Multiple Account Advanced Payment Card and Method of Routing Card Transactions

Abstract

A system of accessing through a financial processing network multiple accounts associated with a single financial card. Data is input to the financial network in addition to the transaction data and the account identification data that in read from the card. This addition data permits the proper account to be accessed. The data may be input at the point of sale as an account selection. In this instance, the selection may be used to route the transaction data through the financial processing network or may be used to read data regarding one of multiple accounts encoded on the card. The data may also be stored as conditional routing rules at transfer points in the financial processing network. In this instance, the transaction is routed to the proper account based on the stored rules.

1 - 10 . (canceled) 
     
     
         11 . A method for providing a consumer with an option to use a magnetic stripe card for accessing one of multiple available accounts, the method comprising:
 receiving data transmitted from a point-of-sale processor or an ATM processor after reading of the magnetic stripe card. the data associated with an attempted transaction and routed over a particular network determined based on the data;   reviewing the data, the data including both selection data and transaction data, the selection data including the selection of an account type, the account type including one of a credit account and a debit account. and the transaction data including a transaction amount; and   processing the transaction using a computer processor in accordance with the selection data by accessing an account corresponding to the selected account type and debiting the accessed account by the transaction amount.   
     
     
         12 . The method of  claim 11 , further comprising receiving the data over a credit network if the consumer selected a credit account type and receiving the data over a debit network if the consumer selected a debit account type. 
     
     
         13 . The method of  claim 11 , further comprising transmitting approval data to the point of sale processor or the ATM processor. 
     
     
         14 . The method of  claim 11 , wherein the credit account and the debit account are linked to one financial institution. 
     
     
         15 . The method of  claim 11 , wherein the point-of-sale processor reads the magnetic stripe card and subsequently asks for account-type input from the consumer. 
     
     
         16 . The method of  claim 11 , wherein the selection data includes a specific account. 
     
     
         17 . The method of claim  1 , wherein the multiple accounts are maintained by an issuer of the magnetic stripe card. 
     
     
         18 . The method of  claim 11 , further comprising identifying an account within the multiple accounts from accounts corresponding to the type of selected account identified by the selection data for use in the attempted transaction. 
     
     
         19 . A system for providing a consumer with an option to use a magnetic stripe card for accessing one of multiple available accounts, the system comprising:
 a processor hosted by a financial institution, the processor programmed to perform steps including,
 receiving data transmitted from a POS processor or an ATM processor after reading of the magnetic stripe card, the data associated with an attempted transaction and routed over a particular network determined based on the data; 
 reviewing the data, the data including both selection data and transaction data, the selection data including the selection of an account or type of account and the transaction data including a transaction amount; and 
 processing the transaction using a computer processor in accordance with the selection data by accessing one of a credit account and a debit account and debiting the accessed account by the transaction amount. 
   
     
     
         20 . The system of  claim 19 , wherein the processor receives the data over a credit network if the consumer selected a credit account type and receives the data over a debit network if the consumer selected a debit account type. 
     
     
         21 . The system of  claim 19 , wherein the processor is further programmed to transmit approval data to the point of sate processor or the ATM processor. 
     
     
         22 . The system of  claim 19 , wherein the credit account and the debit account are linked to one financial institution. 
     
     
         23 . The system of  claim 19 , wherein the selection data includes a specific account. 
     
     
         24 . The system of  claim 19 , wherein the multiple accounts are maintained by an issuer of the magnetic stripe card. 
     
     
         25 . The system of  claim 19 , wherein the processor is further programmed for identifying an account within the multiple accounts from accounts corresponding to the type of selected account identified by the selection data for use in the attempted transaction. 
     
     
         26 . The system of  claim 19 , wherein the processor includes one or more processors along a processing network.