Card-based system and method for issuing negotiable instruments

• US 7,228,292 B2
• Filed: 03/08/2002
• Issued: 06/05/2007
• Est. Priority Date: 11/16/2000
• Status: Expired due to Term

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Coyle, Adam
• Primary Examiner(s): Subramanian; Narayanswamy
• Application Number:
  US10/094,372
• Publication Number:
  US 20020138424A1
• Time in Patent Office: 1,915 Days
• Field of Search: 705 35- 39, 705/64, 705/75, 705/77, 705/16, 705/17, 705/30, 705/33, 705/41, 705/65, 705/18, 235379-381, 235/375, 355/77, 439/375
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A system is provided for establishing uninsured accounts which can be remotely accessed by account holders to obtain access to account funds through the issuance of negotiable instruments made payable to the account holder. The account holder enters its account number and an amount requested into a dispensing station. The dispensing station communicates with an customer account server to verify sufficient funds in the account to cover the requested amount and transaction fees and prints a negotiable instrument made payable to the account holder in the amount requested, and the amount requested is debited from the account.

Claims

1. A system for issuing negotiable instruments to account holders, comprising:

a customer account server programmed to host an uninsured account for each account holder and to account for a balance of funds associated with each account, and programmed to associate an account identifier and an account holder name with each account;

a plurality of negotiable instrument dispensing stations each including a dispensing station processor, a printer for printing negotiable instruments and communicating with the dispensing station processor, and at least one input device for inputting into the dispensing station processor the account identifier for one of the account holders and a monetary amount to be printed on a negotiable instrument;

the dispensing station processor programmed to communicate with the customer account server to determine the balance of funds in the account associated with the account identifier input into the dispensing station processor through the input device and to instruct the printer to print the negotiable instrument payable to the account holder name and in the monetary amount input into the dispensing station processor if there is a sufficient balance of funds in the account associated with the account identifier to cover at least the monetary amount;

said customer account server programmed to debit the balance of funds in the account associated with the account identifier at least by the monetary amount printed on the negotiable instrument.

2. The system as in claim 1 wherein said at least one input device includes a card reader, and a card is issued to each account holder, each card having the account identifier associated with the account holder to whom the card is issued stored in machine readable format on the card and readable by the card reader.

3. The system as in claim 2 wherein said at least one input device further includes a numeric keypad through which an account holder can enter the monetary amount into the dispensing station processor.

4. The system as in claim 1 wherein the negotiable instruments include a restrictive legend printed thereon instructing any party agreeing to cash the negotiable instrument to attempt to confirm that the person attempting to cash the negotiable instrument is the account holder whose account holder name is printed on the negotiable instrument.

5. The system as in claim 4 wherein said restrictive legend instructs the party agreeing to cash the negotiable instrument to require the person attempting to cash the negotiable instrument to present identification confirming that the person is the account holder before cashing the negotiable instrument.

6. The system as in claim 4 wherein said restrictive legend includes a maximum limit for the monetary amount of said negotiable instrument.

7. The system as in claim 1 wherein said negotiable instrument dispensing station includes a tracking identifier reader which reads a negotiable instrument tracking identifier printed on each negotiable instrument and communicates the negotiable instrument tracking identifier to the customer account server which associates the negotiable instrument tracking identifier with the account of the account holder in whose account holder name the respective negotiable instrument was issued.

8. The system as in claim 1 wherein the dispensing station processor is programmed to communicate with the customer account server to determine the balance of funds in the account associated with the account identifier input into the dispensing station processor through the input device and to instruct the printer to print the negotiable instrument payable to the account holder name and in the monetary amount input into the dispensing station processor if there is a sufficient balance of funds in the account associated with the account identifier to cover the monetary amount and any transaction fees charged to the account holder;

said customer account server programmed to debit the balance of funds in the account associated with the account identifier by the monetary amount printed on the negotiable instrument and by any transaction fees charged to the account holder.

9. The system as in claim 1 wherein said customer account server is further programmed to associate a personal identification number with each account and said customer account server is programmed to require input, through the respective input device, of the personal identification number associated with the account before printing a negotiable instrument in the monetary amount requested.