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Credit or debit cards of all kinds to be issued with a bank savings account attched

  • US 20010047342A1
  • Filed: 06/28/2001
  • Published: 11/29/2001
  • Est. Priority Date: 06/16/1997
  • Status: Abandoned Application
First Claim
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1. A method and system for the sale, dispensing or delivering validating and activating credit and debit cards, the magnetic-only variety cards and or the “

  • Smart”

    cards-wallet-size electronic payment cards with embedded microchips, with an attached or associated new Savings Account opened by the issuing Bank, comprising;

    (A) A plurality of on site point of sale terminal or “

    Smart”

    cards readers located at participating merchant store and service providers, authorized entity or an issuing bank, including first computer means with associated first storage means that further includes input and output means for entering data from merchant, and from purchaser pertaining to him or her, the issuing Bank and the particulars of the transaction in said first storage means, said first input means includes a keypad assembly and further including means for funds validation and the use of the card through said input means so that a line of credit is computed by first computer means and storage in said first storage means with a validation signal and a block of data is assembled including the new savings account opening and readiness for transmission;

    (B) Means for dispensing or delivering an issue a credit or debit card for each transaction, and each of said cards including means for storing a unique identification number(s) and said cards being dispensed and or delivered and validated only after a first predetermined number of conditions have been met and said validation signal is received from the issuer. (C) A remotely located computerized clearing house assembly, including second computer means, second input and output means for receiving and sending said block of information so that a line of credit prepaid to the issuer or pre-approved by the issuer is entered for each said identification number(s).

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