Extension of credit for monetary items still in transport

• US 8,571,948 B1
• Filed: 10/31/2008
• Issued: 10/29/2013
• Est. Priority Date: 06/16/2008
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Nichols, Michelle, Atwood, Todd, Heddleson, James, Waggoner, Mark
• Primary Examiner(s): ADE, OGER GARCIA
• Application Number:
  US12/262,523
• Time in Patent Office: 1,824 Days
• Field of Search: 705/28
• US Class Current: 705/28
• CPC Class Codes: G06Q 10/08 Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G07C 9/00309 operated with bidirectional data transmission between data carrier and locks
• CPC Class Codes: G08B 13/08 by opening, e.g. of door, of window, of drawer, of shutter, of curtain, of blind
• CPC Class Codes: G08B 13/1481 with optical detection
• CPC Class Codes: G08B 13/2402 Electronic Article Surveillance [EAS], i.e. systems using tags for detecting removal of a tagged item from a secure area, e.g. tags for detecting shoplifting mechanical aspects of the tags, e.g. related to locking E05B73/0017; RFID readers G06K7/00; RFID tags G06K19/00; access control systems G07C9/00; anti-theft control in point of sale systems G07G3/003; security seals G09F3/03

Abstract

Providing earlier funds availability or a line of credit for a deposit or other monetary package reported to be in a cash supply chain. Later, when the deposit physically arrives at a bank vault, then the actual amount of the deposit is reconciled against the accelerated funds or line of credit previously made available. The amount of accelerated funds or line of credit made available may be based upon the amount scheduled to be deposited, as well as a risk score for the customer making the deposit and/or for the transaction being made.

Claims

1. A method, comprising:

determining, by a computing device, that a non-verified cash deposit bag is scheduled to be physically received by a bank and is in custody of an armored carrier;

waiting at least a predetermined minimum amount of time after the non-verified cash deposit bag is in the custody of the armored carrier; and

providing a line of credit responsive to the determining and responsive to expiration of the minimum amount of time, and prior to the non-verified cash deposit bag being physically received by the bank.

2. The method of claim 1, further comprising determining an amount of the line of credit based upon an amount scheduled to be deposited in the non-verified cash deposit bag.

3. The method of claim 2, wherein the determining the amount of the line of credit is further based upon a risk score associated with at least one of the customer and the amount.

4. The method of claim 1, further comprising determining an amount of the line of credit to be equal to an amount scheduled to be deposited in the non-verified cash deposit bag.

5. The method of claim 1, further comprising transferring monetary value from the line of credit to a third party.

6. The method of claim 1, further comprising physically receiving and verifying the non-verified cash deposit bag at the bank.

7. The method of claim 6, further comprising, after the physically receiving the cash deposit bag, applying at least a first portion of physically received cash within the cash deposit bag toward a loan balance of the line of credit.

8. The method of claim 6, further comprising, after the physically receiving the cash deposit bag, paying at least a first portion of physically received cash within the cash deposit bag to an account.

9. The method of claim 1, further comprising receiving an electronic message indicating a scheduled amount of the non-verified cash deposit bag.

18. The method of claim 1, wherein providing the line of credit comprises providing the line of credit after the non-verified cash deposit bag is physically picked up for transport from a deposit location.

10. A non-transitory computer-readable medium storing computer-executable instructions for performing a method, the method comprising:

determining that a non-verified cash deposit bag is scheduled to be physically received by a bank and is in custody of an armored carrier;

determining that a predetermined minimum amount of time has passed after the non-verified cash deposit bag is in the custody of the armored carrier; and

providing a line of credit responsive to the determining that the verified cash deposit bag is scheduled to be physically received and responsive to determining that the amount of time having passed, and prior to the non-verified cash deposit bag being physically received by the bank.

11. The non-transitory computer-readable medium of claim 10, wherein the method further comprises determining an amount of the line of credit based upon an amount scheduled to be deposited in the non-verified cash deposit bag.

12. The non-transitory computer-readable medium of claim 11, wherein the determining the amount of the line of credit is further based upon a risk score associated with at least one of the customer and the amount.

13. The non-transitory computer-readable medium of claim 10, wherein the method further comprises determining an amount of the line of credit to be equal to an amount scheduled to be deposited in the non-verified cash deposit bag.

14. The non-transitory computer-readable medium of claim 10, wherein the method further comprises transferring monetary value from the line of credit to a third party.

15. The non-transitory computer-readable medium of claim 10, wherein the method further comprises, after physically receiving the non-verified cash deposit bag, applying at least a first portion of physically received cash within the cash deposit bag toward a loan balance of the line of credit.

16. The non-transitory computer-readable medium of claim 10, wherein the method further comprises, after physically receiving the non-verified cash deposit bag, paying at least a first portion of physically received cash within the cash deposit bag to an account.

17. The non-transitory computer-readable medium of claim 10, wherein the method further comprises receiving an electronic message indicating a scheduled amount of the non-verified cash deposit bag.

19. The non-transitory computer-readable medium of claim 10, wherein providing the line of credit comprises providing the line of credit after the non-verified cash deposit bag is physically picked up for transport from a deposit location.

20. A method, comprising:

determining, by a computing device, that a non-verified cash deposit bag has been picked up for transport from a deposit location;

waiting at least a predetermined minimum amount of time after the non-verified cash deposit bag is in the custody of the armored carrier; and

upon expiration of the amount of time, providing a line of credit responsive to the determining, and prior to the non-verified cash deposit bag being physically received by the bank.