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SYSTEMS AND METHODS FOR ADMINSTERING RETURN SWEEP ACCOUNTS

  • US 20060212389A2
  • Filed: 02/08/2002
  • Published: 09/21/2006
  • Est. Priority Date: 10/21/1998
  • Status: Active Grant
First Claim
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1. A method for managing a plurality of client demand accounts including the steps of:

  • (a) establishing a Federal Deposit Insurance Corporation insurable, pooled deposit account at a client’

    s bank or savings institution;

    (b) transferring client funds from each of a plurality of client demand accounts to the pooled deposit account at the client’

    s bank or savings institution, and (c) distributing all or a portion of the interest accrued from the pooled deposit account among a plurality of clients;

    wherein the client funds are retained by the bank or savings institution, and the client may implement up to an unlimited number of transactions per month.

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