Bank deposit method

• US RE43,888 E1
• Filed: 07/29/2011
• Issued: 01/01/2013
• Est. Priority Date: 07/10/2006
• Status: Active Grant

• Current Assignee: Richard Vallance
• Original Assignee: Richard Vallance
• Inventors: Vallance, Richard
• Primary Examiner(s): Labaze, Edwyn
• Application Number:
  US13/194,653
• Time in Patent Office: 522 Days
• Field of Search: 235/379, 235/375, 235/381, 235/380, 705/43, 705/45
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

According to the present invention, a business is issued a deposit card readable on a debit card reader enabling the business to transmit deposit information to its bank or financial institution for crediting rather than debiting of its account. More particularly, a method is provided for facilitating bank deposits for a business having a debit card reader configured to send deposit information to a bank at which the business maintains at least one account. The method comprises the steps of:

• • (i) compiling deposit information concerning cash and negotiable instruments to be deposited in the account;
  • (ii) transmitting the deposit information to the bank via the debit card reader;
  • (iii) consolidating the cash and negotiable instruments into a deposit package;
  • (iv) labelling the deposit package to link it to the deposit information in step (ii); and,
  • (v) delivering the deposit package from step (iv) to the bank.

Claims

1. A method of facilitating bank deposits for a business having a debit card reader configured to send deposit information to a bank at which said business maintains at least one account, said method comprising the steps of:

(i) compiling deposit information concerning cash and negotiable instruments to be deposited in said account;

(ii) transmitting said deposit information to said bank via said debit card reader;

(iii) consolidating said cash and negotiable instruments into a deposit package;

(iv) labelling said deposit package to link it to said deposit information in step (ii);

(v) delivering said deposit package from step (iv) to said bank,

wherein said bank makes funds corresponding to the value of said cash and negotiable instruments available to said business after step (ii) and before step (v).

2. The method of claim 1 wherein:

said deposit information is transmitted as a total amount via a deposit card readable by said debit card reader.

3. The method of claim 2 wherein:

said labelling in step (iv) is effected by placing a deposit slip with said deposit information in said deposit package along with said cash and negotiable instruments.

4. A method according to claim 3 including the further step of providing third party assurance to said bank that said deposit information will be honoured regardless of the accuracy of the said deposit information.

5. The method of claim 2 wherein:

said debit card reader is at a location other than premises of said business.

6. The method of claim 1, wherein said debit card reader is at a premises of said business remote from said bank.

7. A method of facilitating bank deposits for a retailer having a debit card reader on a premises of said retailer that is configured to send deposit information to a bank at which said retailer maintains at least one account, said method comprising the steps of:

(i) compiling deposit information concerning said retailer'"'"'s daily cash and negotiable instruments to be deposited in said account;

(ii) using a deposit card with said debit card reader to transmit said deposit information to said bank;

(iii) consolidating said retailer'"'"'s daily cash and negotiable instruments into a deposit package;

(iv) providing said deposit package with a label to link it to said deposit information in step (ii);

(v) delivering said deposit package of step (iv) from said retailer'"'"'s premises to said bank;

(vi) reconciling on behalf of said bank said cash and said negotiable instruments in said package with said deposit information; and

(vii) wherein said bank credits said account by an amount corresponding to said deposit information after the deposit information transmittal step (ii) and prior to the reconciling step (vi).

8. A method according to claim 7 including the further step of providing third party assurance to said bank that said deposit information will be honoured regardless of the accuracy of the said deposit information.

9. The method of claim 7, wherein said debit card reader is at a premises of said retailer remote from said bank.

10. A method of providing funds to a business by a bank at which the business maintains at least one account, the method comprising:

(i) receiving information from the business concerning a total amount of cash and/or negotiable instruments to be deposited by the business in the account;

(ii) assigning a transaction identifier to the information in step (i);

(iii) making funds available to the business based on the total amount;

(iv) receiving a deposit package from the business containing the cash and/or negotiable instruments used to calculate the total amount, the deposit package bearing a label bearing the transaction identifier;

(v) matching the deposit package to the information in step (i) through the label; and

(vi) reconciling the cash and/or negotiable instruments in the deposit package against the total amount,

wherein step (iii) is carried out before step (vi).

11. The method of claim 10, wherein the deposit information is received electronically.

12. The method of claim 11, wherein the bank receives third party assurance guaranteeing funds to the bank corresponding to the total amount regardless of whether the deposit package corresponds to the total amount.

13. The method of claim 12, wherein the deposit information is received via a communication network also used for debit card transactions between the business and the bank.

16. The method of claim 10 wherein the information is transmitted to the bank via a third party.

14. A method of facilitating deposits for a business with a bank at which the business maintains at least one account, the method comprising:

(i) compiling deposit information concerning a total amount of cash and/or negotiable instruments to be deposited in the account; and

(ii) transmitting the deposit information to the bank;

wherein the business receives funds from the bank based on the total amount after the deposit information is transmitted and before the bank reconciles a deposit package for the total amount of the cash and/or negotiable instruments used to compile the deposit information.

17. The method of claim 14 wherein the business transmits the deposit information to the bank via a third party.

15. A method of providing funds to a business by a bank at which the business maintains at least one account, the method comprising:

(i) the bank receiving information concerning a total amount of cash and/or negotiable instruments to be deposited by the business in the account;

(ii) the bank making funds available to the business based on the total amount;

(iii) the bank receiving a deposit package for the total amount of the cash and/or negotiable instruments used to calculate the total amount from the business; and

wherein step (ii) is carried out before step (iii).

18. The method of claim 15 wherein the information is transmitted to the bank via a third party.