Systems and methods for providing enhanced account management services for multiple banks

• US 8,498,933 B1
• Filed: 05/08/2009
• Issued: 07/30/2013
• Est. Priority Date: 10/21/1998
• Status: Expired due to Fees

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Inventors: Bent, Bruce, Bent, Bruce II
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US12/453,387
• Time in Patent Office: 1,544 Days
• Field of Search: 705/35, 705/39
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method, system and program product, the system computers configured to perform the steps: accessing databases comprising: aggregated accounts held at a first banking institution participating in an interchange program, the interchange program comprising a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions; and client account information obtaining transfer data for client accounts; receiving aggregated account transfer information for aggregated deposit accounts held in the first banking institution, based at least in part on a difference between the amount comprising a total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions participating in the interchange program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution; receiving a transfer of funds; updating the databases.

Claims

1. A system, comprising:

one or more computers configured to perform the steps;

accessing by or for a first banking institution, using the one or more computers, one or more electronic databases, stored on one or more computers-readable media in the performance of one or more of the following steps, the one or more databases comprising;

(1) aggregated account information comprising;

(a) a balance of funds for each of one or more Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held at the first banking institution that is participating in a program, the program comprising a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions including the first banking institution, with the one or more aggregated deposit accounts providing insured non-penalized liquidity for the funds held therein; and

(2) client account information for one or more respective client transaction accounts of one or more respective clients of the first banking institution, with the client account information for respective client transaction accounts, comprising;

(a) a respective client transaction account balance of funds for the respective client transaction account;

(b) a respective total balance of funds of the respective client transaction account held in the program in other of the banking institutions, not including the first banking institution, participating in the program; and

(c) a respective balance of funds from the respective client transaction account held in each of the aggregated deposit accounts in the banking institutions holding funds of the respective client transaction account;

obtaining by or for the first banking institution, using the one of more computers, transfer data associated with transfers to and/or from the program associated with one or more of the client transaction accounts of the first banking institution, and storing this transfer data in the one or more databases;

receiving or obtaining aggregated account transfer information by or for the first banking institution, using the one or more computers, to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, based at least in part on a difference between an amount comprising a total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions participating in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution;

transferring or having transferred by or for the first banking institution, using the one or more computers, in accordance with the aggregated account transfer information, funds between the one or more aggregated deposit accounts held in the first banking institution and one or more of the aggregated deposit accounts held in one or more other of the banking institutions participating in the program;

calculating or having calculated, using the one or more computers, based at least in part on the transfer data and the aggregated account transfer information, the respective balance of funds for each of the one or more aggregated deposit accounts held in the first banking institution, the respective client transaction account balances of funds for respective of the client transaction accounts of the first banking institution, the respective total balance of funds of the respective client transaction accounts of the first banking institution held in the program in other of the banking institutions participating in the program, and the respective balance of funds from the respective client transaction account held in each of the aggregated deposit accounts in the banking institutions holding funds of the respective client transaction account; and

updating or having updated by or for the first banking institution, the balance of funds for each of the one or more aggregated deposit accounts held in the first banking institution, the respective client transaction account balances of funds for the respective client transaction accounts of the first banking institution, the respective total balance of funds of the respective client transaction accounts of the first banking institution held in the program in other of the banking institutions participating in the program, and for each of a plurality of the client transaction accounts the respective balance of funds from the respective client transaction account held in each of the aggregated deposit accounts in the banking institutions holding funds of the respective client transaction account in the one or more databases, based at least in part on the balances calculated in the calculating step, using the one or more computers.

2. The system as defined in claim 1, further comprising:

wherein one or more of the electronic databases includes client preference and/or exclusion information comprising for a respective one of the client transaction accounts one or more preferences and/or one or more exclusions of one or more of the banking institutions to hold funds of the respective one client transaction account; and

wherein the one or more computers are further configured to perform the step of allocating the funds of the respective one client transaction account to one or more of the plurality of aggregated deposit accounts in the plurality of banking institutions participating in the program based at least in part on the respective one or more preferences and/or one or more exclusions.

3. The system as defined in claim 1, wherein the one or more computers are further configured to authorize or reject payments requested from at least one of the client transaction accounts based, at least on part, on the balance in the respective client transaction account.

5. The system as defined in claim 1, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the difference is substantially zero.

6. The system as defined in claim 1, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program is greater than the total of funds held in the one or more aggregated deposit accounts held in the first banking institution.

7. The system as defined in claim 1, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the total of funds held in the one or more aggregated deposit accounts held in the first banking institution is greater than the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program.

8. The system as defined in claim 1, wherein the one or more computers are linked via the one or more electronic networks to one or more computers of one or more external systems, and wherein one or more computers are configured to receive or obtain the aggregated account transfer information to deposit or to withdraw only government entity funds from the one or more aggregated deposit accounts held in the first banking institution.

9. The system as defined in claim 1, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, so that the difference between the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program is no more than a percentage of the total of funds held in the one or more aggregated deposit accounts held in the first banking institution.

10. The system as defined in claim 1, wherein the one or more computers are further configured to

deposit, using the one or more computers, funds from one or more new deposits for one of the client transaction accounts into one of the one or more of the aggregated deposit accounts held at the first banking institution, unless an amount of funds held by the respective client transaction account in the first banking institution equals or exceeds a specified amount.

4. A system, comprising:

one or more computers configured to perform the steps;

accessing by or for a first banking institution, using the one or more computers, one or more electronic databases, stored on one or more computers-readable media in the performance of one or more of the following steps, the one or more databases comprising;

(1) aggregated account information comprising;

(a) a balance of funds for each of one or more Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held at the first banking institution that is participating in a program, the program comprising a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions including the first banking institution, with the one or more aggregated deposit accounts providing insured non-penalized liquidity for the funds held therein; and

(2) client account information for one or more respective client transaction accounts of one or more respective clients of the first banking institution, with the client account information for respective client transaction accounts, comprising;

(a) a respective client transaction account balance of funds for the respective client transaction account;

(b) a respective total balance of funds of the respective client transaction account held in the program in other of the banking institutions, not including the first banking institution, participating in the program; and

(c) a respective balance of funds from the respective client transaction account held in each of the aggregated deposit accounts in the banking institutions holding funds of the respective client transaction account;

receiving or obtaining by or for the first banking institution, using the one or more computers, transaction data associated with one or more of the client transaction accounts, the transaction data comprising one or more individual credits and/or one or more individual debits and/or a summary thereof for each of one or more of the client transaction accounts, and storing this transaction data in the one or more databases;

generating by or for the first banking institution, based at least in part on the transaction data an electronic transaction file comprising respective amounts of respective ones of the client transaction accounts of the first banking institution to be transferred to or from one or more of the other banking institutions participating in the program, using the one or more computers; and

sending by or for the first banking institution, using the one or more electronic networks and the one or more computers, the electronic transaction file to the program administrator;

obtaining by or for the first banking institution, using the one of more computers, transfer data associated with transfers to and/or from the program associated with one or more of the client transaction accounts of the first banking institution, and storing this transfer data in the one or more databases;

receiving or obtaining aggregated account transfer information by or for the first banking institution, using the one or more computers, to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, based at least in part on a difference between an amount comprising a total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions participating in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution, based at least in part on data in the one or more databases on the balance of funds for each of the one or more aggregated deposit accounts held at the first banking institution and the respective total balances of funds of the client transaction accounts of the first banking institution held in the interchange program in the other banking institutions, not including the first banking institution, participating in the interchange program;

transferring or having transferred by or for the first banking institution, using the one or more computers, in accordance with the aggregated account transfer information, funds between the one or more aggregated deposit accounts held in the first banking institution and one or more of the aggregated deposit accounts held in one or more other of the banking institutions participating in the program; and

updating or having updated by or for the first banking institution, the balance of funds for each of the one or more aggregated deposit accounts held in the first banking institution, the respective client transaction account balances of funds for the respective client transaction accounts of the first banking institution, the respective total balance of funds of the respective client transaction accounts of the first banking institution held in the program in other banking institutions participating in the program, and for each of a plurality of the respective client transaction accounts the respective balance of funds from the respective client transaction account held in each of the aggregated deposit accounts in the banking institutions holding funds of the respective client transaction account in the one or more databases, based at least in part on the transfer data and the aggregated account transfer information using the one or more computers.

11. The system as defined in claim 4, wherein the transaction data received or obtained is from an external system, wherein the external system is selected from a group consisting of an ACH system, a credit card processing system, a debit card processing system, systems of other financial institutions, a check/draft payments system, a FED wire transfers system, a telephone network, and the internet, and

wherein the one or more computers are linked via the one or more electronic networks to one or more computers of one or more external systems.

12. The system as defined in claim 4, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the difference is substantially zero.

13. The system as defined in claim 4, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program is greater than the total of funds held in the one or more aggregated deposit accounts held in the first banking institution.

14. The system as defined in claim 4, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, to change the difference between the amount comprising the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution so that the total of funds held in the one or more aggregated deposit accounts held in the first banking institution is greater than the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program.

15. The system as defined in claim 4, wherein the one or more computers are linked via the one or more electronic networks to one or more computers of one or more external systems, and wherein one or more computers are configured to receive or obtain the aggregated account transfer information to deposit or to withdraw only government entity funds from the one or more aggregated deposit accounts held in the first banking institution.

16. The system as defined in claim 4, wherein the aggregated account transfer information received or obtained by or for the first banking institution is to deposit to or to withdraw an amount of funds from the one or more aggregated deposit accounts held in the first banking institution, so that the difference between the total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions in the program is no more than a percentage of the total of funds held in the one or more aggregated deposit accounts held in the first banking institution.

17. The system as defined in claim 4, wherein the one or more computers are further configured to

deposit, using the one or more computers, funds from one or more new deposits for one of the client transaction accounts into one of the one or more of the aggregated deposit accounts held at the first banking institution, unless an amount of funds held by the respective client transaction account in the first banking institution equals or exceeds a specified amount.