Currency transfer system and method using fixed limit cards

• US 5,350,906 A
• Filed: 11/25/1992
• Issued: 09/27/1994
• Est. Priority Date: 11/25/1992
• Status: Expired due to Term

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: Bill E. Brody, David H Tannenbaum
• Inventors: Tannenbaum, David H., Brody, Bill E.
• Primary Examiner(s): PITTS, HAROLD I
• Application Number:
  US07/981,758
• Time in Patent Office: 671 Days
• Field of Search: 902/40, 235/379, 235/380, 235/381, 235/382, 235/382.5
• US Class Current: 235/379
• 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 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/348 Single-use cards, i.e. without possibility of recharging
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• 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 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

There is disclosed a currency transfer system and method which utilizes the existing ATM network but which provides for the temporary assignment of a PIN number and the temporary establishment of a credit limit within an existing account. Using the system a customer can, by using a temporary PIN at an ATM machine, withdraw an amount equal to or less than the temporary credit limit. The depositing customer purchases temporary ATM cards which have contained within them preprogrammed credit limits which are then read into the system under an assigned temporary PIN number.

Claims

1. The method for currency management between a sender and a recipient using the existing ATM network, said method comprising the steps of:

accepting at an ATM from any one of said senders a temporary ATM card having a permanently preestablished currency value associated therewith; and

entering said preestablished amount as a credit in an existing ATM network accessible account and for thereupon establishing a password with respect to said established credit amount.

2. The method set forth in claim 1 further comprising the steps of:

accepting at an ATM from any recipient another temporary ATM card identifying said ATM network accessible account; and

delivering to said recipient under control of said last-mentioned accepting step and the provision of said established password by said recipient a selected amount of currency limited by said preestablished credit.

3. The method set forth in claim 1 further comprising the step of:

issuing one or more said temporary ATM cards to said sender.

4. The method set forth in claim 3 wherein said issuing steps occur under control of the owner of said ATM accessible account.

5. The method set forth in claim 2 further comprising the step of:

issuing one or more said temporary ATM cards to said recipient.

6. The method set forth in claim 2 wherein said delivering step includes the step of:

verifying said recipient by inquiring into additional information provided by said sender.