Financial account management

• US 20050149436A1
• Filed: 12/17/2003
• Published: 07/07/2005
• Est. Priority Date: 12/17/2003
• Status: Active Grant

• Current Assignee: FMR LLC
• Original Assignee: FMR LLC
• Inventors: Elterich, Steve
• Granted Patent: US 8,069,113 B2
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

An automated account management system provides a user with the ability to establish rules that dictate how the account management system is to manage the user'"'"'s accounts. Once the user specifies a set of rules, the system automatically manages multiple accounts across multiple financial institutions in accordance with the user-defined rules. Other features, such as an on-line bill payment system, a money transfer system, and a retirement planning system, may be integrated within the automated account management system to provide the user with even greater control over his or her financial assets.

Claims

1. A machine-implemented method comprising:

receiving information from a user that specifies a particular level for a balance of a personal financial account;

periodically retrieving the balance of the account;

determining if the balance of the account is at the particular level; and

if the balance of the account is not at the particular level, then determining an amount of funds to be transferred into or out of the account to maintain the balance at the particular level.

2. The method of claim 1, wherein the particular level comprises a minimum account balance.

3. The method of claim 2, further comprising:

receiving information that indicates one or more source accounts from which the user desires the transfer of funds if the balance of the account falls below the minimum account balance.

4. The method of claim 3, further comprising:

receiving information that indicates how funds should be transferred from the one or more source accounts if the balance of the account falls below the minimum account balance.

5. The method of claim 1, wherein the particular level comprises a maximum account balance.

6. The method of claim 5, further comprising:

receiving information that indicates one or more target accounts to which the user desires the transfer of funds if the balance of the account exceeds the maximum account balance.

7. The method of claim 6, further comprising:

receiving information that indicates how funds should be transferred to one or more of the target accounts if the balance of the account exceeds the maximum account balance.

8. The method of claim 1 further comprising:

creating a rule based on the level information received from the user.

9. The method of claim 1 further comprising:

forming a user notification message indicating a transfer of funds into or out of an account.

10. The method of claim 1 further comprising:

receiving information that indicates the user'"'"'s desire to transfer funds into or out of an account on a particular date;

monitoring the current date; and

when the current date reaches the particular date, then transferring funds into or out of the account.

11. The method of claim 1, further comprising:

transmitting a notification message to the user indicating that funds have been automatically transferred into or out of the account.

12. A machine-implemented method for automatically managing a personal financial account of a user maintained at one or more third party institutions, the method comprising:

receiving information from the user indicating a minimum level at which balance of the account is to be maintained;

storing the minimum balance value in a memory device;

periodically retrieving account data about the personal financial account from the third party institution, wherein the account data comprises the current balance of the account;

retrieving the minimum balance value stored in memory;

comparing the current balance of the account to the minimum account value; and

transferring funds into the account if the current balance is below the minimum account value.

13. The method of claim 12 further comprising:

receiving information from the user identifying one or more source accounts from which to transfer funds should the current account balance fall below the minimum account balance; and

wherein the step of transferring funds into the account comprises transferring funds from one or more of the identified source accounts to the account sufficient to raise the balance to or above the minimum account value.

14. A machine-implemented method for automatically managing a personal financial account of a user maintained at one or more third party institutions, the method comprising:

receiving information from the user indicating a maximum level at which balance of the account is to be maintained;

storing the maximum balance value in a memory device;

periodically retrieving account data about the personal financial account from the third party institution, wherein the account data comprises the current balance of the account;

retrieving the maximum balance value stored in memory;

comparing the current balance of the account to the maximum account value; and

transferring funds out of the account if the current balance is above the maximum account value.

15. The method of claim 14 further comprising:

receiving information from the user identifying one or more target accounts to which to transfer funds should the current account balance rise above the maximum account balance; and

wherein the step of transferring funds into the account comprises transferring funds to one or more of the identified target accounts to the account sufficient to lower the balance to or below the maximum account value.

16. A system comprising:

a database configured to store a first balance value at which a first account should be maintained;

an aggregation system configured to retrieve a current balance of at least the first account;

a rules engine configured to cause a transfer of funds between the first account and a second account based on a comparison of the current balance of the first account with the first account balance value.

17. The system of claim 16 wherein the rules engine is configured to cause a transfer of funds from the second account to the first account if the current balance of the first account is less than the first account value.

18. The system of claim 16 wherein the rules engine is configured to cause the transfer of finds from the first account to the second account if the current balance of the first account is greater than the first account value.

19. A machine-implemented method for managing a portfolio of personal financial accounts of a user, wherein the portfolio comprises a first account maintained at a first financial institution and a second account maintained at a second financial institution, the method comprising:

receiving data indicating the user'"'"'s preference for maintaining a minimum balance in the first account;

monitoring the balance of the first account; and

transferring funds from the second account into the first account if the actual balance of the first account is below the minimum balance.

20. The method of claim 19, wherein transferring funds from the second account into the first account comprises:

transferring funds from the second account into the first account in an amount sufficient to raise the balance of the first account to the minimum balance.

21. The method of claim 19, further comprising:

receiving information indicating the user'"'"'s desire to transfer funds from the second account to the first account if the balance of the'"'"'first account falls below the minimum balance.

22. The method of claim 19, further comprising:

transmitting a message to the user indicating the transfer of funds from the second account to the first account.

23. The method of claim 22 wherein the message comprises a text message that is transmitted to a user'"'"'s electronic mail address, cellular phone, pager or personal digital assistant.

24. The method of claim 19, further comprising:

prior to transferring funds from the second account to the first account, transmitting a message to the user suggesting the transfer of funds from the second account to the first account.

25. A machine-implemented method for managing a plurality of personal financial accounts of a user maintained at two or more financial institutions, the method comprising:

receiving data indicating the user'"'"'s preference to maintain a minimum aggregate balance across a set of the plurality of personal financial accounts;

receiving data that indicates the current aggregate balance of the set of plurality of personal financial accounts; and

transferring funds into one or more of the personal financial accounts in the set of personal financial accounts if the current aggregate balance of the set of personal financial accounts is below the minimum aggregate balance.

26. The method of claim 25, further comprising:

prompting the user for information that indicates one or more source accounts from which the user desires the transfer of funds if the current aggregate balance of the set of personal financial accounts falls below the minimum aggregate account balance.

27. The method of claim 26, further comprising:

prompting the user for information that indicates how funds should be transferred from the one or more source accounts in the event that the current aggregate balance falls below the minimum aggregate account balance.

28. The method of claim 25 further comprising:

creating a rule based on the information that indicates the user'"'"'s desire to maintain the aggregate balance of a set of personal financial account at a minimum level; and

storing the rule in a database.

29. The method of claim 25 further comprising:

transmitting a notification message to the user, the notification message indicating a transfer of funds into or out of the account and transmitting the notification message to the user.

30. The method of claim 25, further comprising:

prior to transferring funds into one or more accounts in the set of personal financial accounts, transmitting a message to the user that seeks user approval for the transfer of funds.