Account transfer using a single financial account
First Claim
1. A method for transferring a financial account from one financial institution to another financial institution, comprising:
- establishing, for an account holder, a first integrated financial account having one of more components, each component being at any particular time either an asset or liability;
transferring from a first financial institution to a second financial institution component information concerning each of the one or more components;
transferring from the first financial institution to the second financial institution historical information related to all transactions associated with the integrated account; and
establishing at the second financial institution a second integrated account based upon the component information and the historical information.
1 Assignment
0 Petitions
Accused Products
Abstract
Provided is a method for transferring a single, integrated financial account from one financial institution. A balance of the integrated account is determined by withdrawals and deposits regardless of to which un-integrated account a particular withdrawal or deposit corresponds. When a customer transfers the account, a complete account history is transferred in addition to assets. Thus, the new financial institution can immediately ascertain the customer'"'"'s financial track record. Using the complete account history, the new institution can determine such financial parameters as credit rating and interest rates according to the new institution'"'"'s own criteria. All pending transactions are completed and cleared from the old account. Automatic deposits and withdrawals are also transferred. The new bank sends an address correction to the party that submitted the automatic transaction, identifying both the old and new account destinations.
74 Citations
20 Claims
-
1. A method for transferring a financial account from one financial institution to another financial institution, comprising:
-
establishing, for an account holder, a first integrated financial account having one of more components, each component being at any particular time either an asset or liability;
transferring from a first financial institution to a second financial institution component information concerning each of the one or more components;
transferring from the first financial institution to the second financial institution historical information related to all transactions associated with the integrated account; and
establishing at the second financial institution a second integrated account based upon the component information and the historical information. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A system for transferring a financial account from one financial institution to another financial institution, comprising:
-
a first integrated financial account at a first financial institution having one of more components, each component being at any particular time either an asset or liability;
logic for transferring from the first financial institution to a second financial institution component information concerning each of the one or more components;
logic for transferring from the first financial institution to the second financial institution historical information related to all transactions associated with the integrated account; and
a second integrated account at the second financial institution based upon the component information and the historical information. - View Dependent Claims (9, 10, 11, 12, 13, 14)
-
-
15. A computer programming product for transferring a financial account from one financial institution to another financial institution, comprising:
-
a memory;
logic, stored on the memory, for maintaining a first integrated financial account having one of more components, each component being at any particular time either an asset or liability;
logic, stored on the memory, for transferring from a first financial institution to a second financial institution component information concerning each of the one or more components;
logic, stored on the memory, for transferring from the first financial institution to the second financial institution historical information related to all transactions associated with the integrated account; and
logic, stored on the memory, for establishing at the second financial institution a second integrated account based upon the component information and the historical information. - View Dependent Claims (16, 17, 18, 19, 20)
-
Specification