Electronic funds transfer system
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United States of America Patent
Stats
-
Apr 18, 1989
Grant Date -
N/A
app pub date -
May 27, 1986
filing date -
May 27, 1986
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
The 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.
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