Multi-depository financial transactions

• US 20050222957A1
• Filed: 03/06/2003
• Published: 10/06/2005
• Est. Priority Date: 03/07/2002
• Status: Abandoned Application

• Current Assignee: Edeposit Corp.
• Original Assignee: Edeposit Corp.
• Inventors: Understein, Norman
• Application Number:
  US10/510,123
• Publication Number:
  US 20050222957A1
• Time in Patent Office: Days
• US Class Current: 705/43
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system facilitates processing of funds between a transferor and a transferee, where at least the transferor has a transferor deposit sub-account administered via a depository administrator. The transferor accesses the depository administrator via a global network. The transferor can request a transfer or hold of funds in the transferor deposit sub-account to or for the benefit of the transferee. If the transferee does not have a transferee deposit sub-account administered via the depository administrator, the transferee is provided an opportunity to establish the transferee deposit sub-account. Subsequently, the depository administrator processes the funds between the transferor deposit sub-account and the transferee deposit sub-account. With the addition of automated teller machine access to respective customer deposit sub-accounts, users can more easily deposit or withdraw funds from their own account or effect a transfer of funds to another account via Internet access. The transfer of funds can also be linked to the occurrence of a particular event or the like, such as product delivery, service completion, etc. Transferees may be notified of the transfer or hold of funds for their benefit via e-mail or the like.

Claims

1. A method of processing funds between a transferor and a transferee, at least the transferor having a transferor deposit sub-account administered via a depository administrator, the method comprising:

(a) the transferor accessing the depository administrator via a global network;

(b) the transferor requesting a transfer or hold of funds in the transferor deposit sub-account to or for the benefit of the transferee;

(c) if the transferee does not have a transferee deposit sub-account administered via the depository administrator, providing the transferee an opportunity to establish the transferee deposit sub-account; and

(d) the depository administrator processing the funds between the transferor deposit sub-account and the transferee deposit sub-account.

2. A method according to claim 1, wherein step (b) further comprises enabling the transferor to input an E-mail address of the transferee, and wherein the method further comprises alerting the transferee via E-mail that the transfer or hold of finds has been requested.

3. A method according to claim 2, wherein step (c) is practiced by the depository administrator comparing the transferee E-mail address with stored E-mail addresses of deposit sub-account holders to thereby determine whether the transferee has an existing transferee deposit sub-account.

4. A method according to claim 3, wherein if the transferee does not have a transferee deposit sub-account administered via the depository administrator, the step of alerting the transferee via E-mail further comprises providing a link to the depository administrator enabling the transferee to establish the transferee deposit sub-account.

5. A method according to claim 3, wherein if the transferee has a transferee deposit sub-account administered via the depository administrator, the step of alerting the transferee via E-mail further comprises providing a link to the transferee deposit sub-account.

6. A method according to claim 1, wherein step (d) is practiced by holding the funds in the transferor deposit sub-account until receiving confirmation that an event has occurred.

7. A method according to claim 6, wherein the confirmation that an event has occurred comprises confirmation by the transferor.

8. A method according to claim 6, wherein the confirmation that an event has occurred comprises confirmation of product delivery.

9. A method according to claim 6, wherein the confirmation that an event has occurred comprises confirmation of service completion.

10. A method according to claim 1, wherein the depository administrator maintains multiple master accounts at multiple financial institutions, and wherein step (d) is practiced by internally processing the funds between the transferor deposit sub-account as part of one master account and the transferee deposit sub-account as part of a different master account.

11. A method according to claim 1, further comprising issuing automated teller machine (ATM) cards to holders of deposit sub-accounts, and enabling the transferor and transferee to deposit funds or withdraw available funds via their respective ATM cards.

12. A method according to claim 11, further comprising, prior to step (a), the transferor depositing funds into the transferor deposit sub-account using the transferor'"'"'s ATM card, and after step (d), the transferee withdrawing funds from the transferee deposit sub-account via the transferee'"'"'s ATM card.

13. A method according to claim 11, further comprising, after step (d), the transferee withdrawing funds from the transferee deposit sub-account via the transferee'"'"'s ATM card.

14. A method according to claim 1, wherein the depository is a bank.

15. A method according to claim 1, wherein the depository is a retail establishment.

16. A computer system for processing funds between a transferor and a transferee, at least the transferor having a transferor deposit sub-account administered via a depository administrator, the computer system comprising:

at least one user computer running a computer program that enables the transferor to access the depository administrator to request a transfer or hold of funds in the transferor deposit sub-account to or for the benefit of the transferee; and

a system server running a server program, the at least one user computer and the system server being interconnected by a computer network, the system server processing the funds between the transferor deposit sub-account and the transferee deposit sub-account, wherein if the transferee does not have a transferee deposit sub-account administered via the depository administrator, the system server providing the transferee an opportunity to establish the transferee deposit sub-account.

17. A computer program embodied on a computer-readable medium for processing funds between a transferor and a transferee, at least the transferor having a transferor deposit sub-account administered via a depository administrator, the computer program comprising:

means for the transferor to access the depository administrator via a global network;

means for the transferor to request a transfer or hold of funds in the transferor deposit sub-account to or for the benefit of the transferee;

if the transferee does not have a transferee deposit sub-account administered via the depository administrator, means for providing the transferee an opportunity to establish the transferee deposit sub-account; and

means for the depository administrator to process the funds between the transferor deposit sub-account and the transferee deposit sub-account.