The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server.
In general, the financial transaction rules may be defined by the holder of a primary account to which the subsidiary account is associated.
The processor-based device may be additionally configured to transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account.
In one embodiment, a financial account management application stored on a processor-based device may provide an interface for defining financial transaction rules to be applied to a subsidiary account.
By way of example, the relationship between the primary financial account holder and the subsidiary account holder may be that of a parent-child relationship, employer-employee relationship, or the like.
Accordingly, transactions made using the subsidiary account by a subsidiary account holder may be evaluated against the defined rules, wherein an appropriate control action is carried out if a financial transaction rule is violated.
The financial transaction rules to be applied to a subsidiary financial account may be defined and configured using a processor-based device.
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The financial institution may store a record of user preferences associated with the primary and subsidiary financial accounts, and may update these account holder preferences based on the received financial transaction rules.
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