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, handles the transfers of money, and such transfers are preferably 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 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 service method, comprising:
 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; and   paying said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.   
   
   
       2 . The bill-paying service method of  claim 1 , 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.   
   
   
       3 . The bill-paying service method of  claim 1 , 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.   
   
   
       4 . The bill-paying service method of  claim 1 , 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.   
   
   
       5 . The bill-paying service method of  claim 1 , further comprising periodically crediting the DDA with a second credit on a second regular credit schedule. 
   
   
       6 . The bill-paying service method of  claim 5 , wherein at least one of said first and second credits comprises a direct deposit of a debtor paycheck. 
   
   
       7 . The bill-paying service method of  claim 1 , further comprising determining a second amount and a date that funds from the custody account are to be transferred to a second creditor's creditor account to pay a second debt owed to the second creditor by the debtor. 
   
   
       8 . The bill-paying service method of  claim 1 , wherein the debt comprises an interest-bearing debt. 
   
   
       9 . The bill-paying service method of  claim 1 , further comprising:
 reporting to the debtor a transfer of funds from the custody account to the creditor account; and   reporting to the debtor an adjusted credit term.   
   
   
       10 . The bill-paying service method of  claim 1 , wherein the transferring of the funds between the DDA, the custody account, and the creditor account is performed using the ODFI. 
   
   
       11 . The bill-paying service method of  claim 1 , further comprising offering the debtor a campaign product. 
   
   
       12 . The bill-paying service method of  claim 1 , further comprising transferring funds from the custody account to the creditor account according to a second funds transfer schedule that differs from the first funds transfer schedule, wherein the difference in the first and second funds transfer schedule provides for the accelerated re-payment of the debt owed to the creditor by the debtor. 
   
   
       13 . The bill-paying service method of  claim 1 , further comprising:
 receiving, at the DDA, credits over time that are in excess of a particular debt owed by the debtor to the creditor;   providing for a computation of the accelerated re-payment; and   transferring an excess payment to the creditor account that provides a reduction in a total finance charge earned by the creditor and charged to the debtor.   
   
   
       14 . A computer implemented bill-paying service method comprising:
 enrolling, at a computer system, 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, by the computer system, 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, by a debt repayment computing system, a service fee to said subscriber by debiting said custody account; and   paying, by the debt repayment computing system, said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.   
   
   
       15 . A machine-readable medium for providing a bill-paying service which, when executed by a machine, causes the machine to:
 enroll 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 debit 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;   charge a service fee to said subscriber by debiting said custody account; and   pay said creditor on behalf of said debtor in an amount calculated for an accelerated repayment of a debt.   
   
   
       16 . The machine-readable medium of  claim 15 , which when further executed by a machine causes the machine to collect an enrollment fee from said debtor for an on-going service that includes the step of paying said creditor. 
   
   
       17 . The machine-readable medium of  claim 15 , wherein:
 the operation of periodically debiting said DDA coincides with said first regular schedule; and   the operation 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.   
   
   
       18 . The machine-readable medium of  claim 15 , wherein:
 the operation 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.   
   
   
       19 . The machine-readable medium  claim 15 , which when further executed by a machine causes the machine to periodically credit the DDA with a second credit on a second regular credit schedule. 
   
   
       20 . The machine-readable medium  claim 19 , wherein at least one of said first and second credits comprises a direct deposit of a debtor paycheck.