Patent ID: 7552866

Claim:
A method for migrating a first type of financial transaction instrument to a second type of financial transaction instrument, the method comprising the steps of: obtaining a list of consumers for which an event has occurred during a pre-defined period of time; comparing the list of consumers with a list of account holders of the first type of financial transaction instrument to determine an account holder for which the event has occurred during the pre-defined period of time; determining that the account holder has provided prior instructions authorizing automatic migration of a financial transaction instrument belonging to the account holder to another type of financial transaction instrument; and, migrating the financial transaction instrument belonging to the account holder to the second type of financial transaction instrument by: issuing the second type of financial transaction instrument to the account holder, notifying the account holder that migration has taken place or will take place, and updating account information for the account holder to indicate migration to the second type of transaction instrument.