Pre-allocated negotiable instrument and presentation instrument purchasing and activation systems and methods

• US 8,365,987 B2
• Filed: 08/22/2007
• Issued: 02/05/2013
• Est. Priority Date: 08/23/2006
• Status: Active Grant

• Current Assignee: Money Network Financial LLC (Fiserv Incorporated)
• Original Assignee: Money Network Financial LLC (Fiserv Incorporated)
• Inventors: Jackman, Richard, Herrington, Mark, Putman, Mark V.
• Primary Examiner(s): Le, Thien M
• Assistant Examiner(s): LY, TOAN C
• Application Number:
  US11/843,395
• Publication Number:
  US 20080067241A1
• Time in Patent Office: 1,994 Days
• Field of Search: 235/375, 235/379, 235/380, 235/381, 283/67, 382/115, 382/116, 382/137, 382/138, 382/139, 705/39, 705/41, 705/72, 705/75, 705/45
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A presentation instrument package includes a presentation instrument and a negotiable instrument. The package is configured for display at a point-of-sale, and the presentation instrument and negotiable instrument are configured for activation at the point-of-sale.

Claims

1. A presentation instrument package, comprising:

a presentation instrument associated with an account; and

a physically separate fund on issue negotiable instrument associated with the account;

wherein;

the package, comprising both the presentation instrument and the physically separate fund on issue negotiable instrument, is configured for display at a point-of-sale,

the presentation instrument and negotiable instrument are configured for activation at the point-of-sale upon a customer'"'"'s request to activate the account associated with the presentation instrument and the fund on issue negotiable instrument and to associate an amount of funds with the account, and

the fund on issue negotiable instrument is configured such that, upon an additional request from the customer, an allocation amount of funds is allocated to the fund on issue negotiable instrument from the activated account.

2. The package of claim 1, wherein the presentation instrument comprises a physical card and the negotiable instrument is a physical check.

3. The package of claim 2, wherein the physical card is a debit card.

4. The package of claim 1, further comprising packaging having instructions printed thereon for activating the account associated with the presentation instrument and the negotiable instrument.

5. The package of claim 4, wherein the account comprises a selection from a group comprising:

stored value account (SVA);

demand deposit account (DDA);

negotiable order of withdrawal account (NOW); and

for the benefit of account (FBO).

6. A method of creating an account for a customer, comprising:

creating an account;

providing a presentation instrument relating to the account;

providing a physically separate fund on issue negotiable instrument relating to the account, wherein the fund on issue negotiable instrument is allocated an amount of funds from the account upon a customer'"'"'s request;

packaging together both the presentation instrument and the physically separate fund on issue negotiable instrument for display at a retail location;

upon request from a customer at the retail location, activating the account using a point-of-sale device by associating a customer-specified amount of funds with the account, wherein the customer tenders the amount of funds at the retail location;

receiving a subsequent request from the customer to allocate a portion of the amount of funds to the negotiable instrument; and

in response to the subsequent request, allocating the portion of the funds to the negotiable instrument, thereby preventing the portion of the funds from being used to settle a transaction not involving the negotiable instrument.

7. The method of claim 6, wherein the account comprises a selection from a group comprising:

stored value account (SVA);

demand deposit account (DDA);

negotiable order of withdrawal account (NOW); and

for the benefit of account (FBO).

8. The method of claim 6, wherein the presentation instrument comprises a debit card.

9. The method of claim 6, further comprising thereafter receiving a request from the customer to upgrade the presentation instrument to a personalized presentation instrument.

10. The method of claim 6, further comprising:

in response to a request to settle a transaction using the negotiable instrument, confirming that funds are available to settle the transaction; and

authorizing the transaction.

11. The method of claim 6, further comprising:

in response to a request to settle a transaction not using the negotiable instrument, confirming that funds are available to settle the transaction; and

denying the transaction.

12. A method of completing a purchase transaction, comprising:

at a point-of-sale, receiving a request from a customer to activate an account, wherein the request identifies an activation amount of funds to associate with the account;

using a point-of-sale device to send an account identifier and the activation amount of funds to a host computer system;

creating a record at the host computer system, wherein the record identifies the activation amount of funds;

at the point-of-sale, completing a transaction with the customer in which transaction the customer purchases a package that includes both a presentation instrument and at least one physically separate negotiable document relating to the account, wherein both the presentation instrument and the at least one negotiable document can be used to access the activation amount of funds associated with the account;

subsequently receiving a request at the host computer system to allocate an allocation amount of funds from the account to the at least one negotiable document;

confirming that the allocation amount of funds is less than a current balance of funds;

allocating the allocation amount of funds to the at least one negotiable document;

providing a transaction number in response to the request to allocate funds;

receiving a request from a merchant to authorize a transaction using the at least one negotiable document, wherein the request includes a transaction amount of funds;

comparing the allocation amount of funds to the transaction amount of funds; and

based on the comparison, authorizing the transaction.

13. The method of claim 12, wherein the presentation instrument comprises a debit card.

14. The method of claim 12, wherein the negotiable document comprises a fund on issue negotiable instrument for which funds are allocated to the negotiable instrument upon the customer'"'"'s request prior to the customer presenting the negotiable instrument for settlement of a transaction.

15. The method of claim 12, wherein the account comprises a selection from a group comprising:

stored value account (SVA);

demand deposit account (DDA);

negotiable order of withdrawal account (NOW); and

for the benefit of account (FBO).

16. The method of claim 12, further comprising thereafter receiving a request from the customer to upgrade the presentation instrument to a personalized presentation instrument.