Electronic funds transfer system
Patent 4823264 Issued on April 18, 1989. Estimated Expiration Date: 
May 27, 2006. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.
May 27, 2006. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.Patent References 3852571 Electronic funds transfer system Automatic banking system Patent #: 4423316 InventorApplicationNo. 06/866759 filed on 05/27/1986US Classes:705/39, Including funds transfer or credit transaction235/379, Banking systems902/24, FOR USE WITH GENERAL PURPOSE TERMINAL* (E.G., HOME BANKING)902/40Transaction* processingExaminersPrimary: Smith, JerryAssistant: Kibby, Steven G. International ClassesG06Q 20/00 (20060101)G07F 7/08 (20060101) AbstractThe present invention relates to an electronic funds transfer system that assures that funds to be electronically transferred are actually present to be transferred. This is accomplished by sending both the debit side and the credit side of the transaction as described in automated clearing house records to a payor's financial institution or data processor and comparing both records to assure the funds are present before releasing the funds to a payee. The release of funds to a payee is accomplished by the sending of a credit by an automated clearing house record to a payee's financial institution or data processor or by the printing and mailing of a check if the payee is not a member of the automated clearing house.Other References
Field of SearchBanking systems | |
