Method and system for account verification
US8041640B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | May 2, 2006 |
| Grant date | Oct 18, 2011 |
| Priority date | — |
| Expiry date | Aug 7, 2028 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/3674
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method for verifying the existence of a deposit account, such as a checking account, are provided. The system and method may also be used to determine whether the deposit account is configured to receive automatic transactions for withdrawal. For example, a lender may extend an offer of credit to a borrower where payments of principal and interest are to be made by automatic withdrawals. Prior to transferring the principal, the lender verifies the existence and configuration of the borrower's deposit account by charging a fee to establish the line of credit and retrieving the fee by automatic withdrawal. Once the transaction clears and the lender receives the fee, the lender is assured that the account does exist and is configured to receive automatic transactions. Two exemplary methods of retrieving the fee are electronic funds transfer and remote creation of a paper negotiable instrument.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.