SYSTEM AND METHOD OF APPLYING REWARDS TO FEES IN QUALIFYING ACCOUNTS OF FINANCIAL INSTITUTIONS

摘要

A system, computer program product and a method of applying rewards to fees in qualifying accounts of a financial institution are provided. The system, computer program product and method ensure that one or more reward accounts of a single account holder or “household” of account holders at the financial institution are qualified to receive a reward, are entitled to receive income other than the reward amount, that the account holder of the account is enrolled to receive one or more service for a service fees from the financial institution and that the fees are entitled to be automatically offset against income earned by the reward accounts during the predetermined cycle. If so, the system, computer program product and method deduct the fees from the sum of earned reward amount and the income other than the reward amount. In cases where the sum of the earned reward amount and the income from other than the reward amount is less than the service fee, a credit is automatically applied to the account holder that is up to or equal to the difference as a further reward to the account holder for having the reward account.

主权项

1. A computer-implemented method of automatically applying rewards to a reward account of an account holder at a financial institution, comprising:
determining whether the reward account at the financial institution meets, for a predetermined cycle, all qualification criteria for receiving a first reward; calculating a first reward amount earned by the reward account in response to determining that the reward account meets all qualification criteria for receiving the first reward for the predetermined cycle; determining whether the reward account is entitled to receive income other than the first reward amount for the predetermined cycle; adding the first reward amount and the income other than the first reward amount to a sum of earned income in response to determining that the reward account is entitled to receive income other than the first reward amount during the predetermined cycle; determining whether the account holder is enrolled to receive a at least one service for an at least one service fee from the financial institution during the predetermined cycle; determining, in response to determining that the account holder is enrolled to receive the at least one service for the at least one service fee from the financial institution, whether the at least one service fee is entitled to be automatically offset against income earned by the reward account during the predetermined cycle; determining whether the sum of earned income is greater than the at least one service fee; automatically deducting the at least one service fee from the sum of earned income in response to determining that the sum of earned income is greater than the at least one service fee during the predetermined cycle; and automatically applying the sum of earned income toward the at least one service fee and applying a credit amount to the reward account for any difference between the at least one service fee and the sum of earned income in response to determining that the sum of earned income is less than the at least one service fee, thereby providing the account holder of the reward account an additional reward equal to the applied credit amount when the reward account meets the qualification criteria during the predetermined cycle.