Patent ID: 6814282
Filing Date: 2004-11-09
Classification: G06Q,G07F

Abstract:
A method for transferring money from a sender to a recipient, the method comprising:receiving money at a money transfer location in the form of cash or negotiable instrument from the sender, along with information on the recipient that is to receive at least a portion of the money; establishing a stored value account upon receipt of the money from the sender, for purposes of holding the received money for transfer to the recipient; storing an electronic record of the received money in the stored value account of the sender; electronically processing a request from the sender to transfer at least a portion of the received money to the recipient; debiting the stored value account for the money transferred; and maintaining the balance in the stored value account of money not transferred to the recipient, so that the balance may be used for one or more subsequent transactions by the sender using the stored value account.