Electronic fund transfer or transaction system

• US 7,954,702 B2
• Filed: 01/04/2010
• Issued: 06/07/2011
• Est. Priority Date: 04/13/1995
• Status: Expired due to Fees

• Current Assignee: Millennium Commerce, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: Arigern Capital LLC (Intellectual Ventures LLC)
• Inventors: Gatto, James G.
• Primary Examiner(s): Frech; Karl D.
• Application Number:
  US12/651,903
• Publication Number:
  US 20100102125A1
• Time in Patent Office: 519 Days
• Field of Search: 235/379, 235/375
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]

Abstract

A universal financial card is provided having a first memory location, which is configured to store a plurality of financial institution identifiers. The universal financial card further includes a second memory location, which is configured to store a plurality of account identifiers which are configured to represent a plurality of accounts at the plurality of financial institutions. The universal financial card next includes a third memory location, which is configured to store identification information associated with the plurality of accounts. The identification information includes at least authorized user information. A read device is included with the universal financial card and is configured to be read by a card reader and enable a financial transaction to be executed on one of the plurality of accounts identified by one of the plurality of account identifiers.

Claims

1. A method for configuring a universal financial card, the method comprising:

storing a plurality of financial institution identifiers on the universal financial card;

storing a plurality of account identifiers on the universal financial card, the plurality of account identifiers configured to represent a plurality of accounts at the plurality of financial institutions; and

storing identification information on the universal financial card, the identification information associated with the plurality of accounts and comprising at least authorized user information;

wherein the universal financial card is configured to cause a plurality of financial transaction choices to be displayed in response to a reading of the universal financial card and to enable a financial transaction on one of the plurality of accounts in response to selection of one of the one or more financial transaction choices.

2. The method of claim 1 further comprising storing user-defined transaction information on the universal financial card, the user-defined transaction information associated with the plurality of financial transaction choices conducted on the plurality of accounts.

3. A universal financial card comprising:

a first memory location configured to store a plurality of financial institution identifiers;

a second memory location configured to store a plurality of account identifiers, the plurality of account identifiers configured to represent a plurality of accounts at the plurality of financial institutions;

a third memory location configured to store identification information, the identification information associated with the plurality of accounts and comprising at least authorized user information;

a fourth memory location configured to store one or more financial transactions to be conducted with the plurality of accounts; and

a read device configured to be read by a card reader and enable a financial transaction to be executed on one of the plurality of accounts identified by one of the plurality of account identifiers in response to selection of one of the one or more financial transactions.

4. The universal financial card of claim 3 wherein the plurality of accounts includes at least one checking account and the identification information further comprises at least one personal identification number associated with the at least one checking account.

5. The universal financial card of claim 3 wherein the fourth memory location is configured to store user-defined transaction information, the user-defined transaction information associated with the one or more financial transactions.

6. The universal financial card of claim 5 wherein the user-defined transaction information is unique to at least one of a user of the universal financial card or one of the plurality of accounts.

7. The universal financial card of claim 5 wherein the user-defined transaction information comprises at least one of user-defined transactions or user-defined transaction parameters.

8. The universal financial card of claim 7 wherein the user-defined transaction information comprises a menu configured to display the at least one of user-defined transactions or user-defined transaction parameters.

9. The universal financial card of claim 5 wherein the user-defined transaction information comprises whether documentation of a transaction should be printed after completion of the transaction.

10. A method for using a universal financial card, the method comprising:

reading the universal financial card with a card reader, the universal financial card having a plurality of account identifiers representing a plurality of accounts at a plurality of financial institutions;

displaying a menu on a display, the menu comprising a list of financial transactions drawn on various ones of the plurality of accounts;

receiving a selection of one of the financial transactions; and

conducting the one of the financial transactions on an associated one of the plurality of accounts.

11. The method of claim 10 wherein displaying a menu further comprises:

reading first authorization information from the universal financial card;

receiving second authorization information from a user input device;

comparing the first authorization information to the second authorization information; and

displaying the menu on the display, based on the comparison.

12. The method of claim 10 wherein the universal financial card further comprises user-defined transaction information;

and

wherein displaying the menu comprises displaying a menu as defined by the user-defined transaction information.

13. The method of claim 12 wherein conducting the one of the financial transactions comprises:

displaying all required transaction information, including transaction parameters, on a single screen;

receiving confirmation to conduct the transaction according to the transaction parameters; and

requesting authorization to conduct the transaction from an associated financial institution.

14. The method of claim 10 wherein conducting the one of the financial transactions comprises transferring a monetary amount from the associated one of the plurality of accounts to another of the plurality of accounts.

15. The method of claim 14 wherein the transferring comprises transferring a monetary amount from a checking account to a credit account to submit a payment against at least a portion of a credit balance of the credit account.

16. The method of claim 10 wherein the universal financial card further comprises user-defined transaction information;

and the method further comprises storing information about the one of the financial transactions into the user-defined transaction information.

17. The method of claim 10 further comprising determining whether a receipt for the one of the financial transactions is desired.

18. An electronic financial transaction system comprising:

a display;

a card reader configured to read a universal financial card, the universal financial card having a plurality of account identifiers representing a plurality of accounts at a plurality of financial institutions and one or more financial transactions drawn on various ones of the plurality of accounts;

an input device; and

a controller device configured to;

cause display of a menu comprising the one or more financial transactions on the display;

receive a selection of one of the one or more financial transactions from the input device; and

conduct a financial transaction on an associated one of the plurality of accounts.

19. The electronic financial transaction system of claim 18 wherein the universal financial card further comprises user-defined transaction information;

and

wherein the menu is configured according to the user-defined transaction information.

20. The electronic financial transaction system of claim 18 wherein the universal financial card further comprises user-defined transaction information;

and

wherein the card reader is further configured to add transaction information from the one of the one or more financial transactions to the user-defined transaction information.

21. The electronic financial transaction system of claim 18 wherein the universal financial card further comprises user-defined transaction information;

and

wherein the controller device is configured to display transaction parameters according to the user-defined transaction information for the one of the one or more financial transactions on a single screen in response to receiving a selection of the one of the one or more financial transactions.

22. The electronic financial transaction system of claim 18 wherein the one of the one or more financial transactions comprises at least a request for a cash amount to be dispensed;

and

the electronic financial transaction system further comprising a cash dispenser configured to dispense the cash amount.

23. The electronic financial transaction system of claim 18 further comprising a printer configured to print a receipt containing details of the one of the one or more financial transactions.