Importance

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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.

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First Claim