Patent ID: 8571986

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 through a mobile device with a data capture device; 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; wherein the request from the primary customer to set the one or more limits on the store or the product for the dependent customer account is received through the use of the data capture device in the mobile device; 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 view the one or more limits on the store or the product; allow the dependent customer to view the one or more limits on the store or the product in a limit interface receive a request from a merchant to allow the dependent customer to make a transaction using the dependent payment device; compare the proposed transaction against the one or more limits stored in the memory device; and approve or deny the transaction the dependent customer is trying to make based on the comparison of the transaction against the one or more limits stored in the memory device.