IP Library › Granted Patent US 7,039,601
Granted Patent B2
US 7,039,601 · App. 10/277,853 · Granted May 2, 2006

Method and system for monetary gift registry

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Quick Facts
Patent No.
US 7,039,601
App. No.
10/277,853
Granted
May 2, 2006
Kind
B2
Abstract

The invention provides methods and systems for collecting and transferring monetary gifts. The method includes establishing a registry for gift accounts; creating a record for a customer in the registry; storing customer information in the customer record, creating a gift account associated with the customer record; collecting deposits of gift funds from a contributor into the gift account; and transferring the gift funds from the gift account to the customer. The system includes a registry containing at least one customer record and at least one gift account identifier, at least one gift account, and a central system to maintain the registry. The system also includes at least one transaction terminal which communicates with the central system over a network.

Claims (17)

1. A method for collecting and transferring monetary gifts, comprising the steps of:

establishing a registry by a financial institution, the registry being an electronic database maintained by a central system;

creating a record for a customer in the registry;

storing customer information in the customer record;

creating a gift account for the customer, the gift account associated with the customer record and the gift account assigned a gift account identifier,

collecting a deposit of gift funds into the gift account from a contributor through a transaction terminal, the transaction terminal in network communication with the central system, and the transaction terminal further adapted to receive gift account identifiers and search input from contributors;

transferring the collected gift funds from the gift account to a customer account at the expiration of a predetermined period of time;

releasing a pre-determined percentage of the gift funds for withdrawal by the customer from the customer account;

freezing the remaining percentage of the gift funds for a savings period of up to 18 years; and

releasing the remaining percentage of the gift funds for withdrawal by the customer from the customer account.

2. The method of claim 1 , wherein the gift account is associated with an event, an event identifier being stored in the customer record.

3. The method of claim 1 , wherein the gift account is assigned a gift account identifier, the gift account identifier being stored in the customer record.

4. The method of claim 3 , wherein the step of collecting a deposit of gift funds from a contributor into the gift account further includes:

prompting the contributor to input the gift account identifier in the transaction terminal;

accepting input of the gift account identifier from the contributor;

verifying the gift account identifier input by the contributor; and

collecting the deposit of gift funds through the transaction terminal.

Continuity (1)
Related Publication 20040078283A1 · Apr 22, 2004