Device, system and method for increasing saving account particip

Details Device, system and method for increasing saving account particip Device, system and method for increasing saving account particip

1991-08-09

1993-10-12

Pitts, Harold

Registers

Systems controlled by data bearing records

Banking systems

902 24, G06F 1530

Patent

active

052528111

ABSTRACT:
An automated cash saving system including multiple remote cash saving machines for automatically receiving deposited cash in small amounts from multiple depositors, for automatically counting the cash deposited by each of the depositors, and for attributing the value of accounted cash to individual savings accounts identified by the depositors, and for electronically encoding the values and the accounts to which the cash is attributed; transmitters to multiple remote transmitters associated with the multiple remote cash saving machines for sending the electronically encoded information to a central processor for decoding, an automatic processor in the central processor wherein the identified accounts, the lock box at the multiple remote cash savings machines for holding deposited cash until it can be physically collected, and an authorization letter generating device associated with the central processor for obtaining the depositor's authorization to purchase preselected instruments on his behalf upon reaching a cumulative value in the depositor's savings account equal to or greater than the minimum purchase price of the preselected security instrument.

REFERENCES:
patent: 4621326 (1986-11-01), Rowlins
patent: 4689978 (1987-08-01), Hale et al.
patent: 4988849 (1991-01-01), Sasaki et al.
patent: 5025372 (1991-06-01), Burton et al.
patent: 5117355 (1992-05-01), McCarthy

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