Methods and systems for managing financial accounts
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United States of America Patent
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N/A
Issued Date -
Jun 15, 2006
app pub date -
Jul 21, 2005
filing date -
Jul 21, 2004
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
Computer-implemented methods and systems for managing a special-purpose financial account involve establishing the account by a financial institution for a consumer relating to at least one consumer-designated future purchase for a pre-determined purchase price. Thereafter, contributions to a principal balance of the account are received and interest is accrued on the principal balance by the financial institution until the principal balance and accrued interest reaches a consumer-designated target amount, at which time, the principal balance and accrued interest are disposed of according to pre-defined parameters that can involve forfeiture of the accrued interest, depending on the consumer's actions.
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