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

• Current Assignee: Vincent Cuervo
• Original Assignee: Vincent Cuervo
• Inventors: Cuervo, Vincent
• Application Number:
  US09/894,581
• Publication Number:
  US 20010047342A1
• Time in Patent Office: Days
• US Class Current: 705/66
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3672 initialising or reloading thereof
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

Abstract

This Method and System Invention relates to credit or debit cards of all kinds issued by a bank(s) or financial institution which when issued convey an interest earning savings account opened by the same bank issuing the card.

The card may be a Credit or Debit card of any kind, including but not limited to: an Affinity Credit Card; a Gift Card; a Prepaid Debit Card; a Stored Value Card; a Corporate Credit or Debit Card; a Bank Card; a Funded Card, et al.

This invention will provide the user a Method and System the benefits of an attached savings account which will, by electronic (EFT) transfers, receive the funds developed by discounts, rebates or rebates offered by participating stores and or service provider entities when purchasing their merchandise or services using the card.

Users of this Method and System will benefit from discounts, rewards or rebates to which they may not be entitled when using presently credit or debit cards available.

The deposited funds, product of discounts, rebates, rewards or additional deposits made by the cardholder to the Savings Account, may be transferred by the cardholder to increase its debit card stored amount or to reduce an owed balance in a credit card. Withdrawal of funds in full when the card is cancelled.

A previous bank relationship is unnecessary and not requested to obtain this prepaid or stored value debit card, for credit cards and bank check debit cards may be required a previous bank relationship of an existing or new checking account.

Claims

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).

2. The point-of-sale terminal set forth in

claim 1

, wherein the instructions and data in said second means permit an issuer to offer user to link more than one said identification numbers of said card to one line of credit thereby permitting more than one user to simultaneously to access said credit line, when using the magnetic black stripe variety card or the “

smart”

cards-wallet-size electronic payment cards with embedded microchips at new card readers point of sale new terminals.

3. The point-of-sale terminal set forth in

claim 2

wherein the instructions and data in said second means permit an issuer to affect the line of credit of the users upon occurrence of a second predetermined conditions.

4. The point-of-sale terminal set forth in

claim 3

wherein said second predetermined conditions including processing and opening of an attached or associated new interest earning bank savings account by the card issuing Bank for deposit of earning derived from the merchant or service provider'"'"'s discounts, rebates or rewards made to purchaser when using the card in payment for purchased merchandise or acquired services.

5. The point-of-sale terminal set forth in

claim 3

wherein said second predetermined conditions includes the passage of time with unused balances.

6. The point-of-sale terminal set forth in

claim 3

wherein said second predetermined conditions includes the use of said cards in predetermined geographic locations.

7. The point-of-sale terminal set forth in

claim 6

wherein said line of credit, prepaid or pre-approved, is calculated by issuer in one or more pre-selected foreign currencies.

8. The point-of-sale terminal set forth in

claim 7

wherein other predetermined incentives are added to said line of credit and or card, selectively, upon occurrence of said second number of predetermined conditions.

9. The point-of-sale terminal set forth in

claim 8

wherein other predetermined transactions that will allow users to increase the funds in the card or reduce them, either by depositing additional funds or by transferring funds for increasing the line of credit at a debit card or if a credit card may be transferred to reduce the owed balance in the card, this transfer may be available if leaving a small balance in the savings account to preserve the it. The full withdrawal can be done at card account is canceling.

10. The point-of-sale terminal set forth in

claim 9

wherein other predetermined transactions that will transfer (EFT) to user'"'"'s opened savings account, at the issuing bank, earned funds (excluded taxes, or tips) by user on discounts, rebates or rewards received from purchasing merchandise or service provided by participating stores or entities crediting the card when purchasing using it.

11. Purchasing, valuating, activating and the issue of the card when it is a prepaid or store value debit card do not required a previous bank relationship with a checking account opened and will not be requested to be open. Other debit and credit cards may require previous bank relationship or the opening of a checking account.