System and method for automated account management
First Claim
1. A method of managing bulk bank accounts associated with a plurality of real estate transactions, comprising:
- receiving from a real estate office instructions to open a set of new escrow accounts, close a first set of open escrow accounts, and update a second set of open escrow accounts, associated with real estate transactions for a plurality of clients of the real estate office, the instructions being received electronically, at a financial institution, together in a batch file;
automatically populating a bank account management system, by the financial institution, with batch processing information provided in the instructions;
automatically establishing the set of new escrow accounts consistent with the batch processing information;
automatically closing the first set of open escrow accounts consistent with the batch processing information;
automatically updating the second set of open escrow accounts consistent with the batch processing information;
funding the set of new escrow accounts with funds from an operating account belonging to the real estate office;
automatically causing checks to be cut, the checks being in an amount due to a client of the real estate office; and
generating a batch status report and making the batch status report available to the real estate office directly.
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Accused Products
Abstract
A system and method of managing bank accounts. A bank receives, electronically, from a customer, instructions to open, to update, to debit/credit, and to close bank accounts, such as escrow accounts associated with real estate transactions. Information in the instructions is used to automatically populate a bank'"'"'s account management system. New accounts are thereafter automatically established and open accounts are automatically updated and closed consistent with the information in the instructions. New accounts are preferably funded from an operating account belonging to the customer, and checks are caused to be cut in an amount due to a client of the customer, if they so choose.
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Citations
8 Claims
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1. A method of managing bulk bank accounts associated with a plurality of real estate transactions, comprising:
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receiving from a real estate office instructions to open a set of new escrow accounts, close a first set of open escrow accounts, and update a second set of open escrow accounts, associated with real estate transactions for a plurality of clients of the real estate office, the instructions being received electronically, at a financial institution, together in a batch file; automatically populating a bank account management system, by the financial institution, with batch processing information provided in the instructions; automatically establishing the set of new escrow accounts consistent with the batch processing information; automatically closing the first set of open escrow accounts consistent with the batch processing information; automatically updating the second set of open escrow accounts consistent with the batch processing information; funding the set of new escrow accounts with funds from an operating account belonging to the real estate office; automatically causing checks to be cut, the checks being in an amount due to a client of the real estate office; and generating a batch status report and making the batch status report available to the real estate office directly. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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Specification