Financial account transfer apparatus and method

• US 20030225688A1
• Filed: 11/04/2002
• Published: 12/04/2003
• Est. Priority Date: 05/28/2002
• Status: Abandoned Application

• Current Assignee: Charter One Financial, Inc. (Citizens Financial Group Incorporated)
• Original Assignee: Charter One Financial, Inc. (Citizens Financial Group Incorporated)
• Inventors: Dobbins, Michael P.
• Application Number:
  US10/287,065
• Publication Number:
  US 20030225688A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A software-based apparatus coordinates transferring an old account at an old financial institution to a new account at a new financial institution. A personal profiles database stores a user profile entered using a graphical user interface. The user profile includes at least information identifying the user, the old and new accounts, and an entity such as an employer or utility company that performs automatic money transfers into or out of the old account. A financial institutions database transfers stored information about the old financial institution into the user profile. An entities database transfers stored information about the entity into the user profile. A scheduling processor coordinates communications with the entity, the old financial institution, and the user to switch the money transfers, close the old account, provide user reminders, and the like. A notice forms processor prepares personalized communications using information in the personal profiles database. The communications are sent via an electronic mail server, or are printed out on a printer for mailing.

Claims

1. A method for transferring an old account at a first financial institution to a new account at a second financial institution wherein the old and new accounts belong to a selected person, the method comprising:

creating a personal profile corresponding to the selected person, the personal profile including at least;

identification information identifying the selected person,

identifying information identifying the old account,

identifying information identifying the new account, and

a security password;

creating a contact list including information corresponding to an associated entity that conducts automatic transactions including one of debiting and crediting the at least one old account;

contacting the associated entity to instruct the entity to conduct the automatic transactions using the new account subsequent to a first date; and

contacting the first financial institution to effectuate a closing of the old account at a selected second date.

2. The method as set forth in claim 1, wherein the steps of creating a contact list and contacting the associated entity include:

receiving identifying information for the associated entity;

identifying the associated entity in a first electronic information database;

copying information in the first electronic information database corresponding to the associated entity into the personal profile; and

based on the personal profile, constructing a communication instructing the entity to conduct the automatic transactions using the new account subsequent to the first date.

3. The method as set forth in claim 2, wherein the contacting of the associated entity includes:

transmitting the constructed communication to the associated entity by electronic mail.

4. The method as set forth in claim 2, wherein the contacting of the associated entity includes:

printing the constructed communication in a mailable format.

5. The method as set forth in claim 1, wherein the contacting of the first financial institution to effectuate a closing of the old account at a selected second date includes:

identifying the first financial institution in a second electronic information database;

copying information in the second electronic information database corresponding to the first financial institution into the personal profile; and

based on the information in the personal profile, constructing a communication instructing the first financial institution to effectuate a closing of the old account at the selected second date.

6. The method as set forth in claim 5, wherein the contacting of the first financial institution further includes:

transmitting the constructed communication to the first financial institution by electronic mail.

7. The method as set forth in claim 5, wherein the contacting of the first financial institution further includes:

printing the constructed communication in a mailable format.

8. An apparatus for transferring an old account at a first financial institution to a new account at a second financial institution wherein the old and new accounts belong to a selected person, the apparatus comprising:

a personal profile database including a profile of the selected person;

a user interface through which information pertaining to the selected person is entered into the profile of the selected person, the entered information including at least;

identification information identifying the selected person,

identifying information identifying the old account,

identifying information identifying the new account, and

identifying information identifying an associated entity that performs automatic money transfers into or out of the old account;

a financial institution database containing information on a plurality of financial institutions, wherein information in the financial institution database corresponding to the first financial institution is transferred into the profile of the selected person;

an entities database containing information on a plurality of entities that conduct financial transactions including automatic electronic money transfers, wherein information in the entities database corresponding to the associated entity is transferred into the profile of the selected person; and

a scheduling processor communicating with the personal profile database that constructs a first communication instructing the associated entity to switch the automatic money transfers to the new account at a first date, and that constructs a second communication instructing the first financial institution to close the old account at a second date.

9. The apparatus as set forth in claim 8, further including:

an electronic mail server that electronically transmits the first communication to the associated entity conditional upon the profile of the selected person including an electronic mail address for the associated entity.

10. The apparatus as set forth in claim 8, further including:

an electronic mail server that electronically transmits the second communication to the first financial institution conditional upon the profile of the selected person including an electronic mail address for the first financial institution.

11. The apparatus as set forth in claim 10, wherein the scheduling processor cooperates with the electronic mail server to send reminder electronic mails to the selected person that remind the selected person to verify successful switching of an automatic money transfer arrangement.

12. The apparatus as set forth in claim 8, further including:

a printing device that receives a selected communication from the scheduling processor and prints the selected communication on paper.

13. The apparatus as set forth in claim 12, wherein the selected communication includes instructions to the selected person for switching an automatic money transfer arrangement from the old account to the new account, the instructions including identifying information about the first financial institution, the second financial institution, and the new account to effectuate the switching.