System and method for approving a limit of check cashing over time
First Claim
1. A method of approving a money limit of check cashing for a time period during which a check writer may cash checks up to the limit for a plurality of different purchase transactions, the check writer one of a plurality of check writers, the method comprising executing computer program instructions by one or more processors for:
- storing, by at least one processor, historical check writing information for the plurality of check writers;
receiving, by at least one processor, identification information to access respective check writing information of the check writer;
processing, by at least one processor, the respective check writing information to determine a score for the check writer presenting a check based on the respective check writing information;
classifying, by at least one processor, the check writer in a pre-determined category based on the score; and
determining, by at least one processor, the money limit over the time period during which the check writer cashes a plurality of checks in respective check writing transactions for a respective plurality of different purchase transactions up to the money limit based on the category in which the check writer is classified.
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Abstract
The invention involves a system and a method of approving a money limit of check cashing for a time period during which a check writer may cash checks up to the limit. The invention provides for an improvement of approving a money limit of check cashing in order to provide in advance a check cashing limit for at least one period of time. The invention includes storing historical check writing information of check writers, receiving identification information to access respective check writing information, processing the respective check writing information to determine a score for the check writer, classifying the check writer in a predetermined category, and determining the limit over the time period during which the check writer may cash checks up to the limit based on the category in which the check writer is classified. The invention further includes declining the check writer from cashing checks for the time period of the check writer is classified in one category, and approving the check writer to cash checks for the limit over the time period if the check writer is classified in another category.
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Citations
6 Claims
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1. A method of approving a money limit of check cashing for a time period during which a check writer may cash checks up to the limit for a plurality of different purchase transactions, the check writer one of a plurality of check writers, the method comprising executing computer program instructions by one or more processors for:
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storing, by at least one processor, historical check writing information for the plurality of check writers; receiving, by at least one processor, identification information to access respective check writing information of the check writer; processing, by at least one processor, the respective check writing information to determine a score for the check writer presenting a check based on the respective check writing information; classifying, by at least one processor, the check writer in a pre-determined category based on the score; and determining, by at least one processor, the money limit over the time period during which the check writer cashes a plurality of checks in respective check writing transactions for a respective plurality of different purchase transactions up to the money limit based on the category in which the check writer is classified. - View Dependent Claims (2, 3, 4, 5, 6)
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Specification