Patent ID: 8073775
Filing Date: 2011-12-06
Classification: G06Q

Abstract:
1. A method for transferring funds using an electronic check system, the method comprising: receiving, by the electronic check system using a hardware processor, a request to initiate a secure fund transfer, wherein the request to initiate the secure fund transfer specifies a sender, a sender account, a recipient, a recipient account, and an amount of the funds to transfer from the sender to the recipient, wherein the sender sends the funds, and wherein the recipient receives the funds; sending, using the hardware processor, a request to verify that the sender account comprises at least the amount of the funds to be transferred; receiving, using the hardware processor, a notification that the sender account comprises at least the amount of the funds to be transferred; requesting, by the electronic check system using the hardware processor, a reservation of the funds in the sender account corresponding to the amount of the funds to be transferred, wherein the reservation of the funds flags the amount of the funds to be transferred, located in the sender account, as reserved; receiving, by the electronic check system using the hardware processor, a notification of the reservation of the funds; notifying, by the electronic check system using the hardware processor, the recipient that the amount of the funds to be transferred is reserved after receiving the notification of the reservation of the funds; sending, after receiving notification of the reservation, a request to the recipient for a selection of a preferred funds transfer method from a list of sender approved funds transfer methods, wherein the request to the recipient comprises the list of sender approved funds transfer methods; receiving, from the recipient, the selection of the preferred funds transfer method from the list of sender approved funds transfer methods, wherein the preferred funds transfer method is a physical check; initiating a mailing of the physical check, to the recipient in the amount of the funds to be transferred according to the preferred funds transfer method; and releasing, after the physical check is mailed, the reservation of the funds based on the recipient failing to present the physical check for payment prior to an expiration date of the physical check.