Method and apparatus for fully insuring large bank deposits
First Claim
1. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
- (a) the processor receiving a plurality of orders to process the funds;
(b) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and
(c) the processor allocating each of the deposit portions to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
8 Assignments
0 Petitions
Accused Products
Abstract
An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
141 Citations
37 Claims
-
1. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds;
(b) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and
(c) the processor allocating each of the deposit portions to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
-
-
25. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
-
(a) establishing a settlement account for each of the banks;
(b) the processor receiving a plurality of orders to process the funds, each order including an indication of the maturity and interest rate of the deposits to be established based on a specific one of the fund amounts;
(c) the processor sorting by maturity the deposits to be established based on the orders;
(d) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and
(e) the processor allocating each of the deposit portions to a specific one of the banks, wherein each specific deposit portion is used to establish a deposit for one of the banks that the deposit portion was allocated to. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
-
-
36. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
-
(a) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit;
(b) the processor allocating each of the deposit portions to a specific one of the banks;
(c) presenting to a recipient a proposed list of banks to which the deposit portions are allocated, and offering the recipient the option of modifying the proposed list during an established time window; and
(d) after the time window expires, the processor establishing a deposit for the recipient on behalf of the bank on the list to which the specific deposit portion was allocated by the processor. - View Dependent Claims (37)
-
Specification