Method for depositing funds to a stored value card

• US 20050049950A1
• Filed: 08/27/2004
• Published: 03/03/2005
• Est. Priority Date: 09/03/2003
• Status: Abandoned Application

• Current Assignee: Alicard Financial Service LP
• Original Assignee: Allcard Financial Services Incorporated
• Inventors: Johnson, Timothy P.
• Application Number:
  US10/927,886
• Publication Number:
  US 20050049950A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/202 Depositing operations within ATMs depositing in general G07D11/00
• CPC Class Codes: G07F 7/02 by keys or other credit registering devices
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence

Abstract

A method for depositing funds to an SVC, issued by an issuer such as a bank, or through an approved agent of the bank. The method enables the SVC cardholders to deposit funds into the account individually or via direct deposit from an employer. Deposits are made at any bank or any ATM, and the funds deposited are available for use by the SVC cardholder.

Claims

1. A method for an SVC processing center to enable a person to deposit and spend money, using an SVC, the method comprising the following steps:

a. opening an account at a bank;

b. providing opportunities and helpful instructions to the person so that the person can supply correct application data for enrolling in the SVC processing center'"'"'s SVC program;

c. receiving the person'"'"'s application data, and establishing an SVC account for the person;

d. issuing an SVC to the person either directly or through the person'"'"'s employer;

e. activating the person'"'"'s SVC; and

f. updating the person'"'"'s SVC account whenever the person, using his SVC, makes deposits and withdrawals at the bank.

2. The method of claim 1, wherein the step of activating is done in response to a person'"'"'s request that is made by any one of the group of:

by telephone, by mail, by fax, online, or in-person.

3. The method of claim 2, wherein the application data in the step of receiving includes all relevant data such as the person'"'"'s name and address.

4. The method of claim 3 wherein in the step of issuing an SVC, the SVC processing center acts on behalf of the bank to issue an SVC to the person, on the previously established SVC processing center'"'"'s account at the bank.

5. The method of claim 4, wherein the SVC processing center establishes its own internal account numbers for each person.

6. The method of claim 5 wherein the SVC processing center'"'"'s account number for the person includes the issuing bank'"'"'s routing and transit number.

7. The method of claim 6 wherein the person has a personal identification number (PIN) associated with the SVC.

8. The method of claim 7 wherein the person is provided pre-printed deposit slips containing the person'"'"'s name and address, card number, processing center account number, and issuing bank routing and transit number.

9. The method of claim 8 wherein the person may make deposits into the person'"'"'s SVC account at any bank or ATM, regardless of whether the bank or ATM is associated with the issuing bank.

10. The method of claim 9 wherein the person'"'"'s employer is allowed to deposit funds via ACH into the person'"'"'s SVC account.

11. The method of claim 10 wherein more than one employer is allowed to deposit funds via ACH into the person'"'"'s SVC account.

12. The method of claim 11 wherein anyone other than the person is allowed to deposit funds into the person'"'"'s SVC account.

13. The method of claim 12 wherein the person is allowed to receive cash back when the person deposits money into the person'"'"'s SVC account.

14. The method of claim 13 wherein the SVC processing center issues a receipt to the person acknowledging a deposit into the person'"'"'s SVC account.

15. The method of claim 14 wherein the employer cannot access the SVC cardholder'"'"'s Deposit Account balance other than to deposit funds.

16. The method of claim 15 wherein the SVC processing center allows the person to retain the SVC card and associated SVC account even after leaving the employ of a depositing employer.

17. The method of claim 16 wherein the SVC processing center charges fees to other SVC companies to enable multiple methods of deposits to their cards.

18. A method for a bank to enable a person to deposit and spend money, using an SVC, the method comprising the following steps:

a. assisting the person to open an SVC account at the bank;

b. providing information about the person to an SVC processing center;

c. establishing an SVC account for the person at an SVC processing center;

d. issuing an SVC to the person either directly or through the person'"'"'s employer;

e. activating the person'"'"'s SVC; and

f. updating the person'"'"'s SVC account whenever the person, using his SVC, makes deposits and withdrawals at the bank.

19. The method of claim 18, wherein the step of activating is done in response to a person'"'"'s request that is made by any one of the group of:

by telephone, by mail, by fax, online, or in-person.

20. The method of claim 19, wherein the information includes all relevant data such as the person'"'"'s name and address.

21. The method of claim 20 wherein in the step of issuing an SVC, the SVC processing center acts on behalf of the bank to issue an SVC to the person, on a previously established SVC processing center'"'"'s account at the bank.

22. The method of claim 21, wherein the SVC processing center establishes its own internal account numbers for each person.

23. The method of claim 22 wherein the SVC processing center'"'"'s account number for the person includes the bank'"'"'s routing and transit number.

24. The method of claim 23 wherein the person has a personal identification number (PIN) associated with the SVC.

25. The method of claim 24 wherein the person is provided pre-printed deposit slips containing the person'"'"'s name and address, card number, processing center account number, and issuing bank routing and transit number.

26. The method of claim 25 wherein the person may make deposits into the person'"'"'s SVC account at any bank or ATM, regardless of whether the bank or ATM is associated with the issuing bank.

27. The method of claim 26 wherein the person'"'"'s employer is allowed to deposit funds via ACH into the person'"'"'s SVC account.

28. The method of claim 27 wherein more than one employer is allowed to deposit funds via ACH into the person'"'"'s SVC account.

29. The method of claim 28 wherein anyone other than the person is allowed to deposit funds into the person'"'"'s SVC account.

30. The method of claim 29 wherein the person is allowed to receive cash back when the person deposits money into the person'"'"'s SVC account.

31. The method of claim 30 wherein the SVC processing center issues a receipt to the person acknowledging a deposit into the person'"'"'s SVC account.

32. The method of claim 31 wherein the employer cannot access the SVC cardholder'"'"'s Deposit Account balance other than to deposit funds.

33. The method of claim 32 wherein the SVC processing center allows the person to retain the SVC card and associated SVC account even after leaving the employ of a depositing employer.

34. The method of claim 33 wherein the SVC processing center charges fees to other SVC companies to enable multiple methods of deposits to their cards.