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Q & A’s for EPC Rounder

1.    1.  If a competing bank(s) buys “exclusive” rights to market the EPC Rounder regionally or nationally or if EPC is sold, will our bank be able to continue offering the EPC Rounder?

Yes. If EPC assigns its patent rights to another entity, existing bank licensees will be able to continue to offer the EPC Rounder.

2.    2.  If EPC grants a competing bank(s) the “exclusive” rights to market the EPC Rounder regionally or nationally or if EPC is sold, will my monthly per account charge change?

No. See 4.3.2 in the EPC License Agreement.

3.    3.  Does the 6,112,191 Patent cover adding a $1 or more to each account entry?

           Yes. See the following wording from the Patent:

           The rounder system embodiment of the invention creates excess funds from exact payments and
           without the cooperation or even awareness of the payee who accepts payments for the purchase
           of services or goods. The system is based on the ability to create excess funds by applying a
           determinant to the face amount or number of account entries, e.g. checks, ATM withdrawals,
           credit and debit drafts.

           The rounder system versus the POS system occurs in a different environment and at a different
           point in the commercial purchasing cycle. The processing of transactions occurs at the "back end"
           of the commercial cycle when check and credit drafts are debited against their existing account
           balances. Effectively, the invention adds (as in withdrawals or account fees) or subtracts (as in
           deposits/payments or interest dividends) an amount of excess funds, e.g. $1, $2.14, $5.01, $10,
           $0.28, etc., to the face amount or number of entries and then adjusts the account balance
           accordingly. The amount of excess funds are then displayed in the account and periodically
           transferred to accounts for provider services, i.e., mutual funds, annuities, merchandise, charities,
           etc.

      4.  Does the 6,112,191 Patent cover more than one invention?

           Yes: the Point of Sale and the Rounder. The Rounder invention starts at Column 11, Line 24 and
           ends at Column 18, Line 10.

3. D5. Do I have to offer customers a Matching Program?

No. Offering customers a matching program is not a requirement. In fact, with over 9 million people are now rounding, EPC feels that matching is not a necessity. Consumers have certainly accepted the idea. Now they will have the opportunity to save more money, not just pennies or $1.00, with each debit transaction. Also, they will now have the advantage to be able to apportion their money to one or more accounts. (Savings, Investing, Money Markets, etc.) If your bank feels that they must do something, they could offer a better rate of interest, give a gift card or other prize for reaching a certain threshold, etc.

Rounder Program

Rounder Overview

David vs. Goliath - EPC Rounder

Rounder Brochure

Rounder Profit Model

Bank Processor

License Agreement