Registers – Systems controlled by data bearing records – Credit or identification card systems
Reexamination Certificate
2002-09-06
2004-09-07
Le, Thien M. (Department: 2876)
Registers
Systems controlled by data bearing records
Credit or identification card systems
C235S382000
Reexamination Certificate
active
06786400
ABSTRACT:
FIELD
The present application relates to transaction processing and, more particularly, to a system and method that adds functionally to a debit option and a credit option at a point-of-sale terminal and at an automated teller machine. This increased functionality enables a consumer to access multiple accounts with a single card.
BACKGROUND
Credit cards and debit cards are commonly used by consumers due in part to the convenience. As a result, many consumers carry at least one credit card and at least one debit card with them at all times. These consumers can decide at a point-of-sale whether to pay using a credit card or a debit card depending on whether the respective consumer wants the transaction amount added to a credit card account balance or debited from a checking account or other account associated with the debit card. Some debit cards even include a credit logo, such as a Visa© logo or a MasterCard© logo. This functionality enables consumers to use debit cards at retail terminals, for telephone orders and e-commerce web sites where the use of a personal identification number (“PIN”) is not available. When a consumer, however, presents a debit card having such functionality to a merchant to conduct a transaction, the transaction amount is debited from an associated account, such as a checking account.
FIGS. 1 and 2
illustrate a prior art system for processing an attempted point-of-sale transaction using a debit card having a credit logo. After the consumer's card is read at point-of-sale terminal
105
, display
110
presents two options to the consumer, i.e., debit option
120
and credit option
125
. Using, for example, selectors
115
a
,
115
b
on POS terminal
105
or another device coupled thereto, the consumer selects either debit option
120
using selector
115
a
or credit option
125
using selector
115
b
. Regardless of whether the consumer selects debit option
120
or credit option
125
, the transaction amount is debited from the same account
220
with financial institution
215
, the account
220
being associated with the debit card, as shown in FIG.
2
. Specifically, if the consumer selects debit option
120
, transaction data is routed through bank network
205
to financial institution
215
. On the other hand, if the consumer selects credit option
125
, the transaction data is routed through credit network
210
to financial institution
215
. With both selections, the transaction amount is debited from account
220
by financial institution
215
. At the point-of-sale, however, the consumer's experience is different depending on which option was selected. In particular, the consumer is required to enter a PIN at the point-of-sale before the transaction data is transmitted, if the consumer selects debit option
120
, whereas if the consumer selects credit option
125
, the consumer does not have to enter a PIN, but is typically required to sign a receipt.
Accordingly, there is a need for an account with a financial institution allowing a consumer to choose a debit option or a credit option at a point-of-sale or at an automated teller machine, but have the transaction amount either debited from an associated account or added to an associated credit line balance, respectively, depending on the consumer's selection at the point-of-sale or the automated teller machine.
SUMMARY OF THE INVENTION
An aspect of the present application provides for a multi-functional card associated with a first financial institution. The multi-functional card comprises a magnetized data portion having account data, the magnetized data portion operable for a consumer to conduct at least one transaction at a point-of-sale using money withdrawn from an account associated with the first financial institution or a second financial institution, if the consumer selects a debit option at a point-of-sale terminal, and to conduct at least one other transaction at a point-of-sale using a line of credit issued by the first financial institution or the second financial institution, if the consumer selects a credit option at the point-of-sale terminal, wherein the point-of-sale terminal transmits transaction data including at least a portion of the account data along one of a plurality of networks depending on whether the consumer selected the debit option or the credit option.
Another aspect of the present application provides for a multi-functional card associated with a first financial institution. The multi-functional card comprises a memory unit for storing account data, and a processing unit coupled to the memory unit, the processing unit operable for a consumer to conduct at least one transaction at a point-of-sale using money withdrawn from an account associated with the first financial institution or a second financial institution, if the consumer selects a debit option at a point-of-sale terminal, and conduct at least one other transaction at a point-of-sale using a line of credit issued by the first financial institution or the second financial institution, if the consumer selects a credit option at the point-of-sale terminal, wherein the point-of-sale terminal transmits transaction data including at least a portion of the account data along one of a plurality of networks depending on whether the consumer selected the debit option or the credit option after at least a portion of the account data stored in the memory unit is read by the processing unit.
A further aspect of the present application provides for a multi-functional card associated with a first financial institution. The multi-functional card comprises a magnetized data portion having account data, the magnetized data portion operable for a consumer to conduct at least one transaction at an automated teller machine to withdraw money from an account associated with the first financial institution or a second financial institution, if the consumer selects a debit option at the automated teller machine, and to conduct at least one other transaction at the automated teller machine to withdraw money using a line of credit issued by the first financial institution or the second financial institution, if the consumer selects a credit option at the automated teller machine, wherein the automated teller machine transmits transaction data along a network, the transaction data including at least a portion of the account data and data indicating whether the customer selected the debit option or the credit option.
A still further aspect of the present application provides for a method for providing a consumer an option to use one card for multiple accounts when conducting a transaction. The method comprises receiving selection data transmitted by a point-of-sale terminal, the selection data associated with an attempted transaction and including at least an amount of the transaction, determining whether the consumer selected a debit option or a credit option at the point-of-sale terminal, and processing the transaction in accordance with the consumer selection.
An even further aspect of the present application provides for a method for providing a consumer an option to use one card for multiple accounts when conducting a transaction. The method comprises receiving selection data transmitted by an automated teller machine, the selection data associated with an attempted transaction and including at least an amount of the transaction, determining whether the consumer selected a debit option or a credit option at the automated teller machine, and processing the transaction in accordance with the consumer selection.
An additional aspect of the present application provides for a system for providing a consumer an option to use one card for multiple accounts when conducting a transaction, The system comprises a determination unit associated with a financial institution and adapted to communicate with a point-of-sale terminal through a debit network and a credit network and an automated teller machine through the debit network, the determination unit being further adapted to receive transaction data from the point
Baker & McKenzie
Capital One Financial Corporation
Le Thien M.
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