System and Method for Establishment of Rules Governing Child Accounts
A system and method for establishment of rules governing child accounts may include associating, in a database, a first transaction card through which access to monetary funds is extended with a second transaction card through which access to said monetary funds is extended. Also, in said database, said second transaction card is associated with one or more rules governing access to said monetary funds by said second transaction card. Finally, an individual owning said first transaction card is permitted to specify said rules governing access to said monetary funds by said second transaction card.
1 . A method comprising:
associating, in a database, a transaction card through which access to monetary funds is extended with non-financial information including health information;
receiving a transaction request associated with the transaction card;
accessing the non-financial information associated with the transaction card; and
assessing the transaction request based on the non-financial information.
2 . The system of claim 1 , wherein the non-financial information includes one or more rules applied to the transaction card.
3 . The method of claim 2 , wherein the one or more rules includes a rule setting a maximum number of dollars per specified period of time that may be spent.
4 . The method of claim 2 , wherein the one or more rules includes a rule setting types of goods or services that may be purchased with the transaction card.
5 . The method of claim 2 , wherein the one or more rules includes a rule specifying of one or more merchants to which payment from said monetary funds may not be extended.
6 . The method of claim 1 , wherein the transaction request includes level three data.
7 . The method of claim 6 , further comprising authorizing at least part of the transaction request based on types of goods or services identified by the level three data.
8 . The method of claim 1 , wherein the health information includes information about health insurance.
9 . The method of claim 1 , further comprising extending access to the monetary funds associated with the transaction card.
10 . The method of claim 1 , further comprising transferring at least a portion of the monetary funds based on the transaction request.
11 . A system comprising:
a transaction card through which access to monetary funds is extended;
a database associating the transaction card with non-financial information including health information,
a computing system storing a set of instructions, which when executed, cause the computing system to:
receive a transaction request associated with the transaction card;
access the non-financial information associated with the transaction card; and
assess the transaction request based on the non-financial information.
12 . The system of claim 11 , wherein the non-financial information includes one or more rules applied to the transaction card.
13 . The system of claim 12 , wherein the one or more rules includes a rule setting a maximum number of dollars per specified period of time that may be spent.
14 . The system of claim 12 , wherein the one or more rules includes a rule setting types of goods or services that may be purchased with the transaction card.
15 . The system of claim 11 , wherein the computing system includes instructions to access one or more types of health information based on a merchant identifier included in the transaction request.
16 . The system of claim 11 , wherein the transaction request includes level three data.
17 . The system of claim 11 , wherein said computing system is programmed to limit purchases to by specifying one or more classes of products or services that may not be purchased.
18 . The system of claim 11 , wherein said computing system is programmed to allow specification of one or more merchants to which payment from said monetary funds may not be extended.
19 . The system of claim 11 , wherein the transaction card is a card selected from the group consisting of:
a credit card;
a debit card; and
a stored value card.
20 . The system of claim 11 , wherein the health information includes information about health insurance.
21 . The system of claim 11 , further comprising extending access to the monetary funds associated with the transaction card.
22 . The system of claim 11 , further comprising transferring at least a portion of the monetary funds based on the transaction request.
23 . A method comprising:
associating, in a database, a transaction card through which access to monetary funds is extended with health information via a transaction card identifier;
receiving a transaction request including the transaction card identifier;
access the health information associated with the transaction card; and
assess the transaction request based on the health information.
24 . The method of claim 23 , wherein the health information includes information about health insurance.