Universal check deposit systems and methods

US10762492B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• John E. Scully · Wilmette, US
• Robert S. Mumma · Chicago, US
• Patrick Burgess · Grand Blanc, US

Key dates

• Filing date: Jul 18, 2019
• Grant date: Sep 1, 2020
• Expiry date: Jul 18, 2039

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Apparatus and methods for supporting a mobile check deposit of a check into a bank account, the check having a first value, the first value being in a first currency, the bank account holding funds having a second currency. The system architecture may include one or more of a mobile phone platform, a shadow account creator module, a mobile check deposit host and/or a shadow account module. The mobile phone platform may provide a user with a selectable display including a plurality of bank accounts in which the check may be deposited, the plurality of bank accounts including the bank account. The shadow account creator may store funds having the first value or a second value, in the second currency, until the check has been cleared by a clearinghouse and/or honored by a drawing bank.