Patent ID: 7792720
Filing Date: 2010-09-07
Classification: G06Q

Abstract:
1. A computer implemented method of transferring funds between user online accounts in a computer network, the method comprising the steps of: receiving registration information from a first user for establishing a first online account, the registration information including a physical mailing address; setting a transaction limit on the first online account to a first value that comprises a temporary limit pending a verification; providing, to the first user, a confirmation code to verify that the physical mailing address is a valid address; receiving the confirmation code from the first user for verification that the physical mailing address is a valid address; receiving a request, from the first user, to raise the transaction limit on the first online account to a second value, wherein the second value is set by the first user and is below a specified maximum; and increasing, upon receipt and the verification of the confirmation code, the transaction limit on the first online account to the second value.