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Smart Debit Card with Automatic Savings (Brennan): U.S. Patent No. 8,875,998

The only thing harder than losing weight is putting money aside in a savings account! That’s why 99% of the money put aside for retirement is in employer-managed retirement programs in which the funds are taken directly from the employee’s pay. We all agree we need to save on a regular basis, but we also need to lose weight, get more exercise and eat healthier. Thus the source of the adage “Easier said than done.”

This patent addresses this issue by creating a smart debit card that puts money aside in savings automatically. The card owner sets up how he or she wants the savings transaction to be triggered. It can be a per-transaction (every time the user makes a purchase, for example, a specific amount or percentage is transferred from the user’s checking account to a savings account) or a regularly scheduled (every other Friday, for example, a fixed dollar amount is transferred from checking to savings) program. And, of course, the debit card owner can start, stop, alter or re-start the program at any time. The card includes a chip that stores the balance in savings and enables the user to access those funds when needed (in an emergency, for example).

U.S. Patent No. 8,875,998 for a “Middle class American card” creates the opportunity for a bank or credit card issuer to create a value-added debit card that is not available elsewhere.

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