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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Jan 17, 2012
Grant Date -
N/A
app pub date -
Apr 19, 2000
filing date -
Apr 19, 1999
priority date (Note) -
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Abstract
Systems and methods for issuing negotiable instruments by a non-bank entity such as a Licensed Money Transmitter, from direct deposits to a regulated financial institution. A customer arranges for direct deposit of funds to a regulated financial institution, such as a bank, that can receive direct deposits. When a direct deposit of funds into an account associated with the customer at the regulated financial institution is detected, the funds are swept into a second, transaction account maintained by the Licensed Money Transmitter. The customer requests issuance of a negotiable instrument from the Licensed Money Transmitter for withdrawing funds or directing that payments be made. The Licensed Money Transmitter, which maintains a network of agent terminals at various locations for disbursing funds to authorized recipients, is responsive to the request for a negotiable instrument for issuing a prepaid negotiable instrument or making payments for the benefit of the customer.
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