Automated transaction system with insertable cards for transferring account data

An automated transaction system comprising:

• (a) a plurality of user cards each issued to a respective user and having a user card microprocessor and a memory incorporated therein for maintaining a history of user account transactions and a user account balance therein, each said user card having data output means connected to said user card microprocessor;
• (b) a plurality of master cards each having a master card microprocessor and a memory incorporated therein for maintaining a history of master account transactions and a master account balance therein, each said master card having data output means connected to said microprocessor;
• (c) a plurality of terminals each having first receiving means for receiving any one of said plurality of user cards inserted therein and establishing a connection with said user card data output means, second receiving means for receiving one of said plurality of master cards inserted therein and establishing a connection with said master card data output means, operating means for performing a set of desired terminal functions, and first path means for establishing a data communication path between the user card microprocessor of a user card inserted in said first receiving means and the master card microprocessor of a master card inserted in said second receiving means of said terminal;
• (e) said user cards and said master cards each having program means for performing an account transfer transaction between a user card and a master card inserted in a terminal wherein value from the account balance of one card is debited and the account balance of the other card is correspondingly credited;
• and
• (f) transaction history recording means for receiving a user card or a master card therein and producing a transaction history record of the account transactions stored in said card.