System and method for issuing negotiable instruments by licensed money transmitter from direct deposits
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United States of America Patent
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Sep 10, 2013
Grant Date -
Mar 14, 2013
app pub date -
Jan 17, 2012
filing date -
Apr 19, 1999
priority date (Note) -
In Force
status (Latency Note)
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Abstract
Anonymous transactions regarding prepaid negotiable instruments may be conducted. An anonymous account may be provided that is identified by an account number. Upon verification of a PIN and the account number, an individual is authorized to make an initial deposit of funds into the anonymous account, representing a pre-payment for negotiable instruments. The individual is thus authorized to request the issuance of negotiable instruments in an amount not exceeding the initial deposit of funds. When the issuance of negotiable instruments has depleted the initial deposit of funds, the anonymous account is closed. However, the anonymous account may be converted into a non-anonymous account, capable of accepting subsequent deposits, if the individual provides personal identifying information. While an anonymous account is not authorized to accept direct deposits of funds, the non-anonymous account may be linked to a traditional bank account, via a communications link, to indirectly offer direct deposit capabilities.
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