System and Method for Issuing Negotiable Instruments by Licensed Money Transmitter from Direct Deposits
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United States of America Patent
Stats
-
N/A
Issued Date -
Apr 26, 2012
app pub date -
Dec 12, 2011
filing date -
Apr 19, 1999
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
Embodiments relate to a cash card and associated systems and processes. An account structure is provided that allows a non-bank entity to indirectly provide direct deposit capabilities for funds representing pre-payments for negotiable instruments. When a direct deposit of funds into a first account associated with the individual and maintained by a first entity is detected, the total amount of the funds is transferred into a second account associated with the individual and maintained by a second entity. The first entity is a bank or other financial institution subject to federal banking regulations, while the second entity is not subject to federal banking regulations. The individual may withdraw the funds from the second account by requesting the issuance of negotiable instruments. Negotiable instruments may be issued in any dollar amount not exceeding the balance of the second account. A properly enrolled customer may make subsequent deposits into the second account.
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Cited Art Landscape
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