Patent ID: 7440923
Filing Date: 2008-10-21
Classification: G06Q

Abstract:
1. A method for preauthorizing electronic fund transfers from a consumer's bank account without obtaining actual written authentication from said consumer, comprising the steps of: mailing a printed solicitation to a pre-selected consumer; providing a printed authorization and passcode with said mailing, wherein the passcode is derived from the consumer's bank account information or recurring debt obligation information, where the recurring debt obligation is related to said solicitation; said consumer placing a telephone call to a marketing organization at a telephone number that accompanied said solicitation or alternatively accessing a specified Web site if said consumer decides to accept an offer that accompanied said solicitation, said offer requiring said consumer's preauthorization of electronic fund transfers from said consumer's bank account; said consumer providing said passcode printed on said solicitation to said marketing organization to thereby provide authentication of preauthorizing of electronic funds transfers from the consumer's bank account without giving actual written authentication of said preauthorization; said marketing organization attempting to verify said passcode; and said marketing organization completing a transaction with said consumer based upon the terms of the offer that accompanied said solicitation if said passcode is successfully verified; wherein said consumer has preauthorized electronic fund transfers from said consumer's bank account without said marketing organization representative obtaining actual written authentication from said consumer; and the solicitation relates to a financial product involving the recurring debt obligation of the consumer and a recurring payday period of the consumer, wherein the preauthorized electronic fund transfers involve a payday-to-payday schedule of allocating funds from the consumer's recurring payday period for payment against the consumer's debt obligation, such that one or more additional payday periods occur after payment against the recurring debt are made according to the schedule and are used for additional payment against the debt.