Method and system for extending credit with automated repayment
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Jun 7, 2011
Grant Date -
Nov 8, 2007
app pub date -
May 2, 2006
filing date -
May 2, 2006
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A system and method for extending a firm offer of credit contingent upon receiving a one-time authorization to execute recurring automatic withdrawals from a deposit account is provided. In providing the one-time authorization to execute recurring automatic withdrawals, a prospective borrower may elect from a plurality of automatic withdrawal repayment options. One such option is electronic fund transfer, such as the initiation of a withdrawal entry into the Automated Clearing House network. A second option is by the remote creation of a paper negotiable instrument, which is then converted into an electronic substitute check capable of electronic routing. Upon receiving the one-time authorization, the lender may make recurring automatic withdrawals from the borrower's deposit account.
First Claim
Family
International Classification(s)
- [Classification Symbol]
- [Patents Count]
Cited Art Landscape
Patent Citation Ranking
Advertisement
Advertisement
Advertisement
Recipient Email Address
Recipient Email Address
Comment
Recipient Email Address
Add to Portfolio(s)
To add this patent to one, or more, of your portfolios, simply click the add button.
This Patent is in these Portfolios:
Add to additional portfolios:
Last Refreshed On:
Changes done successfully