Method for fully insuring large bank deposits using a plurality of banks that receive portions of each large deposit
First Claim
1. An automated method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
- (a) receiving at the processor a plurality of orders to process the funds, each order including an indication of the maturity of the deposits to be established;
(b) sorting, using the processor, the deposits to be established by maturity;
(c) partitioning, using the processor, each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and
(d) allocating by the processor each of the deposit portions to a specific one of the banks, each specific deposit portion being used to establish a deposit for one of the banks that the deposit portion was allocated to, and wherein the maturity-sorted deposits are allocated so as to match deposits of the same maturity for each bank contributing funds with the funds allocated to the respective bank.
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Accused Products
Abstract
An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
76 Citations
13 Claims
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1. An automated method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
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(a) receiving at the processor a plurality of orders to process the funds, each order including an indication of the maturity of the deposits to be established; (b) sorting, using the processor, the deposits to be established by maturity; (c) partitioning, using the processor, each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) allocating by the processor each of the deposit portions to a specific one of the banks, each specific deposit portion being used to establish a deposit for one of the banks that the deposit portion was allocated to, and wherein the maturity-sorted deposits are allocated so as to match deposits of the same maturity for each bank contributing funds with the funds allocated to the respective bank. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An automated method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
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(a) partitioning, using the processor, each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; (b) allocating by the processor each of the deposit portions to a specific one of the banks; (c) presenting to a recipient a proposed list of banks to which the deposit portions are allocated, and offering the recipient the option of modifying the proposed list during an established time window; and (d) establishing, using the processor, a deposit for the recipient on behalf of the bank on the list to which the specific deposit portion was allocated by the processor after the time window expires. - View Dependent Claims (13)
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Specification