Patent ID: 8429079

Claim:
A system comprising: at least one computer processor configured with software that when executed by the computer processor is configured to: receive transaction data from customer-oriented terminals, the transaction data including requests for monetary transfers on behalf of customers having, and the monetary transfers from, a checking or savings accounts held at a financial institution; access, in response to receiving the transaction data, customer account information that includes an amount of funds in the checking or savings accounts; determine whether sufficient funds exist in the accounts to cover the monetary transfers; and in response to a potential overdraft of one or more customer accounts, access stored customer information; determine, based upon the stored customer information, eligibility of the customer for deferment of overdraft fees; and authorize the transaction based upon the determination of eligibility; in response to an overdraft occurring; defer a fee for the overdraft; provide a grace period during which funds can be transferred to cover the overdraft without charging a penalty and without charging interest; and charge the fee for the overdraft to a credit card account of the customer after the grace period expires.