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Systems and methods for managing client accounts

DC
  • US 7,672,886 B2
  • Filed: 06/10/2005
  • Issued: 03/02/2010
  • Est. Priority Date: 10/21/1998
  • Status: Expired due to Term
First Claim
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1. A computer system for managing a plurality of client transaction accounts associated with a plurality of respective clients for a plurality of transactions, said system comprising:

  • one or more electronic databases, stored on one or more computer-readable media, comprising;

    (i) client account information for each of the respective client transaction accounts;

    (ii) aggregated transaction account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banks in a program, wherein funds from client transaction accounts of a plurality of clients are aggregated with funds of other client transaction accounts in the aggregated deposit accounts held in the banks in the program; and

    (iii) information on each client'"'"'s funds held in said plurality of the insured and interest-bearing aggregated deposit accounts; and

    one or more computers comprising memory wherein the memory stores computer-readable instructions that, when executed, cause the one or more computers to perform the steps;

    (a) administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client transaction accounts, said administering comprising processing transaction data comprising data for one or more deposits/transfers for one or more client transaction accounts and transaction data for each of more than six (6) withdrawals/transfers to be paid to third parties by check and/or debit cards, within a month from each of a plurality of said client transaction accounts, with the transaction data comprising a respective amount for each respective withdrawal/transfer;

    (b) determining on a regular basis, one or more net transactions for a plurality of clients'"'"' accounts for a plurality of said clients comprising a sum of said plurality of clients'"'"' deposits/transfers to and/or withdrawals/transfers from a plurality of said respective client transaction accounts;

    (c) determining, based on one or more of said net transactions, whether to deposit/transfer funds to or withdraw/transfer funds from said one or more FDIC-insured and interest-bearing aggregated deposit accounts, comprising;

    (i) determining whether each client'"'"'s funds held in one of the banking institutions in the one or more FDIC-insured interest bearing aggregated deposit accounts held therein is more than a specified amount; and

    (ii) generating data for distribution of any amounts over said specified amount into at least one other FDIC-insured interest bearing aggregated deposit account at least one other of the banking institutions in which the total of said client'"'"'s funds will not exceed the specified amount;

    (d) processing, during the month, needed deposits/transfers to, or needed withdrawals/transfers from said one or more FDIC-insured and interest-bearing aggregated deposit accounts based on one or more of the net transactions, so that more than six (6) withdrawals/transfers are made during a month from at least one of said FDIC-insured and interest-bearing aggregated deposit accounts; and

    (e) updating one or more of the electronic databases with each client'"'"'s deposits/transfers to and withdrawals/transfers from said each client'"'"'s respective transaction account.

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