Patent ID: 8041640
Filing Date: 2011-10-18
Classification: G06Q

Abstract:
1. A method, operable with a computer, for determining whether a deposit account is configured to accept automatic transactions, the method comprising: receiving a request for a line of credit, wherein payments on the line of credit are to be paid by recurring automatic withdrawals; requesting a fee to establish the line of credit, wherein the fee is to be drawn from the deposit account; verifying existence and configuration of the deposit account, including whether the deposit account is configured to accept the automatic transactions by executing an automatic withdrawal from the deposit account for the fee, wherein the automatic withdrawal comprises an electronic funds transfer; withholding, by an approval unit, approval of the line of credit until the automatic withdrawal from the deposit account for the fee is completed, wherein the step of withholding approval comprises providing a credit card associated with the potential line of credit to be approved and prohibiting transaction processing of the provided credit card until the automatic withdrawal from the deposit account for the fee is completed; and where the existence of the deposit account is verified by executing the automatic withdrawal from the deposit account for the fee, wherein the line of credit associated with the provided credit card is approved.