Methods and apparatus for funding transactions using debit cards issued by one institution and funds from accounts at other institutions
View Patent ↗Methods, apparatus, and systems for funding transactions disclosed herein may operate to: receive, for a transaction, a request to debit a first amount from a primary funding source; determine that a second amount of funds available from the primary funding source is less than the first amount requested for the transaction; compare a maximum backup funding amount with a total amount debited from a backup funding source to fund previous transactions associated with the primary funding source, with the maximum backup funding amount being previously set as an amount available from the backup funding source; and to provide an indication that at least part of a difference between the first amount and the second amount can be drawn from the backup funding source based on determining that the total amount has not reached the maximum backup funding amount.
1. A method comprising:
receiving, for a transaction, a request to debit a first amount from a primary funding source;
determining that a second amount of funds available from the primary funding source is less than the first amount requested for the transaction;
comparing, using one or more processors, a maximum backup funding amount with a total amount debited from a backup funding source to fund previous transactions associated with the primary funding source, the maximum backup funding amount being previously set as an amount available from the backup funding source; and
providing an indication that at least part of a difference between the first amount and the second amount can be drawn from the backup funding source based on determining that the total amount has not reached the maximum backup funding amount.
2. The method of claim 1 , further comprising:
providing another indication that no amount can be drawn from the backup funding source based on determining that the total amount has reached the maximum backup funding amount.
3. The method of claim 1 , further comprising:
obtaining, from a financial institution associated with the backup funding source, authorization to fund the at least part of the difference from the backup funding source.
4. The method of claim 1 , further comprising:
presenting an option to change the backup funding source or to add a new backup funding source to fund at least part of the first amount.
5. The method of claim 1 , further comprising:
enabling an owner of the primary funding source to select whether the backup funding source will be used to fund at least part of the first amount.
6. The method of claim 1 , wherein the backup funding source comprises a first backup funding source and a second backup funding source, further comprising:
prioritizing an order of the first and second backup funding sources to be used.
7. The method of claim 1 , further comprising:
performing a risk analysis associated with at least one of the primary funding source or the backup funding source to allow funding using the backup funding source.
8. The method of claim 1 , further comprising:
crediting the backup funding source using at least part of the second amount.
9. The method of claim 8 , wherein the crediting comprises:
receiving a deposit to the primary funding source.
10. The method of claim 9 , wherein the crediting comprises:
enabling an owner of the primary funding source to set at least a portion of the deposit as available to credit the backup funding source.
11. An apparatus comprising:
one or more processors to execute a backup funding management module, the backup funding management module configured to:
receive, for a transaction, a request to debit a first amount from a primary funding source;
determine that a second amount of funds available from the primary funding source is less than the first amount requested for the transaction;
compare a maximum backup funding amount with a total amount debited from a backup funding source to fund previous transactions associated with the primary funding source, the maximum backup funding amount being previously set as an amount available from the backup funding source; and
provide an indication that at least part of a difference between the first amount and the second amount can be drawn from the backup funding source based on determining that the total amount has not reached the maximum backup funding amount.
12. The apparatus of claim 11 , wherein the backup funding management module is configured to:
provide another indication that no amount can be drawn from the backup funding source based on determining that the total amount has reached the maximum backup funding amount.
13. The apparatus of claim 11 , wherein the primary funding source is associated with a first financial institution and the backup funding source is associated with a second financial institution different from the first financial institution.
14. The apparatus of claim 11 , wherein the backup funding management module is configured to:
modify configurations of the backup funding source.
15. The apparatus of claim 11 , wherein the backup funding management module is configured to:
modify the maximum backup funding amount.
16. The apparatus of claim 11 , wherein the backup funding source comprise a first backup funding source and a second backup funding source, wherein the backup funding management module is configured to:
prioritize an order of the first and second backup funding sources to be used.
17. The apparatus of claim 11 , wherein the backup funding management module is configured to:
receive the request to debit the first amount, via a network, from at least one of a first device corresponding to a merchant, a second device corresponding to a buyer, or a third machine corresponding to a third party financial institution.
18. The apparatus of claim 11 , wherein the primary funding source comprises a debit account.
19. The apparatus of claim 11 , wherein the backup funding source comprises at least one of a checking account, a savings account, a credit card account, a home equity loan account or a student loan account.
20. A non-transitory machine-readable storage device storing instruction that, when executed by one or more processors, cause the one or more processors to perform operations comprising:
receiving, for a transaction, a request to debit a first amount from a primary funding source;
determining that a second amount of funds available from the primary funding source is less than the first amount requested for the transaction;
comparing a maximum backup funding amount with a total amount debited from a backup funding source to fund previous transactions associated with the primary funding source, the maximum backup funding amount being previously set as an amount available from the backup funding source; and
providing an indication that at least part of a difference between the first amount and the second amount can be drawn from the backup funding source based on determining that the total amount has not reached the maximum backup funding amount.