Method and system for funding a financial account
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United States of America Patent
Stats
-
Jun 19, 2012
Grant Date -
Apr 24, 2003
app pub date -
Nov 30, 2000
filing date -
Dec 1, 1999
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system and method of electronically funding a financial account is disclosed. The method includes the acts of providing an electronic funding application, electronically transmitting the electronic funding application to a customer-operated client, and entering financial data into the funding application of the customer-operated client. The financial data includes a magnetic ink character recognition (MICR) line, a currency amount, and an account identifier. The method further includes the acts of electronically transmitting the financial data to a server (30), validating that at least a portion of the entered financial data corresponds to the demand deposit account, converting the MICR line to an item compatible with the Automated Clearing House network, submitting the item and the currency to this network and electronically transfering the currency from the demand deposit account to the financial account.
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