A financial transaction system includes point of sale terminals having associated radio frequency tag or transponder detectors. The radio frequency transponder detectors are configured to read reward account code or information provided by a transponder. The system utilizes the reward or account code or information to generate discounts or awards for a transaction processed by the point of sale terminal. The system of the invention facilitates customer reward processing at the same time a purchase or transaction occurs. The invention also comprises various methods and system for creating and managing accounts, including reward accounts.