Patent ID: 7577604

Claim:
A method for facilitating consumer savings, comprising the computer-assisted steps of: operating a computing device of a financial institution to enter into a savings agreement, the computing device of the financial institution storing the information defining the savings agreement, wherein the savings agreement (a) is between a consumer and the financial institution and (b) sets terms for depositing specified funds into a savings vehicle at the financial institution in response to a consumer-initiated transaction for purchasing a good or a service; transmitting information from a merchant computer system to the computing device of the financial institution that a consumer has initiated a transaction; receiving information at the computing device of the financial institution from the merchant computer system that the consumer has initiated the transaction; determining at the computing device of the financial institution that the consumer-initiated transaction is a covered transaction based on the stored information defining the savings agreement; transmitting information from the computing device of the financial institution to the merchant computer system that the consumer-initiated transaction is a covered transaction; receiving information at the merchant computer system from the computing device of the financial institution (a) indicating that the consumer-initiated transaction is a covered transaction pursuant to the savings agreement with the consumer for depositing specified funds and (b) regarding the terms of the savings agreement; wherein: covered transactions pursuant to the agreement are determined by the computing device of the financial institution according to at least one of the time at which a transaction occurs and the transaction amount, and the specified funds comprise a deposit amount that the consumer has agreed to deposit under the terms of the savings agreement for the consumer-initiated transaction; and automatically directing the specified funds by the merchant computer system on the consumer's behalf to the specified savings vehicle at the financial institution pursuant to the savings agreement.