System and method for negotiable instrument cashing incentives

• US 7,497,372 B1
• Filed: 11/09/2004
• Issued: 03/03/2009
• Est. Priority Date: 11/09/2004
• Status: Expired due to Fees

• Current Assignee: Open Invention Network LLC
• Original Assignee: YT Acquisition Corp.
• Inventors: Robinson, Timothy L., Goff, Tennille V., Watson, Timothy Neil, Schildt, Bradford R., Corwin, Daniel J.
• Primary Examiner(s): Lee, Seung H
• Application Number:
  US10/983,786
• Time in Patent Office: 1,575 Days
• Field of Search: 705/45, 705/43, 235/379, 235/380
• US Class Current: 235/379
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method of encouraging negotiable instrument cashing customers to establish accounts at financial institutions. The present invention imparts a process by which financial institutions may entice customers to open financial accounts by providing an incentive.

Claims

1. A method for establishing a deposit account, the method comprising:

at a financial institution, receiving a request from a user to cash a negotiable instrument;

processing said request by a negotiable instrument cashing system, said processing including electing to charge a fee for processing said negotiable instrument;

determining, by the negotiable instrument cashing system, if said user is eligible for an offer to establish a deposit account with said financial institution, wherein determining if said user is eligible comprises determining whether one or more parameters are satisfied;

if said user is eligible, presenting said offer to establish a deposit account with said financial institution to said user, wherein said offer includes depositing an amount equal to at least a portion of said fee into said deposit account; and

receiving user consent to said offer and opening said deposit account.

2. The method of claim 1, further comprising transmitting information in an encrypted format.

3. The method of claim 1, wherein said negotiable instrument is drawn on an account held with said financial institution.

4. The method of claim 1, wherein said processing is based upon biometric authorization of said user.

5. The method of claim 1, wherein said determining if said user is eligible is based upon one or more of user biometric authorization, user offer consent, user transaction history, offer parameters, negotiable instrument amount, and dispensed cash amount.

6. The method of claim 1, further comprising providing said user with documentation of said fee.

7. The method of claim 1, further comprising providing said user with documentation of fees for one or more of said user'"'"'s prior negotiable instrument cashing transactions.

8. The method of claim 1, wherein said financial institution is one of a bank, a credit union, a savings association, a trust company, and a credit card company.

9. The method of claim 1, wherein said offer is available for a limited time.

10. The method of claim 1, further comprising cashing said negotiable instrument, said cashing being conditioned on said user consenting to said offer.

11. The method of claim 1, wherein said offer includes depositing an additional amount into said deposit account.

12. The method of claim 1, wherein said offer includes depositing an amount in said deposit account at one or more subsequent events.

13. The method of claim 12, wherein said depositing is restricted to events that occur during a predetermined time interval.

14. The method of claim 12, wherein said event is a negotiable instrument cashing transaction.

15. The method of claim 14, wherein said amount is equal to a portion of a fee for said negotiable instrument cashing transaction.

16. The method of claim 1, wherein the duration of said offer is determined by one or more system parameters.

17. The method of claim 16, wherein said system parameter is one or more of a time limit, an account status, and a minimum balance.

18. The method of claim 1, wherein said receiving user consent occurs during said processing.

19. The method of claim 1, wherein said receiving user consent occurs subsequent to said processing.

20. The method of claim 1, wherein said user consent is receipt of user biometric data.

21. The method of claim 1, further comprising presenting said offer to one or more individuals referred by said user.

22. The method of claim 21, wherein said user receives a benefit for said referral.

23. The method of claim 21, wherein said individual receives a coupon pertaining to said offer.

24. The method of claim 23, wherein said coupon references said user.