U.S. patent application number 10/966879 was filed with the patent office on 2005-04-21 for systems and methods for banking transactions using a stored-value card.
This patent application is currently assigned to Nexxo Financial Corporation. Invention is credited to Alvarez, David R., Shapiro, Mitchell A..
Application Number | 20050082364 10/966879 |
Document ID | / |
Family ID | 34465336 |
Filed Date | 2005-04-21 |
United States Patent
Application |
20050082364 |
Kind Code |
A1 |
Alvarez, David R. ; et
al. |
April 21, 2005 |
Systems and methods for banking transactions using a stored-value
card
Abstract
Systems and methods for banking transactions use a kiosk to
perform financial services. The kiosk dispenses a stored-value
card. The kiosk determines a stored-value account related to a
stored-value card for a user. The kiosk then receives user
instructions for a banking transaction using the stored-value
account. The kiosk then processes the user instructions to perform
the banking transaction using the stored-value account.
Inventors: |
Alvarez, David R.; (US)
; Shapiro, Mitchell A.; (US) |
Correspondence
Address: |
CARR & FERRELL LLP
2200 GENG ROAD
PALO ALTO
CA
94303
US
|
Assignee: |
Nexxo Financial Corporation
|
Family ID: |
34465336 |
Appl. No.: |
10/966879 |
Filed: |
October 15, 2004 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
60512290 |
Oct 17, 2003 |
|
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Current U.S.
Class: |
235/381 |
Current CPC
Class: |
G06Q 20/229 20200501;
G07F 7/1008 20130101; G07F 19/20 20130101; G06Q 20/3674 20130101;
G06Q 20/341 20130101; G06Q 20/3821 20130101; G06Q 20/027 20130101;
G06Q 20/10 20130101; G06Q 20/28 20130101; G06Q 20/105 20130101 |
Class at
Publication: |
235/381 |
International
Class: |
G06F 007/08 |
Claims
What is claimed:
1. A method of operating a kiosk to perform financial services, the
method comprising: dispensing a stored-value card from a kiosk;
determining a stored-value account related to the stored-value card
for a user of the kiosk; receiving user instructions for a banking
transaction using the stored-value account; and processing the user
instructions to perform the banking transaction using the
stored-value account.
2. The method of claim 1 further comprising assigning the
stored-value account to the stored-value card in the kiosk.
3. The method of claim 1 wherein determining the stored-value
account related to the stored-value card further comprises:
receiving the stored-value card into the kiosk; and processing the
stored-value card.
4. The method of claim 1 further comprising: receiving personal
data of the user into the kiosk; and verifying an identity of the
user based on the personal data.
5. The method of claim 4 wherein receiving personal data comprises
capturing biometric data.
6. The method of claim 1 wherein the stored-value card is
compatible with a bank card association network.
7. The method of claim 1 wherein the banking transaction comprises
depositing a monetary amount into the stored-value account.
8. The method of claim 1 wherein the banking transaction comprises
withdrawing a monetary amount from the stored-value account.
9. The method of claim 1 wherein the banking transaction comprises
transferring a monetary amount from the stored-value account to
another account.
10. The method of claim 1 wherein the banking transaction comprises
displaying a balance of the stored-value account.
11. The method of claim 1 wherein the banking transaction comprises
money sharing.
12. The method of claim 1 wherein the banking transaction comprises
printing a financial instrument.
13. The method of claim 1 further comprising receiving payment for
the stored-value card.
14. A kiosk for performing financial services, the kiosk
comprising: a dispenser system configured to dispense a
stored-value card from the kiosk; a processor configured to
determine a stored-value account related to the stored-value card
for a user of the kiosk, receive user instructions for a banking
transaction using the stored-value account, and process the user
instructions to perform the banking transaction using the
stored-value account; and a storage system configured to store
data.
15. The kiosk of claim 14 wherein the processor is further
configured to assign the stored-value account to the stored-value
card in the kiosk.
16. The kiosk of claim 14 further comprising a card reader
configured to receive and process the stored-value card.
17. The kiosk of claim 14 further comprising an interface
configured to receive personal data of the user into the kiosk and
wherein the processor is further configured to verify an identity
of the user based on the personal data.
18. The kiosk of claim 17 wherein the interface comprises a
biometric capture system configured to capture biometric data of
the user.
19. The kiosk of claim 14 wherein the stored-value card is
compatible with a bank card association network.
20. The kiosk of claim 14 wherein the banking transaction comprises
depositing a monetary amount into the stored-value account.
21. The kiosk of claim 14 wherein the banking transaction comprises
withdrawing a monetary amount from the stored-value account.
22. The kiosk of claim 14 wherein the banking transaction comprises
transferring a monetary amount from the stored-value account to
another account.
23. The kiosk of claim 14 wherein the banking transaction comprises
displaying a balance of the stored-value account.
24. The kiosk of claim 14 wherein the banking transaction comprises
money sharing.
25. The kiosk of claim 14 wherein the banking transaction comprises
printing a financial instrument.
26. The kiosk of claim 14 further comprising a monetary transaction
device configured to receive payment for the stored-value card.
27. A software product for operating a kiosk to perform financial
services, the software product comprising: kiosk software
operational when executed by a processor to direct the processor to
generate a control signal to dispense a stored-value card from the
kiosk, determine a stored-value account related to the stored-value
card for a user of the kiosk, receive user instructions for a
banking transaction using the stored-value account, and process the
user instructions to perform the banking transaction using the
stored-value account; and a software storage medium operational to
store the kiosk software.
28. The software product of claim 27 wherein the kiosk software is
operational when executed by the processor to direct the processor
to assign the stored-value account to the stored-value card in the
kiosk.
29. The software product of claim 27 wherein the kiosk software is
operational when executed by the processor to direct the processor
to receive personal data of the user into the kiosk and verify an
identity of the user based on the personal data.
30. The software product of claim 27 wherein the kiosk software is
operational when executed by the processor to direct the processor
to receive biometric data.
31. The software product of claim 27 wherein the stored-value card
is compatible with a bank card association network.
32. The software product of claim 27 wherein the banking
transaction comprises depositing a monetary amount into the
stored-value account.
33. The software product of claim 27 wherein the banking
transaction comprises withdrawing a monetary amount from the
stored-value account.
34. The software product of claim 27 wherein the banking
transaction comprises transferring a monetary amount from the
stored-value account to another account.
35. The software product of claim 27 wherein the banking
transaction comprises displaying a balance of the stored-value
account.
36. The software product of claim 27 wherein the banking
transaction comprises money sharing.
37. The software product of claim 27 wherein the banking
transaction comprises printing a financial instrument.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application claims the benefit of U.S. Provisional
Application Ser. No. 60/512,290 titled "Systems and Methods for
Money Sharing," filed Oct. 17, 2003, which is hereby incorporated
by reference.
BACKGROUND
[0002] 1. Field of the Invention
[0003] The present invention relates generally to financial
services, and more particularly to systems and methods for banking
transactions using a stored-value card.
[0004] 2. Description of the Prior Art
[0005] Customers use automatic teller machines (ATMs) to conduct
banking transactions such as deposits, withdrawals, balance
inquiries, and transfers between traditional bank accounts. ATMs
require ATM/debit cards and PIN numbers assigned to the related
ATM/debit card. One problem with ATM/debit cards is that a bank
customer must physically go to a branch of a bank to setup a
traditional bank account because ATM/debit cards have a bank
account, such as a demand deposit account (DDA), associated with
it. The bank typically checks the customer's identity based on
their driver's license or other documentation and collects personal
information such as address, date of birth, and social security
number. Banks need to verify identification to prevent fraud and/or
improve security for the customer's banking transactions.
Furthermore, there may be government regulations that require proof
of identity before using bank accounts to prevent illegal
activities such as money laundering and funding of terrorist
activities.
[0006] Another problem is that the funds deposited into an ATM
machine are not immediately available for withdrawal. For example,
if a customer deposits cash or a check in a deposit envelope, the
deposited amount is not immediately available until a bank employee
services the ATM machine to collect and process the deposits.
[0007] Customers have also used credit cards for banking
transactions as well. One problem with credit cards is that a
person usually needs to have good credit to have a credit line
issued for a credit card. Also, another problem is that credit
cards can take weeks to issue from a bank. After submitting a
credit card application, the credit card is then mailed to the
person's address.
[0008] Another problem relates to a large population of US
residents (by some estimates as much as 50 million) that are poorly
served by the banking system--the "under-banked" or the "unbanked".
This population is generally excluded from traditional banking
products (checking accounts, credit cards, debit cards) or moves in
and out of eligibility for them--as banks offering them generally
require good credit and/or unreasonably large security deposits in
order to obtain these services. People may be excluded for any
number of reasons such as having unfortunate circumstances like a
divorce or serious medical problem adversely impact their credit
standing, or such as making mistakes with their credit coming out
of college leading to poor credit or a bankruptcy, or such as
having no established credit history because they are a recent
immigrant or someone who chooses to conduct their financial affairs
primarily with cash. The reason banks generally exclude these
groups of people from their service offerings is the cost and risk
associated with the products, particularly credit cards and
checking accounts. Therefore, these people may be excluded from
certain financial transactions that require credit cards or debit
cards. In one example, a person without a credit card cannot make
purchases over the Internet, buy products from a catalogue, reserve
a hotel room or rental car, purchase airline tickets, or even rent
a movie, which may require a credit card. Thus, there is a need to
provide convenient, cost-effective, lower risk financial services
to this population.
[0009] In one prior art solution provided by 7-Eleven, a VCOM kiosk
provides banking transactions such as money transfer, printing
checks, and check cashing based on a deposited amount. However, a
customer must also interact with a cashier to perform the banking
transactions. Also, the card associated with the VCOM kiosk is only
used for identification purposes. Other kiosks manufactured by
Blackstone issue cards, but the cards are calling cards.
[0010] Stored-value cards typically have been used for providing
payment for goods or services after a user has deposited money into
the stored-value card. For example, stored-value cards have been
used as gift cards and as cards that provide payment for coffee or
copies.
SUMMARY OF THE INVENTION
[0011] The invention addresses the above problems by providing
systems and methods for banking transactions that use a kiosk to
perform financial services. The kiosk dispenses a stored-value
card. The kiosk determines a stored-value account related to a
stored-value card for a user. The kiosk then receives user
instructions for a banking transaction using the stored-value
account. The kiosk then processes the user instructions to perform
the banking transaction using the stored-value account.
[0012] In some embodiments, the kiosk dispenses the stored-value
card. In some embodiments, the kiosk assigns the stored-value
account to the stored-value card. The kiosk also may receive and
process the stored-value card. In some embodiments, the kiosk
receives personal data of the user and verifies an identity of the
user based on the personal data. In some embodiments, the
stored-value card is compatible with a bank card association
network.
[0013] These systems and methods advantageously provide banking
transactions using unattended kiosks and stored-value cards. Users
can then conduct banking transactions without having to visit a
branch of a bank. Furthermore, users can also conveniently perform
banking transactions using stored-value cards and stored-value
accounts without setting up and maintaining a traditional bank
account. A banking transaction is any financial dealing or action
related to account activity such as deposits, withdrawals,
purchases, transfers, account inquiries, and printing of financial
instruments. In some embodiments, users will not be required to
visit a branch office of a bank to set up a traditional bank
account before being issued a stored-value card for banking
transactions.
[0014] In some embodiments, another advantage is that the user can
conduct banking transactions using stored-value cards without being
subject to credit checks, extensive background checks, or large
deposit requirements. Also, the costs of providing banking
transactions are reduced because of the use of an unattended kiosk.
In some cases, by requiring cash payment, the risks that banks take
in providing banking transaction using stored-value cards are
reduced, and the amount deposited in the stored-value account may
be available in real-time for other banking transactions. Thus, in
some embodiments, banks can provide a broad array of services for
banking transactions using stored-value cards to the unbanked
population because of the cost-effectiveness and the reduced
risks.
BRIEF DESCRIPTION OF THE FIGURES
[0015] FIG. 1 is a block diagram of a kiosk in an exemplary
embodiment of the invention.
[0016] FIG. 2 is a system for financial services in an exemplary
embodiment of the invention.
[0017] FIG. 3 is a block diagram of a master stored-value account
and sub-accounts in an exemplary embodiment of the invention.
[0018] FIG. 4 is a flow chart for a kiosk dispensing a stored-value
card in an exemplary embodiment of the invention.
[0019] FIG. 5 is a flow chart for a kiosk for performing banking
transactions in an exemplary embodiment of the invention.
DETAILED DESCRIPTION OF THE INVENTION
[0020] The present inventions provide systems and methods for
banking transactions using a stored-value card. Those skilled in
the art will recognize that various features disclosed in
connection with the embodiments may be used either individually or
jointly. It is to be appreciated that while the present inventions
have been described with reference to preferred implementations,
those having ordinary skill in the art will recognize that the
present inventions may be beneficially utilized in any number of
environments and implementations.
[0021] The inventions have been described below with reference to
specific embodiments. It will be apparent to those skilled in the
art that various modifications may be made and other embodiments
can be used without departing from the broader scope of the
inventions. Therefore, these and other variations upon the specific
embodiments are intended to be covered by the present
inventions.
[0022] The systems and methods for banking transactions use a kiosk
to perform financial services. The kiosk dispenses a stored-value
card. The kiosk determines a stored-value account related to the
stored-value card for a user. The kiosk then receives user
instructions for a banking transaction using the stored-value
account. The kiosk then processes the user instructions to perform
the banking transaction using the stored-value account.
[0023] A stored-value account is monetary value associated with a
card that does not require a credit line or a traditional bank
account, such as a demand deposit account ("DDA") or brokerage
account. A stored-value card is any card that is associated with a
stored-value account. A banking transaction is any financial
dealing or action related to account activity such as deposits,
withdrawals, purchases, transfers, account inquiries, and printing
of financial instruments.
[0024] These systems and methods advantageously provide banking
transactions using unattended kiosks and stored-value cards. Users
can then conduct banking transactions without having to visit a
branch of a bank. Furthermore, users can also conveniently perform
banking transactions using stored-value cards and stored-value
accounts without setting up and maintaining a traditional bank
account. In some embodiments, users will not be required to visit a
branch office of a bank to set up a traditional bank account before
being issued a stored-value card for banking transactions.
[0025] In some embodiments, another advantage is that the user can
conduct banking transactions using stored-value cards without being
subject to credit checks, extensive background checks, or large
deposit requirements. Also, the costs of providing banking
transactions are reduced because of the use of an unattended kiosk.
In some cases, by requiring cash payment, the risks that banks take
in providing banking transaction using stored-value cards are
reduced, and the amount deposited in the stored-value account may
be available in real-time for other banking transactions. Thus, in
some embodiments, banks can provide a broad array of services for
banking transactions using stored-value cards to the unbanked
population because of the cost-effectiveness and the reduced
risks.
[0026] FIG. 1 is a block diagram of a kiosk 100 in an exemplary
embodiment of the invention. The overall operation of the kiosk 100
will be discussed below in FIGS. 4-5. The kiosk 100 is any
unattended mechanism, device, or system that is designed for public
access and provides users access to accounts or financial services.
In one embodiment, the kiosk 100 includes input/output (I/O)
interfaces 110, monetary transaction devices 130, a dispenser
system 140, a processor 150, a bus 152, a storage system 160, a
communication network interface 170, a communication link 172, and
a biometric capture system 180.
[0027] The bus 152 is coupled to the I/O interfaces 110, the
monetary transaction devices 130, the dispenser system 140, the
processor 150, the storage system 160, the communication network
interface 170, and the biometric capture system 180. The
communication link 172 is coupled to the communication network
interface 170.
[0028] The I/O interfaces 110 are any interfaces or devices
configured to provide input or output to a user of the kiosk 100.
In one embodiment, the I/O interfaces 110 include an audio
interface 112, a video interface 114, a printer 116, a keypad 118,
and a card reader 120. The audio interface 112 is any device or
system configured to audibly communicate between the user and the
kiosk 100. Some examples of an audio interface 112 are speakers and
a microphone. The video interface 114 is any device or system
configured to visually communicate between the user and the kiosk
100. One example of the video interface 114 is a touch-screen
display. The printer 116 is a printer configured to print
transaction records. The keypad 118 is a standard numeric or
alphanumeric keypad. The card reader 120 is a conventional card
reader configured to read ATM cards, stored-value cards, debit
cards, credit cards, and/or identification cards. In other
embodiments, the card reader 120 may be a reader that optically,
magnetically or electrically scans cards.
[0029] The monetary transaction devices 130 are any mechanisms,
devices, or systems configured to receive or provide monetary
instruments such as checks, drafts, money orders, and currency. In
one embodiment, the monetary transaction devices 130 include a
check reader 132, a check printer 134, and a money validation
device 136. The check reader 132 is a reader configured to read and
validate checks. The check printer 134 is a printer configured to
print financial instruments such as checks, drafts, or money
orders. The money validation device 136 is a conventional device
configured to accept and validate currency such as bills and coins.
In other embodiments, the monetary transaction devices 130 include
a money order printer and a money order reader, which are not shown
in FIG. 1.
[0030] The dispenser system 140 is any device or system configured
to dispense cards or printed materials related to financial
services. In one embodiment, the dispenser system 140 includes a
card inventory 142, a printed materials inventory 144, and a card
and materials dispenser 146.
[0031] The processor 150 is configured to execute software or
instructions in accord with the operations discussed below. The
storage system 160 is any storage device, memory, or group of
storage devices configured to store data permanently or
temporarily. The communication network interface 170 is any
communication interface configured to transfer data between any
components connected to the bus 152 and any communication
network.
[0032] The biometric capture system 180 is any mechanism, device,
or system configured to capture biometric information from a user
of the kiosk 100. Biometric information is any information or data
that indicates a representation of a person. Some examples of
biometric information are fingerprints, retina scans, audio images,
signatures, and video images.
[0033] FIG. 2 is a block diagram of a system 200 for financial
services in an exemplary implementation of the invention. The
system 200 for financial services includes a kiosk 100, a
communication network 210, a card transaction processing system
220, a government database 230, and a member bank system 240. The
kiosk 100 is coupled to the communication network 210 via the
communication link 172. The communication network 210 is coupled to
the card transaction processing system 220. The card transaction
processing system 220 is coupled to the government database 230 and
the member bank system 240. The government database 230 is coupled
to the member bank system 240.
[0034] The operations of the kiosk 100 will be discussed in greater
detail below in FIGS. 4-5. For the sake of simplicity, only one
kiosk 100 is shown in FIG. 2. Those skilled in the art will
understand that there may be numerous kiosks attached to the
communication network 210.
[0035] The communication network 210 is any conventional
communication network configured to transfer data for card
processing and financial transactions. In one embodiment, the
communication network 210 includes a supernetwork configured to
manage a couple of sub-networks. Some of these sub-networks handle
financial communications for managing transactions, deposits,
withdrawals, and balance checks. Additionally, some of these
sub-networks handle security communications that verifies the card,
validates personal ID, and checks against government databases.
[0036] The card transaction processing system 220 is any system
configured to process card transactions. In one embodiment, a
company called TSYS operates the card transaction processing system
220. The government database 230 is any database that contains
government information for individual identification for security
and/or law enforcement. Some examples of government information are
fingerprints, voice samples, photo identification, identification
cards, and personal data. In some embodiments, the government
database 230 is used to check against known terrorist or other
government mandated lists before activating the card or accepting
additional cash. Moreover, the government database 230 can be used
to notify the government of time, place, and amount of each cash
deposit and withdrawal. In some embodiments, the cash has limited
acceptance by time period (e.g. day, week, month, and year) using
the government database 230. In other embodiments, the government
database 230 assures compliance with all applicable regulations and
in real time if necessary. The member bank system 240 is a
conventional banking system for processing financial
transactions.
[0037] In some embodiments, the banking transactions are for one
stored-value account. In other embodiments, the banking
transactions may involve multiple related stored-value accounts or
at least one stored-value account and other types of related
accounts.
[0038] FIG. 3 depicts a block diagram of a master stored value
account and sub-accounts in an exemplary embodiment of the
invention. A master stored-value account 310 is associated with a
prepaid phone sub-account 320, a stored-value sub-account 330, a
stored-value debit sub-account 340, a stored-value money transfer
sub-account 350, a money sharing sub-account 360, and an interest
bearing sub-account 370.
[0039] The master stored-value account 310 is also a signature- and
pin-based debit or credit stored-value account. The master
stored-value account 310 can be reloaded with funds and used
anywhere in the world that a bank card association network (such as
Visa/Mastercard) is accepted. In some embodiments, the master
stored-value account 310 includes phone card capability, the
capability to issue money orders, and the ability to move money
into a money-sharing sub-account. The master stored-value account
310 allows movement of some or all of the funds present on the
master stored-value account 310 into money sharing sub-accounts.
These funds can be accessed by taking a cash advance from the
master stored-value account 310 at ATMs and banks worldwide, or by
using the specially designed money-share sister card to affect the
cash advance at ATMs globally.
[0040] The sister card for sub-accounts is a pin-required
ATM-accessed stored-value card. In other embodiments, the
sub-accounts may be for utility bills, school tuition, gift cards,
groceries, and other miscellaneous stored-value card programs.
[0041] FIG. 4 depicts a flow chart for the kiosk in dispensing a
new stored-value card in an exemplary embodiment of the invention.
FIG. 4 begins in step 400. In step 402, the processor 150 checks if
a stored-value card was inserted or a new stored-value account was
requested by the user. If a stored-value card was inserted, the
process for dispensing a new stored-value card ends in step
426.
[0042] If a new stored-value account was requested, the kiosk 100
receives payment for the new account in step 404. The payment may
be made by cash, check, credit, debit, or another stored-value
card. The kiosk 100 may receive the payment through either a check
reader 132, the money validation device 136, or any other device in
the monetary transaction devices 130 that accepts payment.
[0043] In step 406, the processor 150 determines the type of card
to issue. In some embodiments, there may be different types of
stored-value cards to issue. In step 408, the biometric capture
system 180 captures a biometric data by photo, voice sample,
fingerprint, and/or retina scan of the user of the kiosk 100. The
process of capturing the biometric data of a user of the kiosk is
described in further detail in U.S. application Ser. No. ______
entitled "Systems and Methods for Biometric Identification and
Verification of a User of a Kiosk" filed on Oct. 15, 2004, which is
hereby incorporated by reference.
[0044] In step 410, the kiosk 100 scans documents for personal
information. In some embodiments, the kiosk 100 scans the documents
for personal information through the card reader 120. Some examples
of documents that can be scanned are Matricula Consular cards and
driver's licenses. In step 412, the kiosk 100 receives personal
information based on user input. The kiosk 100 may receive personal
information from the audio interface 112, the video interface 114,
the keypad 118, the card reader 120, or the biometric capture
system 180. Alternative embodiments may use any one or combination
of steps 406, 408, and 410 to capture identification and personal
information.
[0045] In step 414, the processor 150 then generates a personal
identification record based on the identification imprint and the
personal information. In one embodiment, the personal
identification record includes name, local address, place and date
of birth, digital photo, digital fingerprint, digital voice print,
digital photo of ID e.g. driver's license, Social Security number,
tax ID number; and Matricula Consular card number. In some
embodiments, the card transaction processing system 220 generates a
personal identification record based on the identification imprint
and the personal information.
[0046] In step 416, the kiosk 100 displays the personal
identification record using the video interface 114 or the audio
interface 112 for user verification. In step 418, the processor 150
validates the personal identification record against the government
database 230. In other embodiments, the card transaction processing
system 220 or the member bank system 240 validates the personal
identification record against the government database 230. This
validation process is described in further detail in U.S.
application Ser. No. ______ entitled "Systems and Methods for
Identifying and Verifying a User of a Kiosk Using an External
Verification System" filed on Oct. 15, 2004, which is hereby
incorporated by reference.
[0047] In step 420, the processor 150 checks whether the personal
identification record is valid. If invalid, the process ends in
step 426. If valid, the processor 150 assigns a stored-value
account to the stored-value card in step 422. In other embodiments,
the stored-value account is preassigned to the stored-value card.
In some embodiments, the card transaction processing system 220
assigns a stored-value account to the stored-value card. In step
424, the kiosk 100 dispenses a new stored-value card, card voucher,
and/or printed materials through the dispenser system 140. FIG. 4
ends in step 426.
[0048] FIG. 5 depicts a flow chart for a kiosk for banking
transactions in an exemplary embodiment of the invention. FIG. 5
begins in step 500. In step 502, the card reader 120 receives card
information from the stored-value card. In step 504, the keypad 118
or the video interface 114 receives the PIN number from the user of
the kiosk 100. In step 506, the processor 150 then checks whether
the card information and the PIN number are valid. If the card
information and the PIN number are invalid, the process ends in
step 534.
[0049] In step 508, the processor 150 checks whether the user has
selected to view the balance of their stored-value account. If the
user has not selected to view their balance, the process continues
to step 512. If the user has selected to view their balance, the
video interface 114 displays the balance or the printer 116 prints
out the balance for the stored-value account in step 510. In some
embodiments, the kiosk 100 provides a card statement, account
activity (i.e. last 5 transactions), recent transactions, and/or
balances. In some embodiments, the kiosk 100 provides statement
information that is required by government regulations. The
statement information from the kiosk 100 may provide improved
customer service for users that are underbanked or unbanked who may
not receive mail or may not have access to the Internet.
[0050] In step 512, the processor 150 checks whether the user has
selected to deposit money into their stored-value account. If the
user has not selected to deposit, the process continues to step
520. If the user has selected to deposit, the kiosk 100 receives
monetary input for the stored-value account in step 514. The
monetary input may be by cash, check, credit, debit, or another
stored-value card. The kiosk 100 may receive the monetary input
through either the check reader 132, the money validation device
136, or any other device in the monetary transaction devices 130
that accepts the monetary input.
[0051] In step 516, the kiosk 100 validates the monetary input. In
step 518, the processor 150 generates the account entry for the
monetary input deposited to the stored-value account. In some
embodiments, the monetary input deposited is immediately available
in the stored value account, which may result in instantaneous
money sharing among multiple users.
[0052] In step 520, the processor 150 checks whether the user has
selected to withdraw money from their stored-value account. If the
user has not selected to withdraw, the process continues to step
530. If the user has selected to withdraw, the processor 150 checks
whether the user has selected to withdraw by printing a check or
money order. If the user has selected to print a check or money
order, the check printer 134 prints the check or money order in
step 524. In some embodiments, the checks have a preprinted amount
that can be validated in real time to check if the funds are
available in the stored-value account or that the funds have been
deposited and validated in the kiosk 100. In some embodiments, the
user of the kiosk 100 can add the payee and the signature for the
check. In some embodiments, the check amount is instantaneously
debited from the stored-value account to allow "pre-paid" checks as
opposed to traditional "post-paid" checks. If the user has not
selected to print a check or money order, the kiosk 100 disperses
cash in step 526. In step 528, the processor 530 generates an
account entry for the monetary output withdrawn from the
stored-value account.
[0053] In step 530, the processor 150 checks whether the user has
selected to transfer money from the stored-value account to another
account. Some examples of other accounts are described above in
FIG. 3. In some embodiments, the user can only transfer to the
accounts that the user owns. In other embodiments, the user owns a
master account and transfers to sub-accounts that are for sharing
with or providing access to other users. In some embodiments, the
user may select to undo the transfer. If the user has not selected
to transfer, the process ends in step 534. If the user has selected
to transfer, the processor 150 generates account entries to
transfer the monetary output from the stored-value account in step
532. FIG. 5 ends in step 534. Another example of a banking
transaction is money sharing, which is described in further detail
in U.S. patent application Ser. No. ______ entitled "Systems and
Methods for Money Sharing" filed on Oct. 15, 2004, which is hereby
incorporated by reference. Also, in some embodiments, the user may
send an e-mail through the kiosk 100, and the kiosk 100 may display
a reply e-mail for customer services purposes.
[0054] The above-described elements can be comprised of
instructions that are stored on storage media. The instructions can
be retrieved and executed by a processor. Some examples of
instructions are software, program code, and firmware. Some
examples of storage media are memory devices, tape, disks,
integrated circuits, and servers. The instructions are operational
when executed by the processor to direct the processor to operate
in accord with the invention. Those skilled in the art are familiar
with instructions, processors, and storage media.
[0055] The above description is illustrative and not restrictive.
Many variations of the invention will become apparent to those of
skill in the art upon review of this disclosure. The scope of the
invention should, therefore, be determined not with reference to
the above description, but instead should be determined with
reference to the appended claims along with their full scope of
equivalents.
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