Methods and systems for opening and funding a financial account online

Abstract

Methods of systems of opening an account with a financial institution. One method can include electronically receiving account application information over at least one network. The account application information includes personal information associated with a customer requesting to open an account. The method also includes processing the account application information to assess a first risk to the financial institution of opening the account for the customer and electronically receiving funding source information. The funding source information specifies at least one of an existing credit card account and an existing debit card account. In addition, the method includes processing the funding source information to assess a second risk to the financial institution of transferring funds from at least one of the existing credit card account and the existing debit card account. The method further includes electronically transferring funds to the account from at least one of the existing credit card account and the existing debit card account based on at least one of the first risk and the second risk.

Description

RELATED APPLICATIONS [0001] The present application claims priority to U.S. Provisional Application No. 60 / 796,232 filed on Apr. 28, 2006 and U.S. Provisional Application No. 60 / 816,820 filed on Jun. 27, 2006, the entire contents of which are herein both incorporated by referenceBACKGROUND OF THE INVENTION [0002] In the usual course of opening a financial account, and particularly a demand deposit account, a consumer physically visits a bank, savings and loan, or credit union (i.e., a financial institution) of choice and provides account application information (e.g., personal information) that meets the financial institution's requirements for risk assessment and identity verification (e.g., name; address; social security number; an identification card, such as a driver's license; etc.). The consumer also provides funds to be used in opening the account. The consumer is then presented with and chooses between various account options. The account is then “opened” using the consumer'...

AI Technical Summary

Problems solved by technology

Since the customer is physically remote from the financial institution and cannot provide physical account verification or authorization (e.g., a paper check, a credit or debit card, or other paper documents), the financial institution must attempt to verify the customer and / or the funding source.

In many existing online account opening services, verifying the funding source of the customer can be intrusive and time-consuming.

Many customers, however, may be unwilling to provide access information for a funding source to a third-party.

In addition, many customers may not have remotely-accessible funding sources.

The process of making a micro payment to a funding source, however, can take several days to complete, and does not allow the customer to apply and open a new account within a single online session.

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