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:
|
0. 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).
0. 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.
0. 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).
0. 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).
0. 2. The method of
said deposit information is transmitted as a total amount via a deposit card readable by said debit card reader.
0. 3. The method of
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.
0. 4. A method according to
0. 5. The method of
said debit card reader is at a location other than premises of said business.
0. 6. The method of
0. 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).
0. 8. A method according to
0. 9. The method of
0. 11. The method of claim 10, wherein the deposit information is received electronically.
0. 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.
0. 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.
0. 16. The method of claim 10 wherein the information is transmitted to the bank via a third party.
0. 17. The method of claim 14 wherein the business transmits the deposit information to the bank via a third party.
0. 18. The method of claim 15 wherein the information is transmitted to the bank via a third party.
|
This application is a continuation reissue application of reissue application Ser. No. 12/588,217 filed Oct. 7, 2009 now U.S. Pat. No. Re. 42,820, which is a reissue application of U.S. Pat. No. 7,472,826 issued Jan. 6, 2009 and filed Jul. 10, 2006 as application Ser. No. 11/456,236.
This continuation reissue application is one of two related reissue applications for the reissue of U.S. Pat. No. 7,472,826. The other related reissue application is reissue application Ser. No. 12/588,217 (the parent reissue).
This invention relates to processing of banking information. More particularly, this invention relates to the practice of businesses, particularly retailers in depositing daily receipts into a night deposit box maintained by a bank or analogous institution.
A typical retailer will deposit the daily receipts into a night deposit box maintained by a bank or other financial institution. The current practice involves counting daily cash, cheque and credit card receipts; recording the receipts on an approved deposit document; placing the cash, cheques and credit card receipts into a night deposit bag along with the deposit document; and, depositing the night deposit bag at the bank.
A problem with the present procedure arises from the time delay between the deposit document being filled out and the bank confirming and posting the deposit amounts in their reserves against a bank customer's account.
Until the bank reviews and checks the deposit document, the bank has no idea what amount the customer is depositing. Furthermore it may take days to confirm the amounts whether by contract staff or in-house staff. Still furthermore, the staff verifying the amounts may be faced with problems arising from the handwritten deposit documents which may require extra time to process illegible, forgotten or non-existent entries. From the standpoint of the bank, the bank cannot post the deposit amount to its reserves until the verification process is complete. Similarly the bank's customer has no access to the amount deposited until the bank finishes its processing.
The present invention recognizes that the majority of a bank's retail clients utilize a debit card system whereby a debit cardholder may direct transfer of funds from a debit cardholder's account to the retailer.
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:
According to one embodiment of the present invention, the deposit information may be sent utilizing an access card issued by the bank to the business.
The identity of the depositor may be identified utilizing a private identification number (“PIN number”).
Preferred embodiments of the present invention ere described below with reference to the accompanying illustration in which:
A method of submitting bank deposits for a business according to the present invention is generally set out in the schematic illustration designated by reference numeral 10 in
A retailer 20 during the course of a typical day will amass various negotiable instruments including cash 22, cheques 24 and credit card slips 26. The retailer has a debit card reader 30 which would ordinarily be used to transmit debit information to a bank or other financial institution 40 to enable a customer to pay for a purchase by directly transferring funds from the purchaser's account to an account maintained by the retailer 20 at the bank 40.
The retailer would conventionally consolidate deposit information which may consist of any one or more of cash 22, negotiable instruments 24 and credit deposit slips 26 and prepare a bank deposit form 50. The bank deposit form 50 would typically list the nature of each item to be deposited at the bank and would contain a total 52 setting out the sum of the funds being deposited.
Conventionally, the cash and negotiable instruments would be placed into a deposit package 54 which would be deposited in a night deposit box 42 at a convenient branch of the retailer's bank 40.
Some time after the deposit is made, a clerk at the bank 40 would open the deposit envelope 54, reconcile the cash and negotiable instruments contained in the deposit envelope 54 with the deposit statement 50. Assuming the amounts reconcile, the bank would credit the account of the retailer 20 by an amount corresponding to the amount 52. If however there are any inconsistencies, steps would have to be taken to reconcile the amounts prior to any crediting of the account of the retailer 20.
According to the present invention, the retailer is provided with a deposit card 60 readable on the debit and reader 30. The deposit card may be configured similar to a debit card and contain an information strip such as magnetic stripe 62 which may be read by swiping the card 63 through a reader such as the slot 32 in the debit card reader 30. The retailer may also be provided with a security code such as a private identification number (“PIN number”) for verification purposes. Swiping the card and entering the PIN number enables the retailer 20 to cause the debit card reader 30 to communicate with the bank 40.
According to the present invention, the retailer would enter the total amount 52 representing the sum of the cash negotiable instruments 22, 24 and 26 being deposited on the debit card reader 30 to transmit the sum to the bank 40 for immediate deposit in the account of the retailer 20 at the bank 40. Information entry means such as a keypad 34 may be provided for entering the information to be transmitted to the bank 40.
Once the deposit information has been sent to the bank 40, the deposit envelope 54 would be delivered and deposited in the night deposit box 42.
An advantage of the present invention is that it transmits deposit information to the bank other than by a deposit slip attached to the consolidated deposit information in the deposit envelope 54.
The expression “retailer” herein refers to any entity that provides wares and/or services to a customer in exchange for money and should be interpreted broadly rather than being restricted to merchants. Furthermore, the expression “bank” includes any financial institution that can maintain a deposit account on behalf of the retailer and would include, without limitation, trust companies, credit unions and other institutions as well as chartered banks.
Communication between the debit card reader 30 and the bank 40 may be by any suitable means and would include, without restriction, telephone modems, internet, cable and wireless means.
Although it is expected that in most cases it will be more convenient for the retailer to use the debit card reader on their premises for transmitting the deposit information, it would be possible to modify the debit card reader of a bank in accordance with the above. In other words, the above capabilities could be installed on a banking machine rather than on a merchant's debit card reader. The principle in effect would remain the same, namely that deposit information is transmitted directly at or before the time of deposit rather than being entered after the material deposited is reviewed.
A concern which may arise in using a system in accordance with the above is the possibility of fraudulent transactions. In other words, deposit information may be entered without an actual deposit being made. This presents a risk associated with the system and as with other risks, it may be possible to insure against such risks. For example, a third party might provide the debit information transmission services and provide a bond or other assurance to the bank or other financial institution that any deposits entered will be guaranteed. In other words, the risk of loss will be shifted from the bank to an insurer or other third party.
The above description is intended in an illustrative rather than a restrictive sense Variations may be apparent to persons skilled in such methods without departing from the invention as defined by the claims set out below.
Patent | Priority | Assignee | Title |
11361374, | Aug 02 2007 | BRINK'S NETWORK, INC. | Computerized system having a central process facilitator in communication with safes and operating process thereof |
9495705, | Aug 02 2007 | BANK OF AMERICA, N A , AS SUCCESSOR ADMINISTRATIVE AGENT | Process of and system for facilitating cash collections deposits and deposit tracking |
9911108, | Aug 30 2011 | BANK OF AMERICA, N A , AS SUCCESSOR ADMINISTRATIVE AGENT | Process of facilitating financial transactions at point-of-sale employing electronic drop safes and point-of-sale terminals |
Patent | Priority | Assignee | Title |
3852571, | |||
3998155, | Jan 03 1973 | Docutel Corporation | Depository system |
4314352, | Apr 12 1972 | Diebold, Incorporated | Banking machine |
5025372, | Sep 17 1987 | WELLS FARGO BUSINESS CREDIT, INC | System and method for administration of incentive award program through use of credit |
5051900, | Sep 19 1988 | Hitachi, Ltd.; Chuba Hitachi Electric Co., Ltd. | Automatic bill collecting method in automatic teller machine |
5117355, | Jan 27 1989 | Centralized consumer cash valve accumulation system for multiple merchants | |
5252811, | Aug 09 1991 | U.S.A. Save Corporation | Device, system and method for increasing saving account participation and investment by small investors |
5265007, | Jun 07 1988 | DataTreasury Corporation | Central check clearing system |
5326960, | Nov 25 1992 | First Data Corporation; The Western Union Company | Currency transfer system and method |
5564546, | Sep 04 1992 | Coinstar, LLC | Coin counter/sorter and coupon/voucher dispensing machine and method |
5583759, | Nov 22 1993 | DataTreasury Corporation | Mechanism for expediting the deposit, transport and submission of checks into the payment system |
5620079, | Sep 04 1992 | Coinstar, LLC | Coin counter/sorter and coupon/voucher dispensing machine and method |
5695038, | Jul 24 1995 | BRINK S NETWORK, INC | Drop safe |
5717868, | Mar 07 1995 | DataTreasury Corporation | Electronic payment interchange concentrator |
5774663, | Sep 05 1995 | DataTreasury Corporation | Personal banker customer management system providing interactive video communication in real time concerning banking information |
5787403, | Mar 08 1995 | DataTreasury Corporation | Bank-centric service platform, network and system |
5899982, | Mar 08 1995 | DataTreasury Corporation | Bank-centric service platform, network and system |
5910988, | Aug 27 1997 | SHORE DEARY, L L P | Remote image capture with centralized processing and storage |
5930788, | Jul 17 1997 | Oracle International Corporation | Disambiguation of themes in a document classification system |
5944163, | Jul 24 1995 | BRINK S NETWORK, INC | Drop safe |
5950179, | Dec 03 1996 | JPMORGAN CHASE BANK, N A | Method and system for issuing a secured credit card |
5963647, | Feb 14 1997 | CITICORP CREDIT SERVICES, INC USA | Method and system for transferring funds from an account to an individual |
5974146, | Jul 30 1997 | ENT SERVICES DEVELOPMENT CORPORATION LP | Real time bank-centric universal payment system |
5975275, | Jul 24 1995 | BRINK S NETWORK, INC | Drop safe |
6032137, | Aug 27 1997 | SHORE DEARY, L L P | Remote image capture with centralized processing and storage |
6067530, | Oct 13 1995 | FKI Security Group, LLC | Cash management system |
6105007, | Aug 27 1993 | DECISIONING COM, INC | Automatic financial account processing system |
6105009, | Jun 16 1997 | DEFAULT CREDIT CARD SYSTEM, INC | Automated teller machine dispenser of debit cards |
6119106, | Nov 26 1997 | PayPal, Inc | Method and apparatus for facilitating customer payments to creditors from a remote site |
6182052, | Jun 06 1994 | DataTreasury Corporation | Communications network interface for user friendly interactive access to online services |
6202054, | Nov 16 1992 | OFFICIAL PAYMENTS CORPORATION | Method and system for remote delivery of retail banking services |
6341272, | Mar 08 1995 | DataTreasury Corporation | Business service platform, network, and system |
6405182, | Aug 03 1998 | DEFAULT PROFF CREDIT CARD SYSTEM, INC | System for dispensing prepaid debit cards through point-of-sale terminals |
6523742, | Dec 28 1990 | Fujitsu Limited | Cash processing system for automatically performing cash handling with limited operator handling of cash |
6594647, | Jul 30 1997 | Hewlett Packard Enterprise Development LP | Real time bank-centric universal payment system |
6626357, | Feb 20 1999 | CITIBANK, N A ; NCR Atleos Corporation | Self-service terminal |
6659340, | Jun 23 2000 | Armor Safe Technologies, LLC | Currency receiving device and method |
6885281, | Oct 18 2001 | CORPORATE SAFE SPECIALIST, INC | Method and apparatus for controlling a safe having an electronic lock |
6896177, | Apr 11 2001 | Balance Innovations, LLC | Method and computer program for building and replenishing cash drawers with coins |
7063252, | Apr 04 2001 | Fire King Security Products, LLC | Centralized electronic safe and accounting control system |
7070093, | Feb 07 2003 | NAMSYS INC ; Canadian Imperial Bank of Commerce | Deposit taking system and method |
7111754, | Sep 13 1999 | Armor Safe Technologies, LLC | Coin roll dispenser and system incorporating same |
7113929, | Oct 23 1998 | COINSTAR SPV GUARANTOR, LLC; COINSTAR FUNDING, LLC; Coinstar Asset Holdings, LLC | System for voucher or token verification |
7143933, | Oct 10 2003 | NX CASH LOGISTICS CO , LTD | Safe for deposits, method of control of safe for deposits, deposit system utilizing safe for deposits, and method for same |
7216098, | Oct 20 2000 | Fire King Security Products, LLC | Electronic transmission and tracking of deposit information |
7610215, | Jul 31 2008 | Bank of America Corporation | Mode switching to provide security for cash handling device |
7635085, | Dec 21 2006 | Bank of America Corporation | Commercial currency handling and servicing management |
20020011393, | |||
20020087468, | |||
20020091637, | |||
20020145035, | |||
20030191722, | |||
20030208438, | |||
20030208439, | |||
20040148254, | |||
20040193537, | |||
20040210515, | |||
20040267673, | |||
20050096986, | |||
20050228733, | |||
20060036537, | |||
20060106716, | |||
20060253332, | |||
20060253349, | |||
20070130063, | |||
20070194102, | |||
20080120232, | |||
20090006249, | |||
20090018959, | |||
CA2510812, | |||
EP455200, | |||
EP1445744, | |||
GB2079846, | |||
GB2130299, | |||
GB2326671, | |||
GB807880, | |||
JP58195272, | |||
WO111528, | |||
WO2093457, | |||
WO111528, | |||
WO2093457, |
Executed on | Assignor | Assignee | Conveyance | Frame | Reel | Doc |
Date | Maintenance Fee Events |
Jan 06 2016 | M2552: Payment of Maintenance Fee, 8th Yr, Small Entity. |
Aug 24 2020 | REM: Maintenance Fee Reminder Mailed. |
Feb 08 2021 | EXP: Patent Expired for Failure to Pay Maintenance Fees. |
Date | Maintenance Schedule |
Jan 01 2016 | 4 years fee payment window open |
Jul 01 2016 | 6 months grace period start (w surcharge) |
Jan 01 2017 | patent expiry (for year 4) |
Jan 01 2019 | 2 years to revive unintentionally abandoned end. (for year 4) |
Jan 01 2020 | 8 years fee payment window open |
Jul 01 2020 | 6 months grace period start (w surcharge) |
Jan 01 2021 | patent expiry (for year 8) |
Jan 01 2023 | 2 years to revive unintentionally abandoned end. (for year 8) |
Jan 01 2024 | 12 years fee payment window open |
Jul 01 2024 | 6 months grace period start (w surcharge) |
Jan 01 2025 | patent expiry (for year 12) |
Jan 01 2027 | 2 years to revive unintentionally abandoned end. (for year 12) |