Method and system for monetary gift registry
First Claim
1. A method for collecting and transferring monetary gifts, comprising the steps of:
- establishing a registry by a financial institution, the registry being an electronic database maintained by a central system;
creating a record for a customer in the registry;
storing customer information in the customer record;
creating a gift account for the customer, the gift account associated with the customer record and the gift account assigned a gift account identifier,collecting a deposit of gift funds into the gift account from a contributor through a transaction terminal, the transaction terminal in network communication with the central system, and the transaction terminal further adapted to receive gift account identifiers and search input from contributors;
transferring the collected gift funds from the gift account to a customer account at the expiration of a predetermined period of time;
releasing a pre-determined percentage of the gift funds for withdrawal by the customer from the customer account;
freezing the remaining percentage of the gift funds for a savings period of up to 18 years; and
releasing the remaining percentage of the gift funds for withdrawal by the customer from the customer account.
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Abstract
The invention provides methods and systems for collecting and transferring monetary gifts. The method includes establishing a registry for gift accounts; creating a record for a customer in the registry; storing customer information in the customer record, creating a gift account associated with the customer record; collecting deposits of gift funds from a contributor into the gift account; and transferring the gift funds from the gift account to the customer. The system includes a registry containing at least one customer record and at least one gift account identifier, at least one gift account, and a central system to maintain the registry. The system also includes at least one transaction terminal which communicates with the central system over a network.
93 Citations
4 Claims
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1. A method for collecting and transferring monetary gifts, comprising the steps of:
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establishing a registry by a financial institution, the registry being an electronic database maintained by a central system; creating a record for a customer in the registry; storing customer information in the customer record; creating a gift account for the customer, the gift account associated with the customer record and the gift account assigned a gift account identifier, collecting a deposit of gift funds into the gift account from a contributor through a transaction terminal, the transaction terminal in network communication with the central system, and the transaction terminal further adapted to receive gift account identifiers and search input from contributors; transferring the collected gift funds from the gift account to a customer account at the expiration of a predetermined period of time; releasing a pre-determined percentage of the gift funds for withdrawal by the customer from the customer account; freezing the remaining percentage of the gift funds for a savings period of up to 18 years; and releasing the remaining percentage of the gift funds for withdrawal by the customer from the customer account. - View Dependent Claims (2, 3, 4)
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Specification