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Financial transaction system with retirement saving benefit

  • US 6,105,865 A
  • Filed: 07/17/1998
  • Issued: 08/22/2000
  • Est. Priority Date: 07/17/1998
  • Status: Expired due to Term
First Claim
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1. A financial transaction system utilized by a plurality of participants and participating merchants comprising:

  • (a) means for receiving credit and personal history from applicants and approving applicants as participants;

    (b) issuing a card to each participant with a unique account number;

    (c) establishing a trust account for the participant under the unique account number, such that the account is an investment account,(d) means for inputting information regarding a purchase transaction and transmitting to a unit processing said information such that a rebate may be calculated to credit the participant;

    (e) means for approving the transaction and transmitting approval to the merchant;

    (f) means for calculating a rebate to the participant based on the amount of the transaction and transfer the rebate to a trust account;

    (g) means for crediting the merchant for the transaction and for crediting the participant'"'"'s account the amount of the rebate;

    (h) means for billing the participant for the transaction; and

    (i) distributing at least a portion of the trust account to participant upon occurrence of an event.

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