Importance

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Abstract

A computer-implemented method is disclosed for extracting a user's bank account information from information entered by the user from the face of a check. The extracted information may be used to electronically transfer funds to or from the user's bank account. The method may be embodied within a web site system, a telephone-based voice prompting system, or another type of interactive computer system of a business entity, and provides an alternative to requiring the user to mail a voided check. The method involves receiving from the user a magnetic ink character recognition (MICR) line, and identifying a contiguous string of characters within the MICR line that satisfies a checksum test. The resulting string is stored as the bank routing number for the user. A check number and an account number may also be received from the user, in which case a test is performed to verify that the check number, the account number, and the bank routing number all coexist within the MICR line. In a preferred embodiment, the method is used to facilitate the transfer of funds between buyers and sellers in an electronic commerce system that provides a marketplace for users to buy and sell goods, such as an online auctions system or a 'flea market' system. In this embodiment, when a buyer purchases one or more items from a seller, the buyer's credit card account is charged to collect funds for the purchase, and at least a portion of the collected funds is deposited into the bank account of the seller using the extracted bank routing number.

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First Claim