Enhanced automatic savings program
A computer implemented system and method are disclosed of processing a financial transaction that includes determining an automatic savings amount and rewards amount payments. The system may comprises a checking account, a savings account, an account of a merchant, and one or more computer systems including a communication interface, processor, and memory storing computer-executable instructions. The rewards amount may be calculated based on various techniques.
1. A system for distributing and deferring computational load on point-of-sale devices that are involved with providing rewards amounts, the system comprising:
a first point-of-sale device comprising a first barcode reader configured to read barcodes on products of a designated merchant, wherein the first point-of-sale device is configured to transmit information relating to a first base financial transaction associated with a checking account and relating to a transaction for at least a first product between a customer and the designated merchant, wherein the information relating to the first base financial transaction is associated with a merchant type code;
a second point-of-sale device comprising a second barcode reader configured to read barcodes on products of the designated merchant and an electronic cash register configured to transmit at least information relating to a second base financial transaction associated with the checking account and relating to a transaction for at least a second product between the customer and the designated merchant, wherein the information relating to the second base financial transaction is associated with the merchant type code;
a communication network communicatively coupling at least the first point-of-sale device and the second point-of-sale device with a computer server of a financial institution, wherein the checking account is associated with the customer capable of executing debit transactions, and wherein a savings account is associated with the customer; and
a memory of the computer server of the financial institution storing computer-executable instructions, that when executed by a processor of the computer server, cause the computer server to perform steps comprising:
(a) receiving, at the financial institution, the information relating to the first base financial transaction associated with the checking account and relating to the transaction for at least the first product between the customer and the designated merchant;
(b) determining that the checking account has sufficient funds to cover the first base financial transaction, and debiting the checking account by amount of the first base financial transaction;
(c) receiving, at the financial institution, information relating to the second base financial transaction associated with the checking account and relating to the transaction for at least the second product between the customer and the designated merchant;
(d) determining that the checking account has sufficient funds to cover the second base financial transaction, and debiting the checking account by amount of the second base financial transaction;
(e) periodically calculating at the financial institution an aggregate savings amount based at least on the first base financial transaction;
(f) determining that the checking account has sufficient funds to cover the aggregate savings amount;
(g) if sufficient funds are available to cover the aggregate savings amount, debiting the aggregate savings amount from the checking account and crediting the aggregate savings amount in the savings account;
(h) if inadequate funds are available to cover the aggregate savings amount, bypassing the debiting of the aggregate savings amount from the checking account and the crediting of the aggregate savings amount in the savings account, while still having performed at least one of the steps (b) and (d);
(i) monitoring at least a number of the first base financial transactions and the second base financial transactions relating to transactions for products between the customer and the designated merchant;
(j) periodically calculating a rewards amount based on the number of the first base financial transactions and second base financial transactions between the customer and the designated merchant and based on the merchant type code, where the first base financial transaction is associated with the merchant type code;
(k) generating an updated rewards amount by increasing the rewards amount when the number of the first and the second base financial transactions between the customer and the designated merchant that are associated with the merchant type code exceeds a predetermined value, and where the designated merchant is one of a predetermined plurality of merchants that credit a reward to the savings account of the customer;
(l) crediting the updated rewards amount in the savings account; and
(m) waiving a fee associated with at least one of the checking account and the savings account based on the number of financial transactions between the customer and the designated merchant in a fixed period of time;
wherein the computational load on the first point-of-sale device is reduced because the calculation of the rewards amount is distributed to the computer server, and wherein the computational load on the second point-of-sale device is reduced because the calculation of the rewards amount is deferred to the computer server.
2. The system of claim 1 , where a remaining portion of the updated rewards amount is provided by the financial institution.
3. The system of claim 1 , where the updated rewards amount comprises a predetermined amount for each of the number of financial transactions between the customer and the designated merchant.