Modular funds transfer system

• US 4,305,059 A
• Filed: 01/03/1980
• Issued: 12/08/1981
• Est. Priority Date: 01/03/1980
• Status: Expired due to Term

• Current Assignee: Currency Scientific Incorporated
• Original Assignee: William M. Benton
• Inventors: Benton, William M.
• Primary Examiner(s): YUSKO, DONALD
• Application Number:
  US06/109,332
• Time in Patent Office: 705 Days
• Field of Search: 340/149 A, 340/152 R, 235/441, 235/492, 235/379, 364/406, 364/408
• US Class Current: 705/43
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence

Abstract

A system for transferring funds in lieu of cash comprises an identical funds transfer module issued by a bank or other financial institution and carried by each member who may be a customer or vendor. The modules, which are adapted to exchange funds data bidirectionally, each comprise a memory for storing an account balance, a keyboard for manually entering the amount of a transaction and an external connector for interconnecting pairs of modules for funds data transfer. The account balance stored in each module as well as the transaction amount is displayed prior to completion of each transaction. Upon approval of the transaction, the account balance stored in the memory of the customer module is debited and funds data are transferred to credit the account balance stored in the memory of the vender module. Since the modules are identical to each other, the vendor module may subsequently be used to either receive additional funds data in a vendor mode or be used to output funds data in a customer mode. Ultimately, the stored account balance may be deposited with the bank. An internal timer may be provided to periodically debit the stored account as a service charge for membership in the system.

Claims

1. A module for performing funds data transfer in lieu of cash transactions, comprising a housing;

first memory means for storing an account balance;

keyboard means on said housing for manually entering transaction data;

second memory means for storing said keyboard entered data;

coupling means for bidirectionally transferring transaction data between said module and a second module with which funds data are to be transferred;

first means for debiting the balance stored in said first memory means by the transaction data stored in said second memory means;

second means for crediting said stored balance by transaction data incoming to said module through said coupling means; and

means for enabling a funds data transfer between modules.

7. The invention as defined in any of claims 1-6 including first display means on said housing for displaying the account balance stored in said first memory means.

8. The invention as defined in any of claims 1-6, including second display means for displaying transaction data stored in said second memory means.

9. The invention as defined in any of claims 1-6, wherein said coupling means includes plug means and complementary plug means on said housing, said plug means on said housing adapted to mate with the complementary plug means on the housing of another transaction module.

10. The invention as defined in any of claims 1-6, wherein said coupling means includes connector means on said housing and cable means for interconnecting the connector means of a pair of said modules.

11. The invention as defined in any of claims 1-6 including third display means for displaying an indication of a completed transaction.

12. The invention as defined in any of claims 1-6, including means for comparing the balance stored in said first memory means with the transaction amount stored in said second memory means and fourth display means responsive to said comparing means for displaying an account overdraw.

13. The invention as defined in any of claims 1-6, including means for periodically debiting the balance stored in said first memory means.

14. The invention as defined in any of claims 1-6, including means in the absence of funds transfer transactions for periodically debiting the balance stored in said first memory means.

15. The invention as defined in any of claims 1-6, wherein said funds transfer enabling means includes means for transferring secret number data between modules and means for displaying secret number data associated with one module in another module.

16. The invention as defined in any of claims 1-6, wherein said funds transfer enabling means includes means for generating secret number data, means for comparing said secret number data with keyboard entered data and means responsive to said comparing means for generating a funds transfer enable signal.

17. The invention as defined in any of claims 1-6, including external means for preloading said first memory means with an initial account balance and for supplementing an existing balance stored in said first memory means.

2. A system for performing funds data transfer in lieu of cash transactions, comprising a plurality of identical funds data transfer modules adapted to be interconnected in pairs with each other during transactions, each of said modules including a housing;

keyboard means on said housing for manually entering transaction data;

first memory means for storing an account balance;

second memory means for storing keyboard entered transaction data;

coupling means on said housing for transferring transaction data between modules;

first means for debiting said first memory means with transaction data stored in said second memory means;

second means for crediting said first memory means with transaction data supplied to said module through said coupling means and means for enabling a funds data transfer between modules.

3. A system for transferring funds data in lieu of cash transactions, comprising a plurality of identical funds data transfer modules, each of said modules comprising a housing;

keyboard means on said housing for manually entering transaction data;

first memory means for storing an account balance;

second memory means for storing keyboard entered transaction data;

means for coupling transaction data between pairs of said modules;

first means responsive to said second memory means for debiting the account balance stored in said first memory means;

second means responsive to said coupling means for crediting the balance stored in said first memory means and means for enabling a funds data transfer between modules.

4. A system for transferring funds in lieu of cash transactions, comprising a plurality of funds transfer modules, each of said modules including a housing;

first memory means for storing an account balance;

first means for transferring data stored in said first memory means to an external coupling means on said housing;

means for interconnecting the external coupling means on said module to the external coupling means on a second one of said modules;

second memory means;

keyboard means on said housing for manually entering transaction data;

means for storing transaction data entered at said keyboard means in said second memory means;

means for supplying data stored in said second memory means to said external coupling means;

means for crediting the contents of said first memory means with incoming data at said coupling means;

means for debiting the contents of said first memory with the data stored in said second memory means and means for enabling a funds data transfer between modules.

5. A system for performing funds data transfer in lieu of cash transactions, comprising first and second identical transaction modules, each of said modules including a housing, first memory means for storing an account balance, keyboard means on said housing for manually entering transaction data, second memory means for storing keyboard entered transaction data and coupling means for interfacing said stored transaction data between said modules;

means for supplying data stored in said second memory means to said first memory means to debit the stored account balance;

means for further supplying said data stored in said second memory means via said coupling means to said second module to credit the account balance stored in the first memory means of said second module; and

means for enabling transfer of funds data from said second memory means of said first module to said first memory means of said first and second modules.

6. A system for performing funds data transfer in lieu of cash transactions, comprising first and second identical transaction modules, each of said modules including a housing, first memory means for storing an account balance, keyboard means on said housing for manually entering transaction data, second memory means for storing keyboard entered transaction data;

coupling means for interfacing stored transaction data between said first and second modules;

first means for debiting the account balance stored in said first memory means by the transaction data stored in said second memory means;

second means for crediting said stored account balance by transaction data stored in the second memory means of said second module and incoming on said coupling means to said first module; and

means for enabling transfer of funds data from said second memory means to complete a funds transfer transaction.