Method and system for allocating deposits over a plurality of depository institutions
DC
First Claim
Patent Images
1. A computer system for managing client accounts associated with respective clients, said system comprising:
- one or more computers comprising memory wherein the memory stores computer-readable instructions comprising program code that, when executed, causes the one or more computers to perform the steps;
accessing, by the one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising;
(1) aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banks participating in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program; and
(2) client account information for each of the respective client accounts comprising;
(a) a respective balance in the respective client account, comprising funds managed in the program;
(b) a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and
obtaining, by the one or more computers, data on deposits and/or withdrawals and/or nets thereof for one or more of the client accounts;
performing the following steps for each client account, i, of a plurality of the client accounts;
(a) determining, by the one or more computers, if the respective client account meets one or more criteria;
(b) when the respective client account meets the one or more criteria, obtaining via an internet portal, by the one or more computers, a percentage Xi, where Xi is a distribution percent value of the respective client account, i, to be distributed to each of Ni banks of the plurality of the banks;
(c) determining, by the one or more computers, a client available deposit amount, Di, for the respective client account, i, comprising funds to be distributed evenly over the Ni respective banks in the program for the client up to a predetermined amount;
(d) calculating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, wherein BNi, is limited to 80% or less of the FDIC insurance limit;
(e) determining, by the one or more computers, for the client available deposit amount Di, for the respective client account, i, a value for Ni for the respective client account, where the number of banks Ni is at least one more than is needed to obtain FDIC insurance for the client available deposit amount, Di in the program, and where Ni is a whole number and (Xi) times (Ni) is less than 100;
(f) allocating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, evenly to each of the respective Ni banks determined for the respective client account, i, up to the predetermined amount in each of the respective client Ni banks;
(g) calculating, by the one or more computers, a remainder amount for the respective client account, Ri=(Di)−
Di(Ni·
Xi)/100;
(h) allocating, by the one or more computers, the remainder amount Ri for the respective client account, i, to at least one remainder bank of the plurality of the banks that is not one of the Ni banks for the respective client account, i;
allocating, by the one or more computers, a respective net bank deposit amount to each of multiple of the banks participating in the program based on one or more rules, the respective net bank deposit amount to be deposited in one or more of the FDIC-insured and interest-bearing aggregated deposit accounts held in the respective bank;
allocating, by the one or more computers, the respective client bank distribution amounts, BNi, from the client accounts as well as any remainder amounts Ri or portions thereof to the respective banks, to match the respective net bank deposit amount allocated to the respective banks;
generating instructions, by the one or more computers, to transfer funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks participating in the program to facilitate transfer of the respective net bank deposit amounts that were allocated;
updating, by the one or more computers, the one or more electronic databases with update data for each of multiple of the client accounts, with the update data for each of the multiple client accounts comprising respective client bank distribution amounts, BNi, transferred to the respective client Ni banks for the respective client account; and
processing, by the one or more computers, withdrawals/transfers from and/or deposits/transfers to the respective client account, i, against the funds in the at least one remainder bank for the respective client account.
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Abstract
A computer system, computer-implemented method, and program product for managing a plurality of client transaction accounts associated with a plurality of respective clients for a plurality of transactions, the system comprising: one or more configured to perform the steps: administering clients'"'"' deposits/transfers to and withdrawals/transfers from client transaction accounts; performing the following steps for each client transaction account, i, of a plurality of client transaction accounts: determining a client available deposit amount, Di, comprising funds to be distributed over Ni respective banks in the program; determining, for Di, a value of Ni banks for the respective client transaction account, wherein Ni is a whole number and (X) times (Ni) is equal to or less than 100, where X is a distribution percent value to be distributed to each of the Ni banks; allocating, the percentage, X, multiplied by the respective client available deposit amount, Di, calculating, for each bank of a plurality of the banks in the program, a respective net bank deposit amount for allocation; generating instructions to transfer funds to or from one or more of the aggregated deposit accounts in one or more of the respective banks in the program; and updating one or more of the electronic databases with update data for each of a plurality of the client transaction accounts.
292 Citations
28 Claims
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1. A computer system for managing client accounts associated with respective clients, said system comprising:
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one or more computers comprising memory wherein the memory stores computer-readable instructions comprising program code that, when executed, causes the one or more computers to perform the steps; accessing, by the one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising; (1) aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banks participating in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program; and (2) client account information for each of the respective client accounts comprising; (a) a respective balance in the respective client account, comprising funds managed in the program; (b) a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and obtaining, by the one or more computers, data on deposits and/or withdrawals and/or nets thereof for one or more of the client accounts; performing the following steps for each client account, i, of a plurality of the client accounts; (a) determining, by the one or more computers, if the respective client account meets one or more criteria; (b) when the respective client account meets the one or more criteria, obtaining via an internet portal, by the one or more computers, a percentage Xi, where Xi is a distribution percent value of the respective client account, i, to be distributed to each of Ni banks of the plurality of the banks; (c) determining, by the one or more computers, a client available deposit amount, Di, for the respective client account, i, comprising funds to be distributed evenly over the Ni respective banks in the program for the client up to a predetermined amount; (d) calculating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, wherein BNi, is limited to 80% or less of the FDIC insurance limit; (e) determining, by the one or more computers, for the client available deposit amount Di, for the respective client account, i, a value for Ni for the respective client account, where the number of banks Ni is at least one more than is needed to obtain FDIC insurance for the client available deposit amount, Di in the program, and where Ni is a whole number and (Xi) times (Ni) is less than 100; (f) allocating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, evenly to each of the respective Ni banks determined for the respective client account, i, up to the predetermined amount in each of the respective client Ni banks; (g) calculating, by the one or more computers, a remainder amount for the respective client account, Ri=(Di)−
Di(Ni·
Xi)/100;(h) allocating, by the one or more computers, the remainder amount Ri for the respective client account, i, to at least one remainder bank of the plurality of the banks that is not one of the Ni banks for the respective client account, i; allocating, by the one or more computers, a respective net bank deposit amount to each of multiple of the banks participating in the program based on one or more rules, the respective net bank deposit amount to be deposited in one or more of the FDIC-insured and interest-bearing aggregated deposit accounts held in the respective bank; allocating, by the one or more computers, the respective client bank distribution amounts, BNi, from the client accounts as well as any remainder amounts Ri or portions thereof to the respective banks, to match the respective net bank deposit amount allocated to the respective banks; generating instructions, by the one or more computers, to transfer funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks participating in the program to facilitate transfer of the respective net bank deposit amounts that were allocated; updating, by the one or more computers, the one or more electronic databases with update data for each of multiple of the client accounts, with the update data for each of the multiple client accounts comprising respective client bank distribution amounts, BNi, transferred to the respective client Ni banks for the respective client account; and processing, by the one or more computers, withdrawals/transfers from and/or deposits/transfers to the respective client account, i, against the funds in the at least one remainder bank for the respective client account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method for managing client accounts associated with respective clients, said method comprising:
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accessing, by one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising; (1) aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banks participating in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program; and (2) client account information for each of the respective client accounts comprising; (a) a respective balance in the respective client account, comprising funds managed in the program; (b) a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and obtaining, by the one or more computers, data on deposits and/or withdrawals and/or nets thereof for one or more of the client accounts; performing the following steps for each client account, i, of a plurality of the client accounts; (a) determining, by the one or more computers, if the respective client account meets one or more criteria; (b) when the respective client account meets the one or more criteria, obtaining via an internet portal, by the one or more computers, a percentage Xi, where Xi is a distribution percent value of the respective client account, i, to be distributed to each of Ni banks of the plurality of the banks; (c) determining, by the one or more computers, a client available deposit amount, Di, for the respective client account, i, comprising funds to be distributed evenly over the Ni respective banks in the program for the client up to a predetermined amount; (d) calculating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, wherein BNi, is limited to 80% or less of the FDIC insurance limit; (e) determining, by the one or more computers, for the client available deposit amount Di, for the respective client account, i, a value for Ni for the respective client account, where the number of banks Ni is at least one more than is needed to obtain FDIC insurance for the client available deposit amount, Di in the program, and where Ni is a whole number and (Xi) times (Ni) is less than 100; (f) allocating, by the one or more computers, the percentage, Xi, multiplied by the respective client available deposit amount, Di, comprising the respective client bank distribution amount, BNi, evenly to each of the respective Ni banks determined for the respective client account, i, up to the predetermined amount in each of the respective client Ni banks; (g) calculating, by the one or more computers, a remainder amount for the respective client account, Ri=(Di)−
Di(Ni·
Xi)/100;(h) allocating, by the one or more computers, the remainder amount Ri for the respective client account, i, to at least one remainder bank of the plurality of the banks that is not one of the Ni banks for the respective client account, i; allocating, by the one or more computers, a respective net bank deposit amount to each of multiple of the banks participating in the program based on one or more rules, the respective net bank deposit amount to be deposited in one or more of the FDIC-insured and interest-bearing aggregated deposit accounts held in the respective bank; allocating, by the one or more computers, the respective client bank distribution amounts, BNi, from the client accounts as well as any remainder amounts Ri or portions thereof to the respective banks, to match the respective net bank deposit amount allocated to the respective banks; generating instructions, by the one or more computers, to transfer funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks participating in the program to facilitate transfer of the respective net bank deposit amounts that were allocated; updating, by the one or more computers, the one or more electronic databases with update data for each of multiple of the client accounts, with the update data for each of the multiple client accounts comprising respective client bank distribution amounts, BNi, transferred to the respective client Ni banks for the respective client account; and processing, by the one or more computers, withdrawals/transfers from and/or deposits/transfers to the respective client account, i, against the funds in the at least one remainder bank for the respective client account. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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Specification
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Litigation Data
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Current AssigneeIsland Intellectual Property LLC (Double Rock Corporation)
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Original AssigneeIsland Intellectual Property LLC (Double Rock Corporation)
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InventorsBent, Bruce, Bent, Bruce II, Bent, Rebecca Gareis, Gareis, David Edgar
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Primary Examiner(s)Kyle, Charles
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Assistant Examiner(s)Chencinski, Siegfried E
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Application NumberUS12/638,544Time in Patent Office1,673 DaysField of Search705/35, 705/38, 705/39US Class Current705/35CPC Class CodesG06Q 20/10 specially adapted for elect...G06Q 20/108 Remote banking, e.g. home b...G06Q 40/00 Finance; Insurance; Tax str...G06Q 40/02 Banking, e.g. interest calc...G06Q 40/06 Asset management; Financial...
