Patent ID: 8117097

Claim:
A method of assessing and managing risk associated with a transactional banking account, comprising: collecting information and an initial deposit from a customer; inputting said information and initial deposit using a user interface in electronic communication a computer system having a processor and a data storage means to establish an account record; applying an algorithm via said processor to analyze the account record information and initial deposit to assign a risk level from high to low to the customer based on the nature of the information and the initial deposit; refusing to establish a transactional bank account for customers assigned the highest risk; establishing a new transactional bank account for customers assigned the lowest risk; establishing a new monitored transactional bank account for customers having assigned risk between the highest and lowest risk levels; and monitoring the monitored transactional account via the processor for a period of time after the account is established, wherein the monitoring is terminated at the end of the time period if no further risk factors appear within the account, wherein the account is flagged for closure if further risk factors appear within the account.