System and method for transferring a line of credit balance to a cash account

Abstract

The present invention provides an automated system configured to facilitate transfers of cash value from one or more lines of credit to one or more deposit accounts or payment systems. An automated system ensures that requested funds are available in a customer's one or more lines of credit and electronically deposits the requested funds into one or more designated deposit accounts or payment systems. An automated system provides a means for customers to manage lines of credit, setup transfer transactions, define rules governing transfers and view transactional history. The automated system, in network connection with the lending organization's backend systems, may authenticate customer identities and credit accounts as well as insure that the requested funds are available for transfer into a deposit account.

1 . A method comprising:
 debiting, by a computer based system for transferring funds, a first line of credit transaction account a first portion of funds; and   debiting, by the computer based system, a second line of credit transaction account a second portion of funds,   wherein the second portion of funds exceeds a first line of credit limit for the first line of credit transaction account.   
     
     
         2 . The method of  claim 1 , further comprising determining, by the computer based system, that the first line of credit transaction account is within a first predetermined threshold and the second line of credit transaction account is within a second predetermined threshold. 
     
     
         3 . The method of  claim 1 , further comprising generating, by the computer based system, a transaction based upon a first transaction request for a transfer of the first portion of the funds and based upon a second transaction request for the transfer of the second portion of the funds. 
     
     
         4 . The method of  claim 1 , wherein a rule allows a transaction request in response to the second portion of funds being within a second predetermined threshold of the second line of credit transaction account. 
     
     
         5 . The method of  claim 1 , wherein a rule rejects a transaction request in response to the second portion of funds exceeding a second predetermined threshold of the second line of credit transaction account. 
     
     
         6 . The method of  claim 1 , further comprising crediting, by the computer based system, a deposit account with the funds. 
     
     
         7 . The method of  claim 1 , further comprising sending, by the computer based system, a transaction request to an automated clearing house financial capture system configured to capture and process transaction details for at least one of the first portion of the funds and the second portion of funds. 
     
     
         8 . The method of  claim 1 , wherein the debiting at least one of the first line of credit transaction account and the second line of credit transaction account comprises debiting of at least one of currency, loyalty points, coupons, credits, securities, negotiable instruments, gift cards, digital funds, and foreign currency. 
     
     
         9 . The method of  claim 1 , wherein the funds include a first currency, and further comprising converting the funds to a second currency. 
     
     
         10 . The method of  claim 1 , wherein the funds include a first type of funds, and further comprising converting the funds to a second type of funds, wherein the second type of funds comprises at least one of currency, loyalty points, coupons, credits, securities, negotiable instruments, gift cards, digital funds, and foreign currency. 
     
     
         11 . The method of  claim 1 , wherein the first line of credit transaction account and the second line of credit transaction account transfer funds to a deposit account, wherein the deposit account comprises at least one of: a personal checking account, a savings account, a business account, an investment account, a retirement account, a trust account, a loyalty account, a merchant account, a billing account, a recurring billing account and a payment system. 
     
     
         12 . The method of  claim 1 , further comprising at least one of: applying rules, notifying a consumer, obtaining approvals, applying limits to the debiting and applying limits to crediting. 
     
     
         13 . The method of  claim 1 , further comprising verifying that the second portion of the funds do not exceed a second line of credit limit of the second line of credit account. 
     
     
         14 . The method of  claim 1 , further comprising transmitting, by the computer based system, the transaction to an originating depository financial institution for clearing. 
     
     
         15 . The method of  claim 1 , wherein the rules are pre-selected stored rules. 
     
     
         16 . The method of  claim 1 , wherein the funds include a first currency, and further comprising converting the funds to a second currency. 
     
     
         17 . The method of  claim 1 , further comprising viewing transaction history associated with at least one of debiting the first line of credit transaction account with the first portion of the funds and crediting the second line of credit transaction account with the second portion of the funds. 
     
     
         18 . The method of  claim 1 , wherein a transaction request associated with the debiting is formatted in a National Automated Clearing House Association (NACHA) format. 
     
     
         19 . A system comprising:
 a processor for transferring funds,   a tangible, non-transitory memory configured to communicate with the processor,   a debiting module configured to communicate with the processor and configured to debit a first line of credit transaction account a first portion of funds; and   the debiting module further configured to debit a second line of credit transaction account a second portion of funds,   wherein the second portion of funds exceeds a first line of credit limit for the first line of credit transaction account.   
     
     
         20 . An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for transferring funds, cause the computer-based system to be capable of performing operations comprising:
 debiting, by the computer based system, a first line of credit transaction account a first portion of funds; and   debiting, by the computer based system, a second line of credit transaction account a second portion of funds,   wherein the second portion of funds exceeds a first line of credit limit for the first line of credit transaction account.