Patents by Inventor Scott H. Galit

Scott H. Galit has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Patent number: 8744915
    Abstract: A consumer is prequalified for a line of credit attached to a checking account by a lending institution computer responsive to consumer underwriting data. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed payment from the checking account. When the line of credit is accessed, the checking account is credited with an additional value equal to one or more preselected loan increments so that the account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed payment. Next, a new value for the line of credit balance available is determined, accounting for value credited to the checking account and a preselected loan advance fee for each loan increment credited to the account.
    Type: Grant
    Filed: September 8, 2010
    Date of Patent: June 3, 2014
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B Crowe, Scott H Galit, Trent Sorbe
  • Patent number: 8738451
    Abstract: A consumer is prequalified for a line of credit attached to a checking account by a lending institution computer responsive to consumer underwriting data. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed payment from the checking account. When the line of credit is accessed, the checking account is credited with an additional value equal to one or more preselected loan increments so that the account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed payment. Next a new value for the line of credit balance available is determined, accounting for value credited to the checking account and a preselected loan advance fee for each loan increment credited to the account.
    Type: Grant
    Filed: April 2, 2009
    Date of Patent: May 27, 2014
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B. Crowe, Scott H. Galit, Trent Sorbe
  • Patent number: 8666886
    Abstract: A consumer is prequalified for a line of credit attached to a checking account by a lending institution computer responsive to consumer underwriting data. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed payment from the checking account. When the line of credit is accessed, the checking account is credited with an additional value equal to one or more preselected loan increments so that the account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed payment. Next, a new value for the line of credit balance available is determined, accounting for value credited to the checking account and a preselected loan advance fee for each loan increment credited to the account.
    Type: Grant
    Filed: December 21, 2012
    Date of Patent: March 4, 2014
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B. Crowe, Scott H. Galit, Trent Sorbe
  • Patent number: 8538879
    Abstract: Embodiments of the present invention provide systems, program products, and methods of loading a loan on a pre-paid card. A bank receives authorization from a lender to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with the pre-paid card processor. Next, the bank credits the loan proceeds to the pre-paid card processor for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.
    Type: Grant
    Filed: May 13, 2009
    Date of Patent: September 17, 2013
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Publication number: 20130232080
    Abstract: Embodiments of the present invention provide a private label promotion card as a bank product, being issued and managed by the bank and using an open payment network for purchase authorization and payments. A bank computer processes activation information for a promotion card and receives funds into an account at the bank on behalf of a retailer for payment for the promotion card, perhaps at a discount to a customer value of the promotion card. The bank computer authorizes purchase requests to use one or more activated promotion cards as payment for a consumer purchase from the retailer via an open payment network and transfers funds to the open payment network to satisfy the authorized consumer purchase. Upon expiration, the bank computer sweeps the account of the remaining value for expired promotion cards to thereby establish a credit for the bank.
    Type: Application
    Filed: April 16, 2013
    Publication date: September 5, 2013
    Applicant: METABANK
    Inventor: Scott H. Galit
  • Patent number: 8494960
    Abstract: Embodiments of the present invention provide systems, program products, and methods of loading a loan on a pre-paid card. A bank receives authorization from a lender to credit loan proceeds from the lender to an approved borrower on a pre-paid card associated with the pre-paid card processor so that release of the loan proceeds is pending an activation of a pre-paid card. Next, the bank receives notice of an activation of a pre-paid card associated with the pre-paid card processor responsive to an activation request on behalf of the approved borrower. Then the bank credits the pending loan proceeds to the pre-paid card processor for the activated pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.
    Type: Grant
    Filed: May 13, 2009
    Date of Patent: July 23, 2013
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Patent number: 8452662
    Abstract: A prepaid card processor receives data for a line of credit for a prepaid card from a lending institution computer. The prepaid card processor makes available draws to the line of credit line on behalf of the lending institution computer in an authorization stream for a proposed purchase using the prepaid card as payment. When the line of credit is accessed, the processor loads the prepaid card with an additional value equal to one or more preselected loan increments so that the prepaid card then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed purchase. Then the processor notifies the lending institution so that the line of credit balances on the lending institution computer and the prepaid card processor are kept in sync.
    Type: Grant
    Filed: September 15, 2011
    Date of Patent: May 28, 2013
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B. Crowe, Scott H. Galit, Trent Sorbe
  • Patent number: 8429074
    Abstract: Embodiments of the present invention provide a private label promotion card as a bank product, being issued and managed by the bank and using an open payment network for purchase authorization and payments. A bank computer processes activation information for a promotion card and receives funds into an account at the bank on behalf of a retailer for payment for the promotion card, perhaps at a discount to a customer value of the promotion card. The bank computer authorizes purchase requests to use one or more activated promotion cards as payment for a consumer purchase from the retailer via an open payment network and transfers funds to the open payment network to satisfy the authorized consumer purchase. Upon expiration, the bank computer sweeps the account of the remaining value for expired promotion cards to thereby establish a credit for the bank.
    Type: Grant
    Filed: November 5, 2012
    Date of Patent: April 23, 2013
    Assignee: Metabank
    Inventor: Scott H. Galit
  • Patent number: 8371502
    Abstract: Exemplary embodiments provide for offer fulfillment utilizing a shopping center gift card and an offer fulfillment machine. A cardholder obtains the gift card and registers with an issuer to receive offers, discounts, and promotions electronically. The machine activates the gift card's offer purse, a subaccount associated with an offer. The machine notifies a cardholder of the promotional offer. To redeem an offer, the cardholder presents the gift card as payment to a merchant. No coupons are necessary. No change to the merchant's POS terminal is necessary. The machine matches, in memory, the offer purse to a standard transaction approval request. The machine determines eligibility for the promotion and updates an amount associated with the offer purse to thereby satisfy at least in part from the offer purse the standard transaction approval request. A purchase purse, another gift card subaccount, can optionally provide any remaining amount for the transaction.
    Type: Grant
    Filed: October 28, 2009
    Date of Patent: February 12, 2013
    Assignee: Metabank
    Inventors: Scott H. Galit, Andrew B. Crowe
  • Patent number: 8355984
    Abstract: Systems, computer programs encoded on non-transitory memory, and computer-implemented methods to make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. The new or additional credit being, for example, based on a computerized estimate of the tax refund of the customer. The existing line of credit, for example, is adjusted based on the expected refund and/or actual tax refund determined to be available, which can serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted.
    Type: Grant
    Filed: August 31, 2012
    Date of Patent: January 15, 2013
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Publication number: 20120330820
    Abstract: Systems, computer programs encoded on non-transitory memory, and computer-implemented methods to make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. The new or additional credit being, for example, based on a computerized estimate of the tax refund of the customer. The existing line of credit, for example, is adjusted based on the expected refund and/or actual tax refund determined to be available, which can serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted.
    Type: Application
    Filed: August 31, 2012
    Publication date: December 27, 2012
    Applicant: METABANK
    Inventors: Scott H. Galit, Trent Sorbe
  • Patent number: 8341021
    Abstract: A consumer is prequalified for a line of credit attached to a checking account by a lending institution computer responsive to consumer underwriting data. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed payment from the checking account. When the line of credit is accessed, the checking account is credited with an additional value equal to one or more preselected loan increments so that the account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed payment. Next, a new value for the line of credit balance available is determined, accounting for value credited to the checking account and a preselected loan advance fee for each loan increment credited to the account.
    Type: Grant
    Filed: September 8, 2010
    Date of Patent: December 25, 2012
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B Crowe, Scott H Galit, Trent Sorbe
  • Patent number: 8301557
    Abstract: A line of credit optimized for a retailer and attached to a customer account at a financial institution is established for a customer of the retailer. A financial institution computer determines whether to advance funds through the line of credit for a transaction, then advances funds in one or more preselected loan increments to the customer account, up to a total available line of credit for the customer. The financial institution computer decrements the total available line of credit by the amount provided for the customer transaction and by a predetermined customer fee for each of the loan increments. The computer determines a value of a retailer foe to be paid by the retailer, involving a predetermined amount for each of the loan increments. The customer fee amount can be zero or discounted for customer transactions with the retailer. The retailer fee can be a rebate to the customer.
    Type: Grant
    Filed: May 28, 2012
    Date of Patent: October 30, 2012
    Assignee: Metabank
    Inventors: Andrew B. Crowe, Scott H. Galit, Trent Sorbe
  • Patent number: 8296227
    Abstract: Systems, computer programs encoded on non-transitory memory, and computer-implemented methods to make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. The new or additional credit being, for example, based on a computerized estimate of the tax refund of the customer. The existing line of credit, for example, is adjusted based on the expected refund and/or actual tax refund determined to be available, which can serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted.
    Type: Grant
    Filed: May 17, 2012
    Date of Patent: October 23, 2012
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Publication number: 20120226599
    Abstract: Systems, computer programs encoded on non-transitory memory, and computer-implemented methods to make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. The new or additional credit being, for example, based on a computerized estimate of the tax refund of the customer. The existing line of credit, for example, is adjusted based on the expected refund and/or actual tax refund determined to be available, which can serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted.
    Type: Application
    Filed: May 17, 2012
    Publication date: September 6, 2012
    Applicant: METABANK
    Inventors: Scott H. Galit, Trent Sorbe
  • Patent number: 8244637
    Abstract: A loan transaction for a pre-paid card is approved for a borrower so that release of the loan proceeds is pending an activation of a pre-paid card. A financial institution computer converts loan data to be compatible with a prepaid card processor. The prepaid card processor activates a pre-paid card account responsive to an activation request on behalf of the borrower. The financial institution computer releases the pending loan proceeds to the pre-paid card processor so that the loan proceeds are released to the borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.
    Type: Grant
    Filed: February 3, 2012
    Date of Patent: August 14, 2012
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Patent number: 8214286
    Abstract: Systems, computer program products, and computer-implemented methods apply or otherwise make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. A computerized estimate of the tax refund available from a tax return of the customer is formed. A portion of the computerized estimate of the tax refund which can be made available as the line of credit is then determined. The existing line of credit is then adjusted based on the expected refund determined to be available, which will serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit. The invention may be implemented as a computerized process, a computer system or a computer program product.
    Type: Grant
    Filed: December 19, 2011
    Date of Patent: July 3, 2012
    Assignee: Metabank
    Inventors: Scott H. Galit, Trent Sorbe
  • Publication number: 20120150720
    Abstract: Systems, computer program products, and computer-implemented methods apply or otherwise make available new credit or additional credit to demand deposit accounts, prepaid cards, and existing lines of credit of a customer based on expected tax refund amounts. A computerized estimate of the tax refund available from a tax return of the customer is formed. A portion of the computerized estimate of the tax refund which can be made available as the line of credit is then determined. The existing line of credit is then adjusted based on the expected refund determined to be available, which will serve as an additional source of repayment for the line of credit. One or more of several adjustments may then be made to an existing line of credit: the line of credit may be increased; fees reduced; or the terms of payment adjusted. The invention may be implemented as a computerized process, a computer system or a computer program product.
    Type: Application
    Filed: December 19, 2011
    Publication date: June 14, 2012
    Applicant: METABANK
    Inventors: Scott H. Galit, Trent Sorbe
  • Publication number: 20120136784
    Abstract: A loan transaction for a pre-paid card is approved for a borrower so that release of the loan proceeds is pending an activation of a pre-paid card. A financial institution computer converts loan data to be compatible with a prepaid card processor. The prepaid card processor activates a pre-paid card account responsive to an activation request on behalf of the borrower. The financial institution computer releases the pending loan proceeds to the pre-paid card processor so that the loan proceeds are released to the borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.
    Type: Application
    Filed: February 3, 2012
    Publication date: May 31, 2012
    Applicant: METABANK
    Inventors: Scott H. Galit, Trent Sorbe
  • Patent number: 8190480
    Abstract: A lending institution computer establishes a line of credit coupled to a prepaid card account and makes available draws to the line of credit line in an authorization stream for a proposed purchase using the prepaid card account as payment. When the line of credit is accessed, the prepaid card account is loaded with an additional value of one or more predetermined loan increments so that the prepaid card account then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed purchase. Next, a new value for a line of credit balance available is determined, accounting for value loaded onto the prepaid card account and a predetermined loan advance fee for each loan increment loaded onto the prepaid card account.
    Type: Grant
    Filed: January 12, 2012
    Date of Patent: May 29, 2012
    Assignee: Metabank
    Inventors: Rebecca Ahlers, Andrew B. Crowe, Scott H. Galit, Trent Sorbe