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Security check method and apparatus

  • US 5,838,814 A
  • Filed: 01/02/1996
  • Issued: 11/17/1998
  • Est. Priority Date: 01/02/1996
  • Status: Expired due to Fees
First Claim
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1. A security method for authenticating the validity of a draft comprising:

  • (i) providing the authorized maker of a draft requiring a signature for transaction of said draft with an electronically-readable means for identifying the account from which said draft is to be drawn;

    (ii) obtaining said electronically-readable means from a person transacting a signed draft;

    (iii) electronically reading said electronically-readable identification means and converting the same into an electronic data stream;

    (iv) electronically inputting the amount for which said signed draft is drawn and coupling such with said electronic data stream relating to said identification;

    (v) exporting said coupled data to a data processing means having access to account information concerning fund availability in said account at the time of transaction of the draft;

    (vi) providing the inputter of said signed draft amount with confirmation that said account has sufficient funds to cover said draft;

    (vii) segregating said inputted amount from other funds in the account and debiting the same upon receipt of said signed draft if said draft is determined to have been signed by said authorized maker.

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