CA2113011C - X.y.z. (company name) guarantee money - Google Patents
X.y.z. (company name) guarantee moneyInfo
- Publication number
- CA2113011C CA2113011C CA 2113011 CA2113011A CA2113011C CA 2113011 C CA2113011 C CA 2113011C CA 2113011 CA2113011 CA 2113011 CA 2113011 A CA2113011 A CA 2113011A CA 2113011 C CA2113011 C CA 2113011C
- Authority
- CA
- Canada
- Prior art keywords
- money
- bill
- bank
- cheques
- guarantee
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Expired - Lifetime
Links
Classifications
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/042—Payment circuits characterized in that the payment protocol involves at least one cheque
-
- B—PERFORMING OPERATIONS; TRANSPORTING
- B42—BOOKBINDING; ALBUMS; FILES; SPECIAL PRINTED MATTER
- B42D—BOOKS; BOOK COVERS; LOOSE LEAVES; PRINTED MATTER CHARACTERISED BY IDENTIFICATION OR SECURITY FEATURES; PRINTED MATTER OF SPECIAL FORMAT OR STYLE NOT OTHERWISE PROVIDED FOR; DEVICES FOR USE THEREWITH AND NOT OTHERWISE PROVIDED FOR; MOVABLE-STRIP WRITING OR READING APPARATUS
- B42D25/00—Information-bearing cards or sheet-like structures characterised by identification or security features; Manufacture thereof
- B42D25/30—Identification or security features, e.g. for preventing forgery
- B42D25/309—Photographs
-
- B—PERFORMING OPERATIONS; TRANSPORTING
- B42—BOOKBINDING; ALBUMS; FILES; SPECIAL PRINTED MATTER
- B42D—BOOKS; BOOK COVERS; LOOSE LEAVES; PRINTED MATTER CHARACTERISED BY IDENTIFICATION OR SECURITY FEATURES; PRINTED MATTER OF SPECIAL FORMAT OR STYLE NOT OTHERWISE PROVIDED FOR; DEVICES FOR USE THEREWITH AND NOT OTHERWISE PROVIDED FOR; MOVABLE-STRIP WRITING OR READING APPARATUS
- B42D25/00—Information-bearing cards or sheet-like structures characterised by identification or security features; Manufacture thereof
- B42D25/20—Information-bearing cards or sheet-like structures characterised by identification or security features; Manufacture thereof characterised by a particular use or purpose
- B42D25/29—Securities; Bank notes
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
- G06Q20/102—Bill distribution or payments
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/22—Payment schemes or models
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/34—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
- G06Q20/342—Cards defining paid or billed services or quantities
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q90/00—Systems or methods specially adapted for administrative, commercial, financial, managerial or supervisory purposes, not involving significant data processing
Landscapes
- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Engineering & Computer Science (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Theoretical Computer Science (AREA)
- Strategic Management (AREA)
- Finance (AREA)
- Economics (AREA)
- Development Economics (AREA)
- Microelectronics & Electronic Packaging (AREA)
- Computer Networks & Wireless Communication (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
A unique financial process to create a banking product which would replace transactions made by: 1. money 2. cheques 3. certified cheques 4. money orders 5. visa* 6. visa cheques 7. line of credit cheques 8. bank drafts 9. travellers cheques 10. client cards used for banking machines.
The proposed financial product called, "XYZ (company name) Guarantee Money" will have the appearance of money and not a cheque or money order and it will state in bold letters that the maximum that shows on the bill is guaranteed by the Bank or Trust company or Credit Union or other qualified institution which issued the bill.
The proposed financial product will be created by a bank or other qualified financial institution in a similar fashion as a money order, or certified cheque, or a travellers cheque, or bank draft is created when a customer of a bank pays money for the money order or certified cheque or travellers cheque or bank draft. In this invention the customer will pay to a Bank the maximum that will show on the Guaranteed Money issued. The guarantee money bill though will be different than the four products mentioned in this paragraph as it will have the space for how much it will be used for, blank, and it will only be filled out at the time of purchase, with the exact amount. The owner of the Guarantee Money will be able to purchase products or services to the maximum that will show on the bill.
For example, for a Guarantee Money issued by the Bank for $20.00 dollars maximum, the owner of the bill will purchase a product for say $16.00 dollars and print the words sixteen dollars and the number $16.00, then insert the name of the vendor on the bill and sign it just like in the case of a cheque. When the vendor deposits the bill in his Bank he will be credited only $16.00 dollars and the purchaser will be credited the remaining $4.00 dollars.
If a purchase of $20.00 dollars is made then the vendor will be credited for $20.00 dollars and the purchaser zero since all the money is spent.
By using Guarantee Money people will not have to look for change in their pockets and they will not have to wait for change.
The proposed financial product called, "XYZ (company name) Guarantee Money" will have the appearance of money and not a cheque or money order and it will state in bold letters that the maximum that shows on the bill is guaranteed by the Bank or Trust company or Credit Union or other qualified institution which issued the bill.
The proposed financial product will be created by a bank or other qualified financial institution in a similar fashion as a money order, or certified cheque, or a travellers cheque, or bank draft is created when a customer of a bank pays money for the money order or certified cheque or travellers cheque or bank draft. In this invention the customer will pay to a Bank the maximum that will show on the Guaranteed Money issued. The guarantee money bill though will be different than the four products mentioned in this paragraph as it will have the space for how much it will be used for, blank, and it will only be filled out at the time of purchase, with the exact amount. The owner of the Guarantee Money will be able to purchase products or services to the maximum that will show on the bill.
For example, for a Guarantee Money issued by the Bank for $20.00 dollars maximum, the owner of the bill will purchase a product for say $16.00 dollars and print the words sixteen dollars and the number $16.00, then insert the name of the vendor on the bill and sign it just like in the case of a cheque. When the vendor deposits the bill in his Bank he will be credited only $16.00 dollars and the purchaser will be credited the remaining $4.00 dollars.
If a purchase of $20.00 dollars is made then the vendor will be credited for $20.00 dollars and the purchaser zero since all the money is spent.
By using Guarantee Money people will not have to look for change in their pockets and they will not have to wait for change.
Description
PREPAID N~ ABLE INSTRU~NT 2 ~ 1 3 0 1 1 A unique financial process to create a more flexible b~nk;ng product than, money, cheques, certified cheques, money orders, visa*, visa* cheques, line of credit cheques, bank drafts, travellers cheques, client cards used for banking machines.
In one aspect of the present invention, there is provided a method of creating a negotiable financial instrument comprising the steps of requiring a purchaser to pay a pre-determined fee, providing the purchaser with a negotiable instrument indicating a r~x;rll-guaranteed amount equal to or less than the pre-determined paid fee, and providing an area on said instrument for allowing the purchaser to indicate a desired purchase amount up to the guaranteed maximum amount, whereby any amount in excess of the difference between the m~x;rllr amount and the purchase amount is credited to the purchaser.
In a further aspect of the present invention, there is provided a negotiable financial instrument for issuance by a financial institution to a purchaser comprising a cheque or money order having a first display indicating a liquid amount to be guaranteed by the financial institution, a second display area for indicating a purchase amount less than or equal to the liquid amount, whereby the difference between the purchase amount and the liquid amount, to be credited to the purchaser by the financial institution, is calculable from the face of the completed instrument.
page 3 ~ 1 1 3 0 ~ 1 Please refer to drawing.
The proposed new financial product Guarantee Money will have the following characteristics:
1. It will have the appearance of money and size of ordinary money.
In one aspect of the present invention, there is provided a method of creating a negotiable financial instrument comprising the steps of requiring a purchaser to pay a pre-determined fee, providing the purchaser with a negotiable instrument indicating a r~x;rll-guaranteed amount equal to or less than the pre-determined paid fee, and providing an area on said instrument for allowing the purchaser to indicate a desired purchase amount up to the guaranteed maximum amount, whereby any amount in excess of the difference between the m~x;rllr amount and the purchase amount is credited to the purchaser.
In a further aspect of the present invention, there is provided a negotiable financial instrument for issuance by a financial institution to a purchaser comprising a cheque or money order having a first display indicating a liquid amount to be guaranteed by the financial institution, a second display area for indicating a purchase amount less than or equal to the liquid amount, whereby the difference between the purchase amount and the liquid amount, to be credited to the purchaser by the financial institution, is calculable from the face of the completed instrument.
page 3 ~ 1 1 3 0 ~ 1 Please refer to drawing.
The proposed new financial product Guarantee Money will have the following characteristics:
1. It will have the appearance of money and size of ordinary money.
2. In the four corners of the bill it will state the maximum purchasing power the bill is good for.
3. The words (XYZ company name) Guarantee Money will show on top of the bill.
4. A computer picture or sketch of owner's face will appear on the bill if the costs allow it.
5. A seperate I.D. card showing owners name and picture could be issued by the bank if costs allow it - optional.
6. As in the ordinary cheques a space will be left blank to write the name of the person receiving the Guarantee Money.
7. As in the ordinary cheques a space will be left blank to write the amount of money for the purchase of goods and services.
8. A guarantee statement by the Treasurer and president of the issuing institution stating the following: The X.Y.Z. company will pay the maximum of whatever shows on the bill, to anyone whose name shows above and presenting this Gurantee Money to any of our XYZ branch minus a given fee of say, 25~.
9. The name of the owner of the bill will be printed on the bill 10. The transit number of the financial institution and the Account of the owner of the Guarantee Money will be printed on the bill.
11. A space close to the name of the owner at the bottom will be left for the owner to sign the bill or just initial the bill for convenience for smaller amounts.
12. The Bill will be numbered for future identifications.
13. The bill will show the date of purchase.
This invention having the above characteristics and especially the Guarantee from the financial Institutions will serve the financial needs of the people better as it will be accepted more readily than, for example, ordinary cheques since money will be paid in advance by the owner of the bill, to the financial institution issuing the bill, to acquire the Guarantee Money bill.
page 3a B
2 ~ 1301~
; following banking products, ordinary cheques, certified cheques, ney orders, visa, visa cheques, money, line of credit cheques, bank drafts, travellers cheques and client cards have the following limitations.
Ordinary cheques are not trusted by the majority of people, especially if the receiver of a cheque does not know the issuer of the cheque.
Also ordinary cheques bounce so often that everybody involved in the transaction is inconvenienced and many times people loose money due to bad cheques. In the case of the Guarantee Money issued and guaranteed by the financial institution the receiver of a Guarantee Money will be assured to get paid since the Guarantee Money bill was created after it was paid for. Also Guarantee Money will never bounce since the money was already paid to purchase it.
In the case of certified cheques, bank drafts and travellers cheques, and money orders the people have to know in advance the purchase price of an article or service and then go to the bank to purchas~
a money order or certified cheque for a specific amount. This is not very practical especially in small transactions. In the case ~ the Guarantee Money, people will be able to purchase the Guarantee Money bills and then write on the Guarantee Money bill the exact amount of any purchase to the maximum that shows on the bill. No coins or other bills will be returned to the purchaser since the Guarantee Money bill now will be worth to the receiver of the bill exactly how much is written on the bill, which will also equal the sale of the product or service. Because of this the Guarantee Money bill will be more flexible and will be used in large or small amounts. Certified cheques and money orders are issued with the name of the receiver on them which makes them less flexible, whereas in the case of Guarantee Money the receivers name will not be printed until people are ready to make a purchase.
In the case of Visa and visa cheques the merchants who accept ~isa*and Visa~ a~eques have to check on their computers if that particular visa*card is good and to make sure the maximum allowed is not exceeded. A lot of time is wasted by doing this and people have to wait in line to make their purchases and also the merchants and the banks waste a lot of time because of this. Instead of using their Visa~or the visa~cheques people could purchase ~1 52* Guarantee Money against their visa~credit limits by increasing the money they owe to the Bank visa*account. This way the merchants-and especially the ones who cannot afford to buy a computer, do not have to check for the maximums on everyone's visa* Many merchants cannot afford to buy a computer and therefore they do not accept visa~ or visa*cheques, and due to this they loose a lot of business, and on the other hand people are inconvenienced. Also the banks cannot have these merchants as customers. Also the merchants, the Banks and visa~holders loose millions of dollars due to-visa*fraud.
page 4 2 ~ 1 3 0 1 1 ~n the case of Visa Guarantee Money, since the money will be paid in advance to get the ~isa*Guarantee money, fraud will be decreased tremendously. The banks will have their money in advance, the merchants will have the guarantee from the banks, and the owners of the Visa*Guarantee Money will have their computer picture on the ~.isa~Guarantee Money, In the event that a computer picture is not on the Guarantee Money people will still loose less money due to fraud since their Guarantee Money will have a maximum dollar amount.
In the case of using money people do not carry big amounts of money because they are afraid of loosing it or being robbed. Because of this people waste a lot of time going to the bank or bank machines back and forth more times. In the case of Guarantee Money the computer picture on the bill will deter would be robbers and so people will be able to store more Guarantee Money at their homes. Thousands of variety stores, restaurants, gas stations and other businesses are being robbed each year and innocent people are injured or killed due to the fact that they carry money in their cash registers. In the case of Guarantee Money this problem will be eliminated to zero since the name of the merchants will be printed by their customers on the Guarantee Money therefore making the Guarantee Money useless to a would be robber.
Also in the case of using money people have to constantly look for exact change to buy things or wait to get back the exact change and it seems that people always have either too many coins in their pockets or just not enough. In the case of Guarantee Money and especially in very small transactions people will just put the exact amount of the purchase on the Guarantee Money and sign the bill and in extremely small amounts just their initials would be sufficient. The savings on coins and notes that the Government would save would amount ~o hundreds of millions of dollars each year.
Also in the case of using money the merchants loose millions on employee theft, time wasted getting and giving back the correct change and managers wages for supervising the cashiers.
Also the black market in construction, factories, cigarettes, alcohol, and many other industries which use basically cash would be eliminated from the economy. The Provincial Governments and the Federal Government loose billions of dollars each year due to the blac~ market. Illegal imports will be decreased tremendously as illegal importers will not be able to sell their commodities other than using them for themselves. Illegal imports of drugs will be decreased almost to zero since i~ will be impossible to sell illegal drugs at the retail level. Also many other illegal activities like extortion, bootlegging, prostitution, organized crime and other illegal activities which depend on cash transactions will be eliminated or much better controlled. People stealing commodities in big amounts will not be able to sell them as they would have to report incomeon these transactions to the government and therefore having to show where they bought these commodities.
- page 5 V
2~Y~
In the case of line of credit cheques the merchants are hesitant co accept them, as they do not know the maximum the purchaser is allowed on his line of credit. Similarly as explained before one would be able to purchase Guarantee Money against his line of credit and debit his line of credit Guarantee Money more readily.
For big purchases where people do not know the exact figure, it will be easier to get a line of credit Guarantee Money purchased for a higher amount of the estimated price of the goods or services and save a trip going back to the bank to purchase a draft or certified cheque.
In the case of client cards people have to constantly go to the bank machines to get cash wasting time, whereas people could get a large sum of Guarantee Money and store it in their house.
Also the banks are loosing money from fraud due to client cards and also to buy, maintain, and feed the machines with cash is costing the banks a lot of money.
The embodiments of the invention in which an exclusive property or privilege is claimed are defined as follows:
-The word "Maximum" on the Guarantee Money bill restricting anypayment higher than what it shows on the Guarantee Money bill.
The words "Guarantee Money" indicating that the Bank or another Financial Institution is guaranteeing the bill.
Having a computer picture or sketch of the owner on the face of the Guarantee Money bill.
The actual guarantee written on the Guarantee Money bill minus the fees.
The idea of being able to issue a guarantee to pay the maximum amount of money and at the same time leave a blank space to fill the exact amount of money for the purchase at a later date.
The idea of purchasing the Guarantee Money for say ten dollars and being able to purchase goods and services for different amounts less than $10.00 dollars and getting the difference credited back at the bank.
The fact that the Guarantee Money bill can replace many other financial products such as: ordinary money, money orders, cheques, certified cheques, visa, visa cheques, line of credit cheques, bank drafts, travellers cheques, bank cards.
page 6
This invention having the above characteristics and especially the Guarantee from the financial Institutions will serve the financial needs of the people better as it will be accepted more readily than, for example, ordinary cheques since money will be paid in advance by the owner of the bill, to the financial institution issuing the bill, to acquire the Guarantee Money bill.
page 3a B
2 ~ 1301~
; following banking products, ordinary cheques, certified cheques, ney orders, visa, visa cheques, money, line of credit cheques, bank drafts, travellers cheques and client cards have the following limitations.
Ordinary cheques are not trusted by the majority of people, especially if the receiver of a cheque does not know the issuer of the cheque.
Also ordinary cheques bounce so often that everybody involved in the transaction is inconvenienced and many times people loose money due to bad cheques. In the case of the Guarantee Money issued and guaranteed by the financial institution the receiver of a Guarantee Money will be assured to get paid since the Guarantee Money bill was created after it was paid for. Also Guarantee Money will never bounce since the money was already paid to purchase it.
In the case of certified cheques, bank drafts and travellers cheques, and money orders the people have to know in advance the purchase price of an article or service and then go to the bank to purchas~
a money order or certified cheque for a specific amount. This is not very practical especially in small transactions. In the case ~ the Guarantee Money, people will be able to purchase the Guarantee Money bills and then write on the Guarantee Money bill the exact amount of any purchase to the maximum that shows on the bill. No coins or other bills will be returned to the purchaser since the Guarantee Money bill now will be worth to the receiver of the bill exactly how much is written on the bill, which will also equal the sale of the product or service. Because of this the Guarantee Money bill will be more flexible and will be used in large or small amounts. Certified cheques and money orders are issued with the name of the receiver on them which makes them less flexible, whereas in the case of Guarantee Money the receivers name will not be printed until people are ready to make a purchase.
In the case of Visa and visa cheques the merchants who accept ~isa*and Visa~ a~eques have to check on their computers if that particular visa*card is good and to make sure the maximum allowed is not exceeded. A lot of time is wasted by doing this and people have to wait in line to make their purchases and also the merchants and the banks waste a lot of time because of this. Instead of using their Visa~or the visa~cheques people could purchase ~1 52* Guarantee Money against their visa~credit limits by increasing the money they owe to the Bank visa*account. This way the merchants-and especially the ones who cannot afford to buy a computer, do not have to check for the maximums on everyone's visa* Many merchants cannot afford to buy a computer and therefore they do not accept visa~ or visa*cheques, and due to this they loose a lot of business, and on the other hand people are inconvenienced. Also the banks cannot have these merchants as customers. Also the merchants, the Banks and visa~holders loose millions of dollars due to-visa*fraud.
page 4 2 ~ 1 3 0 1 1 ~n the case of Visa Guarantee Money, since the money will be paid in advance to get the ~isa*Guarantee money, fraud will be decreased tremendously. The banks will have their money in advance, the merchants will have the guarantee from the banks, and the owners of the Visa*Guarantee Money will have their computer picture on the ~.isa~Guarantee Money, In the event that a computer picture is not on the Guarantee Money people will still loose less money due to fraud since their Guarantee Money will have a maximum dollar amount.
In the case of using money people do not carry big amounts of money because they are afraid of loosing it or being robbed. Because of this people waste a lot of time going to the bank or bank machines back and forth more times. In the case of Guarantee Money the computer picture on the bill will deter would be robbers and so people will be able to store more Guarantee Money at their homes. Thousands of variety stores, restaurants, gas stations and other businesses are being robbed each year and innocent people are injured or killed due to the fact that they carry money in their cash registers. In the case of Guarantee Money this problem will be eliminated to zero since the name of the merchants will be printed by their customers on the Guarantee Money therefore making the Guarantee Money useless to a would be robber.
Also in the case of using money people have to constantly look for exact change to buy things or wait to get back the exact change and it seems that people always have either too many coins in their pockets or just not enough. In the case of Guarantee Money and especially in very small transactions people will just put the exact amount of the purchase on the Guarantee Money and sign the bill and in extremely small amounts just their initials would be sufficient. The savings on coins and notes that the Government would save would amount ~o hundreds of millions of dollars each year.
Also in the case of using money the merchants loose millions on employee theft, time wasted getting and giving back the correct change and managers wages for supervising the cashiers.
Also the black market in construction, factories, cigarettes, alcohol, and many other industries which use basically cash would be eliminated from the economy. The Provincial Governments and the Federal Government loose billions of dollars each year due to the blac~ market. Illegal imports will be decreased tremendously as illegal importers will not be able to sell their commodities other than using them for themselves. Illegal imports of drugs will be decreased almost to zero since i~ will be impossible to sell illegal drugs at the retail level. Also many other illegal activities like extortion, bootlegging, prostitution, organized crime and other illegal activities which depend on cash transactions will be eliminated or much better controlled. People stealing commodities in big amounts will not be able to sell them as they would have to report incomeon these transactions to the government and therefore having to show where they bought these commodities.
- page 5 V
2~Y~
In the case of line of credit cheques the merchants are hesitant co accept them, as they do not know the maximum the purchaser is allowed on his line of credit. Similarly as explained before one would be able to purchase Guarantee Money against his line of credit and debit his line of credit Guarantee Money more readily.
For big purchases where people do not know the exact figure, it will be easier to get a line of credit Guarantee Money purchased for a higher amount of the estimated price of the goods or services and save a trip going back to the bank to purchase a draft or certified cheque.
In the case of client cards people have to constantly go to the bank machines to get cash wasting time, whereas people could get a large sum of Guarantee Money and store it in their house.
Also the banks are loosing money from fraud due to client cards and also to buy, maintain, and feed the machines with cash is costing the banks a lot of money.
The embodiments of the invention in which an exclusive property or privilege is claimed are defined as follows:
-The word "Maximum" on the Guarantee Money bill restricting anypayment higher than what it shows on the Guarantee Money bill.
The words "Guarantee Money" indicating that the Bank or another Financial Institution is guaranteeing the bill.
Having a computer picture or sketch of the owner on the face of the Guarantee Money bill.
The actual guarantee written on the Guarantee Money bill minus the fees.
The idea of being able to issue a guarantee to pay the maximum amount of money and at the same time leave a blank space to fill the exact amount of money for the purchase at a later date.
The idea of purchasing the Guarantee Money for say ten dollars and being able to purchase goods and services for different amounts less than $10.00 dollars and getting the difference credited back at the bank.
The fact that the Guarantee Money bill can replace many other financial products such as: ordinary money, money orders, cheques, certified cheques, visa, visa cheques, line of credit cheques, bank drafts, travellers cheques, bank cards.
page 6
Claims (5)
1. A method of creating a negotiable financial instrument comprising the steps of requiring a purchaser to pay a predetermined fee, providing the purchaser with a negotiable instrument indicating a maximum guaranteed amount equal to or less than the pre-determined paid fee, and providing an area on said instrument for allowing the purchaser to indicate a desired purchase amount up to the guaranteed maximum amount, whereby any amount in excess of the difference between the maximum amount and the purchase amount is credited to the purchaser.
2. The method of claim 1 further including the step of placing a picture of the purchaser on the instrument.
3. The method of claim 1 or 2 wherein the pre-determined fee is paid to a financial institution.
4. A negotiable financial instrument for issuance by a financial institution to a purchaser comprising a cheque or money order having a first display indicating a liquid amount to be guaranteed by the financial institution, a second display area for indicating a purchase amount less than or equal to the liquid amount, whereby the difference between the purchase amount and the liquid amount, to be credited to the purchaser by the financial institution, is calculable from the face of the completed instrument.
5. The instrument according to claim 4 further including a picture of the purchaser.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2113011 CA2113011C (en) | 1994-01-07 | 1994-01-07 | X.y.z. (company name) guarantee money |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA 2113011 CA2113011C (en) | 1994-01-07 | 1994-01-07 | X.y.z. (company name) guarantee money |
Publications (2)
| Publication Number | Publication Date |
|---|---|
| CA2113011A1 CA2113011A1 (en) | 1995-07-08 |
| CA2113011C true CA2113011C (en) | 1998-04-28 |
Family
ID=4152705
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA 2113011 Expired - Lifetime CA2113011C (en) | 1994-01-07 | 1994-01-07 | X.y.z. (company name) guarantee money |
Country Status (1)
| Country | Link |
|---|---|
| CA (1) | CA2113011C (en) |
-
1994
- 1994-01-07 CA CA 2113011 patent/CA2113011C/en not_active Expired - Lifetime
Also Published As
| Publication number | Publication date |
|---|---|
| CA2113011A1 (en) | 1995-07-08 |
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