Process for electronically maintaining financial records, especially for checkbook balancing and rectification

• US 4,737,911 A
• Filed: 06/07/1985
• Issued: 04/12/1988
• Est. Priority Date: 06/07/1985
• Status: Expired due to Fees

• Current Assignee: Nelson H. Shapiro
• Original Assignee: Nelson H. Shapiro
• Inventors: Freeman, John W. Jr.
• Primary Examiner(s): Ruggiero, Joseph
• Assistant Examiner(s): BUI, KIM T
• Application Number:
  US06/742,411
• Time in Patent Office: 1,040 Days
• Field of Search: 364/401, 364/406, 364/408, 364/415, 364/705, 364/715, 235/379, 235/380, 235/381
• US Class Current: 705/33
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/4093 Monitoring of device authentication
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/128 Check-book balancing, updating or printing arrangements
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A process for maintaining financial records, such as checkbook balances, in which a checking account user employs a hand-held calculator to record the usual checkbook data electronically. The calculator is programmed to calculate and memorize a first running balance dependent upon numeric data entered by the user. A financial institution maintains a second running balance dependent upon the user'"'"'s checks and deposits and periodically provides the user with a magnetic card on which the second running balance and other data have been recorded. The card is read by the user'"'"'s calculator to balance the user'"'"'s checkbook.

Claims

1. A method of maintaining financial records, which comprises:

providing a user with a hand-held calculator unit having data entry means, memory means, calculating means, and display means;

entering first data into said unit via said data entry means and storing said first data in said memory means, said first data concerning each of a plurality of financial transactions of the user and including first numeric data relating to checks written by the user on a checking account and deposits made by the user to the checking account;

calculating, via said calculating means, and storing in said memory means, a first running balance dependent upon the totality of said first numeric data;

providing second data, including second numeric data, concerning at least some of said financial transactions of the user, to a remote financial institution;

storing said second data on a machine-readable record at said financial institution and also providing and storing on said record a second running balance dependent upon the totality of the second numeric data provided to said financial institution;

transmitting said record from said financial institution to said user;

machine-reading said record into said unit;

electronically performing programmed data processing in said unit so as to produce outputs, said processing including comparing checks and deposits in said first data with checks and deposits, respectively, in said second data, comparing said first running balance with said second running balance, and determining and correcting any errors in said first running balance; and

displaying at least some of said outputs on said display means.

2. A method in accordance with claim 1, wherein said record is produced by storing said second data and said second running balance magnetically on a card that is sent to said user, and wherein said second data and said second running balance stored magnetically on said card are read into said unit magnetically.

3. A method of maintaining financial records, which comprises:

providing a user with a hand-held calculator unit having data entry means, memory means, and calculating means;

entering first data into said unit via said data entry means and storing said first data in said memory means, said first data concerning each of a plurality of financial transactions of the user and including first numeric data relating to checks written by the user on a checking account and deposits made by the user to the checking account;

calculating, via said calculating means, and storing in said memory means, a first running balance dependent upon the totality of said first numeric data;

producing with said unit a machine-readable record of said first data and said first running balance;

providing second data, including second numeric data, concerning at least some of said financial transactions of the user, to a remote financial institution;

storing said second data at said financial institution and also producing and storing at said financial institution a second running balance dependent upon the totality of the second numeric data provided to said financial institution;

transporting said record to said financial institution;

machine-reading the transported record at said financial institution;

electronically performing programmed data processing at said financial institution so as to produce outputs, said processing including comparing checks and deposits in said first data with checks and deposits, respectively, in said second data, comparing said first running balance with said second running balance, and determining and correcting any errors in said first running balance; and

displaying at least some of said outputs.

4. A method in accordance with claim 3, wherein said record is produced by storing said first data and said first running balance magnetically on a card that is transported to said financial institution, and wherein said first data and said first running balance stored magnetically on said card are read magnetically at said financial institution.