Browse Prior Art Database

Immediate Return of Cleared Check Images

IP.com Disclosure Number: IPCOM000022367D
Original Publication Date: 2004-Mar-11
Included in the Prior Art Database: 2004-Mar-11
Document File: 2 page(s) / 29K

Publishing Venue

IBM

Abstract

The core idea of this invention is that as soon as a check is cleared by the check writer's bank, an eCheck object is immediately sent to the check writer, preferably as an e-mail attachment, to the account holder's home computer, PDA and/or mobile phone. The eCheck object includes a scanned image of the check so that the check writer can tell immediately whether the check has been used properly.

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Immediate Return of Cleared Check Images

Main Idea

The owner of a checking account generally does not know when checks clear his account or that a check has been used fraudulently until the monthly statement arrives or an overdraft notice is received. Not only is this a financial exposure but its unauthorized use may severely damage the account holder's credit record. It would be advantageous to provide an extra level of security so that the check writer knew when each check cleared his bank at the time the check is being cleared..

The core idea of this invention is that as soon as a check is cleared by the check writer's bank, the eCheck object is immediately sent to the check writer, preferably as an e-mail attachment, to the account holder's home computer, PDA and/or mobile phone. This includes a scanned image of the check so that the check writer can tell immediately whether the check has been used properly. Options include immediately returning only the images of checks above a specified dollar amount to specified payees or some other filter. An alternate embodiment provides for all the check images cleared during the month to be returned with the monthly statement for account reconciliation.

Since the check writer's bank is involved in the instantaneous clearing process, the check writer's account balance can now be returned as a convenience feature. Thus an additional benefit of this invention is that not only is the check image returned to the customer immediately after the transaction but the account balance can be included in the returned eCheck. This feature can be used in the case where a paper check is cleared and returned immediately by the merchant to the check writer.

The method created by this invention is as follows:

A customer purchases goods and/or services and pays for them with a check.

A checking account holder registers with his bank to specify the notification option

(e-mail, phone call, short message, etc.) Using the system described in the disc...