Interactive account management system and method

1. An interactive account management system operated on behalf of multiple account holders, accessible on a hand-held wireless device, the system comprising:

a hand-held wireless device having a user interface including an input device;

a database for storing financial network information associated with an account holder, the database being accessible by the hand-held wireless device and addressable over a network;

an application executed by a processor associated with the hand-held wireless device and configured to implement the following components:

a financial networking engine for defining a financial network for the account holder, the financial network comprising one or more financial accounts and two or more members including the account holder and at least one co-account holder, and for identifying the financial accounts and members of the financial network based on stored account information and/or user input, wherein at least two members of the financial network share access to at least one financial account in the financial network, wherein the financial networking engine includes an invitation interface configured to send an invite from the account holder to an addressee to participate in the financial network of the account holder, thereby expanding the account holder's financial network;

interactive processing components for processing stored and input information used to provide financial guidance to the account holder during an interaction between the members of the financial network defined by the financial networking engine, the interaction comprising a request associated with a spending location;

user interface presentation tools for displaying interaction interfaces, accepting input from the financial network members and correspondingly displaying the request to the account holder on the user interface; and

financial decision tools for allowing the account holder to make a financial decision in response to the request, wherein the financial decision is based at least in part on the spending location.

2. The system of claim 1 , further comprising data associated with the spending location, wherein the data comprises a business name.

3. The system of claim 2 , further comprising data associated with the spending location, wherein the data comprises at least one of the following: a city, a state, a zip code, a street address, or a distance from a predetermined location.

4. The system of claim 1 , wherein the financial decision is either an authorization or a decline of the request.

5. The system of claim 1 , wherein the financial decision is an automatic determination based at least in part on the spending location.

6. The system of claim 1 , further comprising permission setting components for allowing the account holder to set permissions for the at least one co-account holder.

7. The system of claim 6 , wherein the permission setting components regulate spending limits for the at least one co-account holder.

8. The system of claim 7 , wherein the permission setting components regulate spending limits for the at least one co-account holder based at least in part on the data associated with the spending location.

9. The system of claim 7 , wherein the permission setting components regulate spending limits for the at least one co-account holder based at least in part on the distance of the spending location from a predetermined location.

10. An interactive account management method operated on behalf of multiple account holders, the interactive account management method comprising:

defining a financial network for an account holder, the financial network comprising one or more financial accounts and two or more members including the account holder and at least one co-account holder, and for identifying the financial accounts and members of the financial network based on stored account information and/or user input, wherein at least two members of the financial network share access to at least one financial account in the financial network, wherein the account holder expands the financial network by sending an invite, via an invitation interface of a financial networking engine, to an addressee to participate in the financial network thereby expanding the financial network of the account holder;

processing, by a processor associated with a hand-held wireless device configured to implement interactive processing components, stored and input information during an interaction between the members of the defined financial network, wherein the stored and input information is used to provide financial guidance to the account holder relating to a requested transaction at a spending location;

displaying, via a user interface associated with the hand-held wireless device, interaction interfaces; and

accepting, via an input device associated with the hand-held wireless device, input from the financial network members and correspondingly displaying output as determined by the interactive processing components, wherein the output comprises either an authorization or a refusal to authorize the requested transaction.

11. The method of claim 10 , further comprising associating data with the spending location, wherein the data comprises a business name.

12. The method of claim 10 , further comprising associating data with the spending location, wherein the data comprises at least one of the following: a city, a state, a zip code, a street address, or a distance from a predetermined location.

13. The method of claim 10 , wherein the authorization or the refusal to authorize the requested transaction is an automatic determination made at least in part based on the spending location.

14. The method of claim 10 , wherein the account holder sets permissions for the at least one co-account holder.

15. The method of claim 14 , wherein the account holder regulates spending limits for the at least one co-account holder.

16. The method of claim 15 , further comprising regulating spending limits for the at least one co-account holder based at least in part on the identity of the spending location.

17. The method of claim 15 , further comprising regulating spending limits for the at least one co-account holder based at least in part on the distance of the spending location from a predetermined location.

18. The method of claim 10 , wherein the user interface presents different user interfaces to the members of the financial network based on different roles of the respective members in the financial network.