Consumer-Managed Escrow Accounts

• US 20110213699A1
• Filed: 09/27/2010
• Published: 09/01/2011
• Est. Priority Date: 09/27/2009
• Status: Abandoned Application

• Current Assignee: Timothy P. Johnson
• Original Assignee: Timothy P. Johnson
• Inventors: Johnson, Timothy P.
• Application Number:
  US12/890,842
• Publication Number:
  US 20110213699A1
• 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

Disclosed is a method and system for a Consumer-Managed Escrow Account which provides for an account capable of serving as a repository of funds, held in trust, to be used on behalf of the consumer, which shall be disbursed at the consumer'"'"'s discretion to a plurality of recipients based on the fulfillment of a condition, but from which the consumer has no direct means to access the funds for personal use.

Claims

1. A method for creating a Consumer-Managed Escrow Account, the method comprising;

creating one account wherein the consumer directs funds into said account and the account is independent and unassociated with any other account; and

the funds of said account are held independent of funds of all other accounts; and

issuing the account to the consumer;

wherein;

a) the consumer is able to fund the account through a plurality of sources and means; and

b) the consumer is able to direct the disbursement of said funds through an escrow agent (“

Custodial Agent”

) to a plurality of recipients; and

c) the consumer is able to disburse funds from the account through a plurality of processes and means; and

d) the consumer is able to disburse funds to a plurality of recipients; and

e) the consumer is not able to directly access the account or its funds for personal use.

2. A system for creating a Consumer-Managed Escrow Account (“

Consumer-Managed Escrow Account”

), the system comprising;

creating one account wherein the consumer directs funds into said account and the account is independent and unassociated with any other account; and

the funds of said account are held independent of funds of all other accounts; and

issuing the account to the consumer;

wherein;

f) the consumer is able to fund the account through a plurality of sources and means; and

g) the consumer is able to direct the disbursement of said funds through an escrow agent (“

Custodial Agent”

) to a plurality of recipients; and

h) the consumer is able to disburse funds from the account through a plurality of processes and means; and

i) the consumer is able to disburse funds to a plurality of recipients; and

j) the consumer is not able to directly access the account or its funds for personal use.