Money transfer system
First Claim
1. A method of transferring cash from a sender to a receiver which comprises the steps of:
- a receiver obtains an unactivated cash card which includes a card identification number, indicia identifying the sponsoring company and machine readable means for indicating a variable amount of money;
said receiver contacts an agent of the sponsoring company for card activation;
said receiver provides a passcode to said agent;
said agent activates said cash card;
said receiver contacts a sender and requests transfer of an amount of money from sender to said cash card and provides said cash card identification number;
sender deposits funds with said agent for crediting to said cash card; and
said agent credits said cash card with said amount of money and causes said machine readable means to indicate said amount of money;
whereby said receiver may use said cash card to obtain cash, services and goods.
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Accused Products
Abstract
A method of promptly transferring cash from a sender to a receiver who is some distance from the sender. The intended receiver obtains a free unactivated cash card. The card includes an identification number, a magnetic strip for recording an amount of money and a passcode and indicia identifying the agency supplying the card. The receiver contacts an activating agent who activates the card and provides a passcode, typically four digits. The receiver contacts the sender and agree on the amount of money to be transferred. The sender then contacts the agent and requests that a sum of money be transferred to the cash card, identifying the particular card by the card identification number. The sender then deposits the sum with the agent, who credits the cash card with that amount. The cash card then may be used by the receiver to obtain cash at authorized ATM'"'"'s or obtain goods and services from authorized vendors
167 Citations
16 Claims
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1. A method of transferring cash from a sender to a receiver which comprises the steps of:
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a receiver obtains an unactivated cash card which includes a card identification number, indicia identifying the sponsoring company and machine readable means for indicating a variable amount of money;
said receiver contacts an agent of the sponsoring company for card activation;
said receiver provides a passcode to said agent;
said agent activates said cash card;
said receiver contacts a sender and requests transfer of an amount of money from sender to said cash card and provides said cash card identification number;
sender deposits funds with said agent for crediting to said cash card; and
said agent credits said cash card with said amount of money and causes said machine readable means to indicate said amount of money;
whereby said receiver may use said cash card to obtain cash, services and goods. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
said sender deposits funds by accessing his or her personal online banking account at his or her bank and directs that an amount of money be transferred from said banking account to said cash card account number; said bank establishes communication with said agent, transfers said amount of money to said cash card account and reduces said sender'"'"'s bank account by said amount;
said agent communicates receipt of said money and issues transaction number to said sender; and
said agent credits said cash card account with said money.
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6. The method according to claim 1 wherein
said sender contacts said agent by connecting to the internet through a personal computer and connecting to said agents website; -
said sender requests that an amount of money be transferred from his or her debit or credit card account to said cash card account number;
said agent routs said sender to a secure site through a third party payment processing service;
sender inputs account number and any other information requested by said third party payment processing service;
said third party payment processing service communicates acceptance and said amount to be transferred;
said third party payment processing service obtains said amount of money from sender'"'"'s credit or debit card sponsoring credit institution;
said third party payment processing service transfers said amount of money to said agent; and
said agent credits said cash card account with said amount of money.
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7. The method according to claim 1 wherein
said sender contacts said agent by telephone and directs that an amount of money be transferred from his or her debit or credit card account to said cash card account number; -
said agent connects through a computer to a third party payment processing center;
sender provides said third party payment processing center with information identifying the account to be debited;
third party obtains said amount of money from said sender'"'"'s account;
third party transfers said amount of money to said agent;
said agent credits said cash card account with said amount of money.
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8. The method according to claim 1 wherein
said sender deposits funds by making a direct deposit of an amount of money with said agent and directs that said money be credited to said cash card account number, said money being selected from the group consisting of cash, checks, credit cards and debit cards; said agent immediately credits said cash card with said amount of money.
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9. A method of transferring cash from a sender to a receiver which comprises the steps of:
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initiating by a receiver a card account with an agent of a sponsoring company for receiving money from a sender, comprising;
obtaining by a receiver an unactivated cash card which includes a card identification number, indicia identifying the sponsoring company and machine readable means for indicating a variable amount of money;
contacting said agent of the sponsoring company by said receiver for activation of said cash card;
providing a passcode to said agent by said receiver;
activating by said agent said cash card and establishing a card account corresponding to said cash card;
providing said sender with said card identification number by said receiver and requesting that said sender transfer an amount of money from said sender to said card account;
transferring funds by said sender into said card account after said receiver initiates said card account, comprising;
depositing funds by said sender with said agent for crediting to said card account associated with said cash card; and
crediting said card account with said amount of money by said agent. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
establishing by said bank communication with said agent, transferring said amount of money to said card account and reducing said sender'"'"'s banking account by said amount;
communicating by said agent receipt of said amount of money and issuing a transaction number to said sender.
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14. The method according to claim 9 wherein depositing funds includes:
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contacting by said sender said agent by connecting to the internet through a personal computer and connecting to a website of said agent;
requesting by said sender that an amount of money be transferred from his or her debit or credit card account to said card account;
routing by said agent said sender to a secure site through a third party payment processing service;
inputting by said sender an account number and any other information requested by said third party payment processing service;
communicating by said third party payment processing service acceptance and said amount to be transferred;
obtaining by said third party payment processing service said amount of money from a sponsoring credit institution of said sender'"'"'s credit or debit card; and
transferring by said third party payment processing service said amount of money to said agent.
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15. The method according to claim 9 wherein depositing funds includes:
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contacting by said sender said agent by telephone and directing that an amount of money be transferred from his or her debit or credit card account to said card account;
connecting by said agent through a computer to a third party payment processing center;
providing by said sender said third party payment processing center with information identifying the account to be debited;
obtaining by a third party said amount of money from said sender'"'"'s account; and
transferring by said third party said amount of money to said agent.
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16. The method according to claim 9 wherein depositing funds includes depositing by said sender funds by making a direct deposit of an amount of money with said agent and directing that said money be credited to said card account, said money being selected from the group consisting of cash, checks, credit cards and debit cards.
Specification