RETIREMENT PAYCHECK APPARATUS AND METHODS

• US 20100030686A1
• Filed: 08/22/2008
• Published: 02/04/2010
• Est. Priority Date: 08/01/2008
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Williams, Carrie A., Lee, David T.
• Application Number:
  US12/196,411
• Publication Number:
  US 20100030686A1
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Apparatus and methods for providing funds to a bank customer. A bank customer may have a retail bank account in the custody of a bank. The bank may provide retail banking services to the bank customer in connection with the retail bank account. After providing the retail banking service, the bank may electronically link a retirement fund management module to the bank account. The retirement fund management module may be configured to transfer a predetermined amount of retirement funds into the bank account. The transfer may be made in accordance with rules. The rules may be selected by the bank customer.

Claims

1. A method for providing funds to a bank customer, the method comprising:

administering a retail bank account for a bank customer; and

electronically linking to the bank account a retirement fund management module that is configured to transfer a predetermined amount of funds into the bank account.

2. The method of claim 1 further comprising using the retirement fund management module to transfer the predetermined amount of funds into the bank account.

3. The method of claim 1 further comprising using the retirement fund management module to (a) receive funds from a fund source;

and (b) transfer the predetermined amount of funds into the bank account.

4. The method of claim 3 wherein using the retirement fund management module to transfer the predetermined amount comprises pulling the predetermined amount from the fund source.

5. The method of claim 3 further comprising, when the retirement fund management module includes a paycheck account:

identifying a balance in the paycheck account, the balance resulting at least in part from funds that (a) were received from the fund source and (b) were not transferred to the bank account; and

depositing the balance in a designated account, the designated account having been designated by the bank customer to receive the balance.

6. The method of claim 5 wherein the depositing comprises depositing the balance in a regular bank account.

7. The method of claim 5 wherein the depositing comprises depositing the balance in an investment account.

8. The method of claim 5 wherein the depositing comprises transferring the balance to a retirement fund source.

9. The method of claim 5 wherein the depositing comprises investing the balance in a mutual fund.

10. The method of claim 5 further comprising opening the designated account for the customer.

11. The method of claim 1 further comprising using the retirement fund management module to draw funds from a fund source, wherein the funds drawn from the fund source are equal to the predetermined amount of funds.

12. The method of claim 1 further comprising receiving from the bank customer an instruction to transfer the predetermined amount from a fund source.

13. The method of claim 12 further comprising, when the fund source is one of several fund sources, receiving from the bank customer information setting forth an order of liquidation for the several fund sources.

14. The method of claim 12 wherein the receiving comprises receiving information identifying the amount.

15. The method of claim 12 wherein the receiving comprises receiving information identifying when to transfer the predetermined amount.

16. The method of claim 15 further comprising an instruction to transfer the predetermined amount on a recurring basis.

17. The method of claim 16 further comprising an instruction to transfer a bonus amount of funds into the bank account.

18. The method of claim 1 further comprising receiving from the bank customer an instruction to transfer the predetermined amount.

19. A method for providing retirement funds to a bank customer, the method comprising electronically reconfiguring a bank account at a bank to be a retirement fund management account.

20. A method for providing a regular paycheck to an individual during a retirement period of the individual'"'"'s life, the method comprising:

administering a bank account on behalf of the individual;

linking to the bank account a retirement fund management module;

receiving from the individual information including a retirement paycheck amount; and

,

during the retirement period, providing the paycheck to the individual by transferring funds corresponding to the amount into the bank account.

21. The method of claim 20 further comprising:

linking the retirement fund management module to a fund source; and

receiving the funds corresponding to the paycheck amount from the fund source.

22. The method of claim 21 wherein the receiving comprises pulling the funds corresponding to the paycheck amount from the fund source.

23. The method of claim 22 wherein, when the fund source is one of several funds sources, the receiving comprises receiving a portion of the funds corresponding to the paycheck amount from at least two of the fund sources.

24. The method of claim 23 further comprising, when the retirement fund management module includes a paycheck account:

identifying a balance in the paycheck account, the balance resulting at least in part from retirement funds that (a) were received by the paycheck account and (b) were not transferred to the bank account; and

depositing the balance in a designated account, the designated account having been designated by the bank customer to receive the balance.

25. The method of claim 24 wherein the depositing comprises depositing the balance in a regular bank account.

26. The method of claim 24 wherein the depositing comprises depositing the balance in an investment account.

27. The method of claim 24 wherein the depositing comprises transferring the balance to a fund source.

28. The method of claim 24 wherein the depositing comprises investing the balance in a mutual fund.

29. The method of claim 24 further comprising opening the designated account for the customer.

30. The method of claim 20 further comprising:

receiving from the individual information including a retirement paycheck bonus amount; and

,

providing the retirement paycheck bonus to the individual by transferring funds corresponding to the paycheck bonus amount into the bank account.

31. A computer-readable medium storing computer-executable instructions which, when executed by a processor on a computer system, perform a method for providing a regular paycheck to an individual during a retirement period of the individual'"'"'s life, the method comprising:

performing an administrative task for a bank account on behalf of the individual;

linking to the bank account a retirement fund management module;

receiving from the individual information including a retirement paycheck amount; and

,

during the retirement period, providing the paycheck to the individual by transferring funds corresponding to the amount into the bank account.

32. The medium of claim 31 wherein the method further comprises:

linking the retirement fund management module to a fund source; and

receiving the funds corresponding to the paycheck amount from the fund source.

33. The medium of claim 32 wherein the method further comprises receiving comprises pulling the funds corresponding to the paycheck amount from the fund source.

34. The medium of claim 31 wherein the method further comprises:

receiving from the individual information including a retirement paycheck bonus amount; and

,

providing the retirement paycheck bonus to the individual by transferring funds corresponding to the paycheck bonus amount into the bank account.