Systems and methods for depositing funds to a financial service provider
First Claim
1. A method for allowing a client to deposit funds to a financial service provider through an intermediate banking institution, comprising providing the funds and a deposit slip to the intermediate banking institution, said slip including an associated client account number of the financial service provider that identifies the client, and a transfer account number that designates a transfer account to which the funds are deposited;
- transmitting data that includes the account numbers from the banking institution to the financial service provider;
crediting an account of the client at the financial service provider; and
transferring the funds from the transfer account to an account belonging to a clearing firm wherein the funds are made available to the financial service provider.
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Accused Products
Abstract
A method is presented to deposit funds into a financial service provider, such as a securities company, via a banking institution. A client first deposits funds into a transfer account at the banking institution using a deposit slip that can include a magnetic ink character reading (MICR) line. The MICR line includes the number associated with the client'"'"'s account and the number of the transfer account. The service provider uses a software package to accept data from the banking institution informing it of the client'"'"'s name, account number, deposit size, etc. The banking institution then transfers the funds from the transfer fund to the service provider'"'"'s clearing firm. This firm, at their convenience, may then transfer the funds to the financial service provider'"'"'s general ledger account. Three business days after the initial deposit, the service provider finally credits the client'"'"'s account the amount of the deposited funds.
206 Citations
21 Claims
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1. A method for allowing a client to deposit funds to a financial service provider through an intermediate banking institution, comprising
providing the funds and a deposit slip to the intermediate banking institution, said slip including an associated client account number of the financial service provider that identifies the client, and a transfer account number that designates a transfer account to which the funds are deposited; -
transmitting data that includes the account numbers from the banking institution to the financial service provider;
crediting an account of the client at the financial service provider; and
transferring the funds from the transfer account to an account belonging to a clearing firm wherein the funds are made available to the financial service provider. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method for allowing a client to deposit funds to a financial service provider through an intermediate banking institution, comprising
providing a number associated with a location code that permits the client to make deposits into a transfer account at the intermediate banking institution; -
transmitting data that includes the number associated with the location code from the intermediate banking institution to the financial service provider;
crediting the client'"'"'s account at the financial service provider after reading the data; and
transferring the funds from the transfer account to an account belonging to a clearing firm of the financial service provider. - View Dependent Claims (12)
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13. A system for allowing a client to deposit funds to a financial service provider through an intermediate banking institution comprising
a deposit slip provided to the client, said slip having an associated client account number to help identify the client; -
a transmitter of data including an amount of the funds, the associated client account number, and a transfer account number to send the data from the intermediate banking institution to the financial service provider alerting the financial service provider of a pending deposit; and
a clearing firm having an account into which the funds may be transferred from a transfer account. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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20. A method executed in a computer system for allowing a client to deposit funds to a financial service provider through an intermediate banking institution comprising
reading a file received from the intermediate banking institution to determine an amount of the funds deposited by the client and an associated account number that helps identify the client; -
storing data that includes said amount and account number into a database;
processing data from said database to schedule a transfer of the funds from a transfer account at the intermediate banking institution to an account of a clearing firm; and
transmitting data from said database to the clearing firm to transfer the funds from an account of the financial service provider to an account of the client. - View Dependent Claims (21)
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Specification