Patent ID: 8583554

Claim:
A dependent financial transaction system, comprising: a memory device; a communication device; and a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute computer-readable program code to: receive a request from a primary customer to access an online banking application; authenticate the primary customer and display the primary customer's accounts through the online banking application, wherein the primary customer's accounts comprise a dependent customer account; receive a request from the primary customer to set one or more limits on a store or a product for the dependent customer account, in order to control transactions a dependent customer is permitted to make using a dependent payment device at the store or for the product; save the one or more limits on the store or the product received from the primary customer in the memory device; receive a request from the dependent customer to access the one or more limits on a store or a product for the dependent customer account; authenticate the dependent customer; receive a request from the dependent customer for a proposed transaction with a current store or for a current product in which the customer is interested before entering into the transaction, wherein the request is made by the dependent customer by capturing data about the current store or current product using the dependent payment device; compare the proposed transaction against the one or more limits stored in the memory device; and notify the dependent customer that either the proposed transaction would be allowed or the proposed transaction would be denied when the dependent customer entered into the transaction with the current store or for the current product.