Check-cashing/loan system using a variable amount electronic funds card

Abstract

A rechargeable and disposable electronic funds (cash card) issued by a non-financial facility, such as a check cashing facility, a payday loan facility or a short term loan facility, is disclosed where the card substitutes for the cash and is labeled in the name of a bank type financial institution with which the non-financial facility has a relationship. The card can be charged with a variable amount on money. When used at a store for a purchase it can act like a debit card but need not have a name of the holder associated with (or embossed on) it like a gift card, so the user can remain anonymous. The card can be upgraded to a rechargeable or debit/credit card. The card can draw on an account or sub account of the check cashing service or of the bank.

1 . A process, comprising:
 performing a financial transaction of a variable amount of money with an individual at a non-financial institution where the financial transaction is one of cashing a check;   requesting permission to issue from a financial institution and issuing, at the non-financial institution, a variable amount electronic funds card of the financial institution including the variable amount; and   transferring the variable amount from a facility account of the non-financial institution to the financial institution.   
     
     
         2 . A process as recited in  claim 1 , wherein the financial transaction is one of making a short-term loan and making a payday loan. 
     
     
         3 . A process as recited in  claim 1 , wherein the card where the electronic funds card comprises a non-rechargeable and disposable, anonymous cash card where the variable amount credited to the card is adjusted responsive to a transaction fee charge and a reserve amount having a reserve time period. 
     
     
         4 . A process as recited in  claim 1 , further comprising allowing upgrading, by a processor, the non-rechargeable and disposable cash card to a rechargeable cash card, upgrading the rechargeable cash card to a debit card, upgrading the debit card to a debit card with a savings component, and upgrading the debit card with the savings component to a debit and credit card with a savings component responsive to a transaction history of the individual. 
     
     
         5 . A process as recited in  claim 1 , further comprising transferring a transaction amount from the financial institution to a third party with whom the individual conducts a third party financial transaction by presenting the card for the third party transaction to the third party and debiting the variable amount of the card by transaction amount. 
     
     
         6 . A process as recited in  claim 1 , further comprising allowing the individual to add another variable amount to the card via another financial transaction at the non-financial institution where the financial transaction is one of cashing a check, making a short-term loan and making a payday loan when the card is rechargeable. 
     
     
         7 . A process, comprising:
 performing a financial transaction of a variable amount of money with an individual at a non-financial facility; and   issuing, at the non-financial institution, a variable amount electronic funds card of a financial institution including the variable amount.   
     
     
         8 . A process as recited in  claim 7 , wherein the financial transaction is one of cashing a check, making a short-term loan and making a payday loan. 
     
     
         9 . A process as recited in  claim 7 , wherein the electronic funds card comprises one of a non-rechargeable/disposable, anonymous cash card, a rechargeable cash card, a debit card, a debit card with a savings component, a debit/credit card with a savings component and having the amount credited thereto. 
     
     
         10 . A process as recited in  claim 9 , wherein the non-rechargeable/disposable cash card can be upgraded to the rechargeable cash card, which can be upgraded to the debit card, which can be upgraded to the debit card with a savings component and which can be upgraded to the debit/credit card with a savings component. 
     
     
         11 . A process as recited in  claim 7 , further comprising transferring the amount from a facility account to the financial institution. 
     
     
         12 . A process as recited in  claim 11 , transferring an amount from the financial institution to a third party with whom the individual conducts a financial transaction by presenting the card for the transaction to the third party. 
     
     
         13 . A process, comprising:
 performing a financial transaction of a variable amount of money with an individual at a non-financial facility where the financial transaction is cashing a check; and   issuing, at the non-financial institution, a variable amount electronic funds card of a financial institution including the variable amount.   
     
     
         14 . A process as recited in  claim 13 , wherein the electronic funds card comprises a non-rechargeable/disposable, anonymous cash card. 
     
     
         15 . A process as recited in  claim 13 , wherein the card can be upgraded to a debit/credit card with a savings component.