment and funding of the GCA;   g) generating a virtual debit gift account by said issuing entity, said debit gift account includes GCA identification information uniquely associating said debit gift account with the GCA, wherein said debit gift account is adapted to be processed by systems designed to accept payments sending, by said issuing entity, the debit gift account to the giftee at the unique identifier of the giftee;   i) receiving, by said financial computer system, a fifth electronic communication from a system designed to accept payment for a debit request from said GCA, wherein the fifth electronic communication was initiated in response to the debit gift account being accepted at said system designed to accept payment;   j) verifying, by said financial computer system, that said GCA contains sufficient funds to cover said debit request;   k) debiting, by said financial computer system, an amount of funds from said GCA equal to said debit request, wherein said debited funds are readily available funds and not funds extended on credit;   l) receiving, by said issuer computer system, a reclamation request from said customer computer operated on behalf of said customer, wherein said reclamation request includes an identifier for said GCA and a destination account, wherein said destination account is designated by said customer but not affiliated with said debit gift account, and wherein said reclamation request is received prior to any expiration of said debit gift account;   m) relaying, by said issuer computer system, said reclamation request to said financial computer system;   n) verifying, by said financial computer system, that said GCA contains a positive balance; and   o) transferring, by said financial computer system, funds from said GCA to said destination account.   
     
     
         2 . The method as described in  claim 1 , wherein said first electronic communication in step a) includes a reclamation date. 
     
     
         3 . A method of facilitating the processing of debit gift account payment systems on behalf of a customer, the method comprising the steps of:
 a) opening a customer account at an issuing entity utilizing an issuer computer system, wherein said customer account contains personal identification information of said customer including the name and unique identifier of said customer, wherein said customer account is not a financial account, wherein said issuing entity is neither a financial institution nor a merchant, wherein said issuer computer system is operated by said issuing entity, wherein said issuer computer system is remotely connected over a network to a customer computer operated by a person authorized by said customer, wherein said opening of said customer account is performed in response to a first electronic communication from said customer computer to said issuer computer system, and wherein said first electronic communication includes the name and unique identifier of the customer;   b) receiving, by said issuer computer system, a second electronic communication from said customer computer, wherein said second electronic communication includes a request to establish a Gift Card Account (“GCA”) at a financial institution, wherein said second electronic communication includes a gift amount, a name and unique identifier of a giftee, and a reclamation date for reclaiming funds, wherein said source account is a financial account containing a balance of readily available funds, or cash equivalent and wherein said source account is not a credit account;   c) sending, by said issuer computer system to a financial computer system remotely connected over a network to the issuer computer system, a third electronic communication requesting the establishment of the GCA at the financial institution, wherein the third electronic communication includes the name and unique identifier of the customer, the gift amount, and the identifier for the source account;   d) opening the GCA at the financial institution on behalf of said customer by the financial computer system, wherein the GCA is a financial account designated by said customer, and wherein the GCA is not a credit account;   e) transferring funds, by said financial computer system, from said source account to said GCA in an amount equal to the gift amount, wherein said funds are readily available in said GCA after being properly cleared, and wherein the funds in said GCA are designated by the customer until the funds are debited from the GCA;   f) receiving, by said issuer computer system, a fourth electronic communication from the financial computer system confirming the establishment and funding of the GCA;   g) generating a debit gift account by said issuing entity, said debit gift account being associated with the GCA, wherein said debit gift account is adapted to be processed by systems designed to accept payments sending, by said issuing entity, the debit gift account to the giftee at the unique identifier of the giftee;   h) debiting, by said financial computer system, an amount of funds from said GCA equal to said debit request, wherein said debited funds are readily available funds and not funds extended on credit;   i) relaying, at said reclamation date, a reclamation request to said financial computer system;   j) verifying, by said financial computer system, that said GCA contains a positive balance; and   k) transferring, by said financial computer system, funds from said GCA to said destination account.   
     
     
         4 . A system for issuing virtual debit gift cards comprising:
 a customer computer operated by a customer;   an issuer computer system operated by an issuing entity, wherein said issuer computer system comprises at least one server and at least one database;   a financial computer system operated by a financial institution, wherein said financial computer system comprises at least one server and at least one database;   a first network connecting the customer computer to the issuer computer system; and   a second network connecting the issuer computer system to the financial computer system;   wherein the first network and the second network may be the same or different networks;   wherein the server of the issuer computer system is programmed to:
 a) open a customer account on behalf of said customer, wherein said customer account contains personal identification information of said customer including the name and unique identifier of said customer, wherein said customer account is not a financial account, wherein said issuing entity is neither a financial institution nor a merchant, wherein said opening of said customer account is performed in response to a first electronic communication from said customer computer to said issuer computer system, and wherein said first electronic communication includes the name and unique identifier of the customer; 
 b) receive a second electronic communication from said customer computer, wherein said second electronic communication includes a request to establish a Gift Card Account (“GCA”) at the financial institution, wherein said second electronic communication includes an identifier for the financial institution, an identifier for a source account, a gift amount, and a name and unique identifier of a giftee, wherein said source account is a financial account containing a balance of readily available funds, and wherein said source account is not a credit account; and 
 c) send to the financial computer system a third electronic communication requesting the establishment of the GCA at the financial institution, wherein the third electronic communication includes the name and unique identifier of the customer, the gift amount, and the identifier for the source account; 
   wherein the server of the financial computer system is programmed to:
 d) open the GCA at the financial institution on behalf of said customer, wherein the GCA is a financial account designated by said customer, and wherein the GCA is not a credit account; and 
 e) transfer funds, by said financial computer system, from said source account to said GCA in an amount equal to the gift amount, wherein said funds are readily available in said GCA after being properly cleared, and wherein the funds in said GCA are designated by the customer until the funds are debited from the GCA; 
   wherein the server of the issuer computer system is further programmed to:
 f) receive a fourth electronic communication from the financial computer system confirming the establishment and funding of the GCA; 
   wherein the issuing entity carries out the steps of:
 g) generating a debit gift account uniquely associated with the GCA, wherein said debit gift account is adapted to be processed by a system designed to accept payment; 
 h) sending the debit gift account to the giftee at the unique identifier of the giftee; and 
   wherein the server of the financial computer system is further programmed to:
 i) receive a fifth electronic communication from a system designed to accept payment for a debit request from said GCA, wherein the fifth electronic communication was initiated in response to the debit gift account being accessed by a system designed to accept payment; 
 j) verify that said GCA contains sufficient funds to cover said debit request; and 
 k) debit an amount of funds from said GCA equal to said debit request, wherein said debited funds are readily available funds and not funds extended on credit; 
   wherein the server of the issuer computer system is further programmed to:
 l) receive a reclamation request from said customer computer operated by said customer, wherein said reclamation request includes an identifier for said GCA and a destination account, wherein said destination account is designated by said customer but not affiliated with said debit gift card, and wherein said reclamation request is received prior to any expiration of said debit gift card; 
 m) relay said reclamation request to said financial computer system; and 
   wherein the server of the financial computer system is further programmed to:
 n) verify that said GCA contains a positive balance; and 
 o) transfer funds from said GCA to said destination account.