Affinity group bearer debit cards, and card systems

• Main Authors: SEIFERT MARK E, BOOKS GREGORY J
• Format: Patent
• Language: English
• Published: 28.01.2010
• Subjects: CALCULATING; CHECKING-DEVICES; COIN-FREED OR LIKE APPARATUS; COMPUTING; COUNTING; DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES; HANDLING RECORD CARRIERS; PHYSICS; PRESENTATION OF DATA; RECOGNITION OF DATA; RECORD CARRIERS; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR

Systems and methods for transferring money internationally or domestically using conventional financial institution accounts and infrastructure for transfers but using non-conventional procedures to initiate the accounts. Such system comprises a non-financial-institution, non-employer, sponsor; single or multiple remitters, multiple funds recipients, a card processor; financial institution accounts for each remitter and each recipient. A remitter initiates a remittance account for himself, and a recipient account associated with a recipient. A debit card and PIN are linked to the recipient account. Multiple remitters can be affiliated with the sponsor, or a remitter can be the sponsor. The sponsor can be a non-profit. The system may track information into an account, and identify and record sources of funds transferred into the account. The debit card and PIN can access funds at a POS or ATM. Funds are transferred electronically between remitter and recipient accounts, and accessed using the debit card.