Financial data processing system

The method of effecting an automatic funds transfer transaction between a customer and an institution while providing protection for the parties thereto against fraud and error, comprising the steps of:

• filling out, by the customer, of a portion of a unit record containing machine readable information including customer account information;
• entering information detailing the financial aspects of the transaction;
• transmitting a message to the institution containing the customer account and transaction related information;
• verifying customer identification by the institution using at least the customer account and transaction related information;
• executing the requested funds transfer, including adjustment of the customer's account, immediately, whereby the recipient of the transfer is assured of its validity;
• transmitting data to the customer indicating that the transaction was satisfactorily completed;
• and
• recording at least part of the returned data on the unit record to evidence the manner in which the transaction was effected and convert the unit record to a further unusable document.

The method of effecting a financial transaction involving a financial institution, a customer of the institution, an input terminal and a unit record having machine readable information thereon comprising the steps of:

• entering, by the customer, information on the unit record as to a part of the transaction;
• entering, under customer control at least financial data via the input terminal;
• machine reading of information on the unit record at the input terminal;
• transmitting the customer controlled data entry and machine read information to the financial institution;
• verifying the transaction and execution of the transaction at the financial institution;
• transmitting an authorization message to the terminal from the financial institution;
• and
• recording at least a portion of the authorization message on the unit record to evidence authorization and completion of the transaction.

The method of evidencing and completing an automatic funds transfer transaction between a customer and a financial institution, based upon usage of an independently negotiable instrument including machine readable fields, customer entry fields and imprinting fields, the method including the use of at least one customer terminal, at least one financial institution processor, and data links therebetween, and comprising the steps of:

• preparing, by the customer, customer entry fields on the instrument to initiate the transaction;
• assembling a transaction message at the terminal including machine reading of the instrument and customer entry of transaction information;
• transmitting the transaction message to the financial institution processor;
• returning an authorization message from the processor to the terminal evidencing execution of the funds transfer;
• and
• post-printing instrument invalidating and transaction record information on the instrument to complete the transaction, whereby the instrument is initially available for use as a negotiable document but serves as a complete customer record when used for automatic funds transfer.

In a system for automatic funds transfer including a terminal having key entry and code reader devices and a data processor at an institution, the method comprising the steps of:

• accessing the system with a document evidencing customer intent and bearing machine readable data;
• converting the intent evidenced on the document to a fully authorized transfer utilizing key entered information;
• verifying the propriety of the authorized transfer at the institution;
• effecting the intended transfer at the institution;
• and
• rendering the document non-negotiable by control from the institution.

A method for effecting multiple types of financial transactions with limited document handling using a data processor system comprising the steps of:

• generating originating check documents by individual customers, each check document evidencing a part of a different transaction;
• using the check documents and manually entered information in consummating electronic funds transfer for each transaction;
• completing the check documents to evidence consummated funds transfer;
• generating retrievable copies of each completed document;
• electronically retaining transaction data, including reference to the retrievable copies, within the data processing system;
• and
• immediately returning the originating check documents to the customers, whereby the customer has a verifying document and the transaction is thereafter handled by the data processor system, while a reference audit trail is also established.

An integrated transaction system for debits or credits comprising:

• a transaction instrument in the form of a negotiable instrument having coded customer account indicia and customer entered transaction indicia;
• transaction terminal means including means for sensing account indicia on the instrument, controllable means for imprinting on the instrument, customer data entry means, and display means;
• processor means coupled to control the transaction terminal means for sequencing the terminal means to derive the coded customer account indicia from the instrument and the customer entered transaction indicia, including a personal identification number;
• an electronic funds transfer system coupled to the processor means for receiving the coded customer account indicia, the transaction indicia and the personal identification number, and providing authorization and transaction information where the transaction is permissible, while entering the transaction in the system;
• and
• the processor means and terminal means responding to the authorization and transaction information to print the same on the instrument, whereby the customer has a complete and immediate record of the transaction in the form of a non-negotiable instrument with security against unauthorized access to his account.

A system for enabling electronic funds transfer utilizing a conventionally negotiable instrument such as a check having a machine readable account code and comprising:

• processor controlled terminal means including means for reading the account code on the instrument and means for customer entry of transaction data and a personal identification;
• electronic funds transfer means including means (1) responsive to the account code and personal identification for authorizing a transaction (2) responsive to the transaction data for effecting electronic funds transfer and (3) for generating unit record identification;
• and
• means coupled to said processor controlled terminal means and responsive to the electronic funds transfer means for imprinting unit record information on the check, whereby the customer may obtain a record evidencing a completed secure transaction or use the check in conventional fashion.

A unit record for use as a negotiable instrument or alternatively as a document for initiating electronic funds transfer and recordation thereof, comprising:

• a machine readable code field identifying at least an account number and financial institution and including a field for entry of voiding data;
• manually enterable fields for receiving at least transaction and account holder data;
• and
• imprintable fields comprising at least amount and confirmation data evidencing completion of the transaction.