Registers – Systems controlled by data bearing records – Banking systems
Reexamination Certificate
1999-06-09
2003-06-17
Lee, Michael G. (Department: 2876)
Registers
Systems controlled by data bearing records
Banking systems
C235S380000, C235S382000, C902S008000
Reexamination Certificate
active
06578760
ABSTRACT:
The invention concerns an automated teller machine which cashes so-called “second-party checks.” The machine delivers currency to the person cashing the check, but, in general, makes no deduction from an account maintained by the person. The reason is that the check is written by another party, and drawn on that party's account.
BACKGROUND OF THE INVENTION
For various reasons, numerous people do not maintain bank accounts. The reasons may include (1) a distrust of banks, (2) a preference for dealing exclusively in cash, and (3) an infrequent need for a bank account. It may seem odd that the last factor, infrequent need, would promote avoidance of a bank account. However, many banks impose penalties on people who maintain small accounts or who write checks infrequently. These charges discourage maintenance of the accounts.
Even though these people lack accounts, they must still cash checks, such as payroll checks and government checks, including social security checks and welfare checks. It would seem that these checks could be cashed at a bank, but this does not often occur, for two primary reasons.
The first is distance: the bank on which a check is drawn will cash the check, and may even be required by law to do so. However, visiting the drawee-bank often requires travelling a long distance.
The second reason is that banks other than the drawee-bank, in general, will only cash checks for persons maintaining accounts at those banks. However, as stated above, the people under consideration do not maintain bank accounts.
Therefore, for at least these two reasons, people lacking bank accounts tend to avoid cashing checks at banks.
To accommodate these people, check-cashing “stores” have developed. These stores are sometimes called “currency exchanges.” While these stores provide the service of cashing checks, they tend to impose high fees upon the check-cashing transaction.
OBJECTS OF THE INVENTION
An object of the invention is to utilize an Automated Teller Machine (ATM) to cash checks.
A further object of the invention is to provide an improved ATM machine.
SUMMARY OF THE INVENTION
In one form of the invention, an ATM accepts a check from a person, and delivers cash, but without modifying an account maintained by the person.
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Kim Ahshik
Lee Michael G.
NCR Corporation
Welte Gregory A.
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