Patent ID: 7020639
Filing Date: 2006-03-28
Classification: G06Q

Abstract:
1. A method for determining whether or not a tendered check is negotiable, comprising the steps of: storing in a database information concerning checking accounts extracted from checks presented for negotiation including a first table of checking accounts that are not in good standing and a second table of checking accounts that are in good standing; receiving checking account information extracted from a tendered check; comparing said checking account information from said tendered check to said first table of checking accounts that are not in good standing and said second table of checking accounts that are in good standing; returning an indication that said tendered check cannot be verified if said checking account information from said tendered check matches said first table of checking accounts that are not in good standing; returning an indication that said tendered check can be verified if said checking account information from said tendered check matches said second table of checking accounts that are in good standing; presenting said tendered check for negotiation if said indication that said tendered check can be verified is returned; adding a record of said checking account information from said tendered check to said second table of checking accounts that are in good standing and designating said record as active; calculating a number of days in which said tendered check would be returned as unpaid and entering said number of days into said record; changing said record from active to in good standing if said number of days have passed since said tendered check was presented for negotiation and said tendered check has not been returned as unpaid; removing said checking account information from said tendered check from said first table of checking accounts that are not in good standing if said first table includes a record of said checking account information from said tendered check, said number of days have passed since said tendered check was presented for negotiation and said tendered check has not been returned as unpaid; deleting said record from said second table of checking accounts that are in good standing if said tendered check has been returned as unpaid; and adding a record of said checking account information from said tendered check to said first table of checking accounts that are not in good standing if said tendered check has been returned as unpaid.