Method and system for allocating deposits over a plurality of depository institutions

• US 9,430,798 B1
• Filed: 03/13/2013
• Issued: 08/30/2016
• Est. Priority Date: 05/26/2009
• Status: Active Grant

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Propery LLC
• Inventors: Bent, Bruce, Bent, Bruce II, Bent, Rebecca Gareis, Gareis, David Edgar
• Primary Examiner(s): Apple, Kirsten
• Application Number:
  US13/801,874
• Time in Patent Office: 1,266 Days
• Field of Search: 705/38
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• 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 40/06 Asset management; Financial planning or analysis

Abstract

A method, system, and program product, the method comprising: (1) aggregated account information FDIC aggregated deposit accounts held in a plurality of banks; (2) client account information: (1) obtaining a client available deposit amount, D_i; (2) determining, a bank number tier, T_i, for the client account, from among a plurality of tiers based, at least in part, on a level of funds associated with the respective client or relative to tier ranges, wherein each tier has a number of banks associated therewith or a function for computing the number of banks associated therewith; (3) allocating the client available deposit amount, D_i, across a number of banks, N_T, equal to the number associated electronically with the tier, T_i; and generating data to transfer funds to or from one or more of the banks.

Claims

1. A method, comprising:

A. accessing, by one or more computers of a deposit management computer system, 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, N, 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, where each client account represents funds of a respective client held in one or more of the aggregated deposit accounts, wherein the aggregated account information comprises a respective balance of funds held in each of the plurality of the aggregated deposit accounts; and

(2) client account information for each of the respective client accounts comprising a respective balance of funds from the respective client account held in each of the one or more insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

B. performing the following steps for each of multiple of the client accounts;

(1) obtaining, by the one or more computers from one or more computers of a client relationship bank computer system, a client available deposit amount, D_i, comprising funds to be distributed among more than one of the banks in the program;

(2) determining, by the one or more computers, a bank number tier, T_i, for the client account, from among a plurality of tiers based, at least in part, on a level of funds associated with the respective client in the one or more databases relative to tier ranges, wherein each tier has a number of banks N_T electronically associated therewith or a function for computing electronically the number of banks associated therewith, wherein the number of banks N_T on the respective tier is more than is needed to obtain FDIC insurance for the client available deposit amount, D_i in the program;

(3) obtaining, by the one or more computers, a client percentage X_i to be distributed across the tier of banks N_T, wherein X_i multiplied by N_T is less than 100 so that there is a remainder amount, R_i;

(4) allocating, by the one or more computers, the client percentage X_i of the client available deposit amount, D_i, equally across the banks, N_T, so that a respective client portion, P_i, of the client available deposit amount, D_i, is allocated equally to each respective bank in the number of banks, N_T, in the client'"'"'s tier, T_i, but the respective client portion, P_i, does not exceed a predetermined amount;

(5) calculating, by the one or more computers, the remainder amount comprising a first amount, FA_i, of funds allocated to each respective bank in the number of banks, N_T, multiplied by the client number of banks in the tier N_T for the client, subtracted from the client available deposit amount, D_i;

(6) allocating, by the one or more computers, the remainder amount R_i to one or more aggregated deposit accounts in one or across multiple safety banks in the program;

(C) receiving, by the one or more computers from the one or more computers of the client relationship bank computer system, data for a net withdrawal/transfer for one of the client accounts;

(D) selecting for allocation, using the one or more computers, one or more of the aggregated deposit accounts held in the one or more respective safety banks for the respective client account and allocating the respective net withdrawal/transfer first to be met with funds of the remainder amount R_i in the one or more respective safety banks for the respective client account;

(E) generating, by the one or more computers, data for transferring funds to or from one or more of the banks in the program for the one or more aggregated deposit accounts held therein; and

(F) updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for each of these client accounts based, at least in part, on the client portions, P_i, allocated to each respective bank in the number of banks, N_T, for the respective client account.

2. The method as defined in claim 1, wherein the determining a bank number tier step comprises determining, by the one or more computers, a bank number tier, T_i, for the client account, from among the plurality of tiers by comparing only the level of the client available deposit amount, D_i, to the set of tier ranges.

3. The method as defined in claim 1, wherein the determining a bank number tier step comprises determining, by the one or more computers, the bank number tier, T_i, for the client account, from among the plurality of tiers by comparing, the level of at least the available deposit amounts of the client and his/her family, to the set of tier ranges.

4. The method as defined in claim 1, wherein the determining a bank number tier step comprises determining, by the one or more computers, a bank number tier, T_i, for the client account, based, at least in part, on relationship data in the one or more databases for the client account.

5. The method as defined in claim 1, wherein the determining a bank number tier step comprises receiving data on a requested bank number tier, T_i, from a respective client.

6. The method of claim 1, wherein the step of allocating comprises:

selecting, by the one or more computers, for allocation, at least some of the banks in the respective tier N_T for the client account based on one or more selection criteria.

7. The method as defined in claim 6, wherein one of the one or more selection criteria comprises an affiliation of the respective bank.

8. The method as defined in claim 6, wherein one of the one or more selection criteria comprises a client selection of one of the banks or a client exclusion of one of the banks.

9. The method as defined in claim 6, wherein one of the one or more selection criteria comprises a capacity of the respective bank and/or a balance sheet of the respective bank.

10. The method as defined in claim 6, wherein one of the one or more selection criteria comprises a deposit amount from the respective bank held in other of the banks participating in the program.

11. The method as defined in claim 1, further comprising:

administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more computers, transaction data comprising transaction data for one or more deposits/transfers and/or withdrawals/transfers for one or more client accounts, or one or more nets of transaction data for one or more client accounts.

12. The method as defined in claim 1,

wherein one or more of the electronic databases includes client preference and/or exclusion information comprising a client'"'"'s one or more preferences and/or one or more exclusions of one or more banks to hold respective client account funds;

and

determining, by the one or more computers, the banks in the program for allocation of the client available deposit amount, D_i, based at least in part on the client preference and/or exclusion information.

13. The method as defined in claim 1, wherein the step of determining a bank number tier, T_i, for the client account, further comprises:

determining, by the one or more computers, that one or more criteria for a respective one of the clients has been met, the one or more criteria comprising one selected from a group consisting of;

an amount in a given client account, a composite amount held in a plurality of different accounts associated with the client and a number of the years the client has maintained a given relationship;

activating, by the one or more computers, based on the determination, a viewer application to cause a graphical user interface to display an online portal associated with the client relationship computer system to allow the respective one of the clients to select one of the tiers of banks across which to distribute fund amounts that are less than the FDIC insurance limit.

14. A system, comprising:

one or more computers of a deposit management computer system comprising memory wherein the memory stores computer-readable instructions comprising program code that, when executed, cause the one or more computers to perform the steps;

A. 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, N, 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, where each client account represents funds of a respective client held in one or more of the aggregated deposit accounts, wherein the aggregated account information comprises a respective balance of funds held in each of the plurality of the aggregated deposit accounts; and

(2) client account information for each of the respective client accounts comprising a respective balance of funds from the respective client account held in each of the one or more insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

B. performing the following steps for each of multiple of the client accounts;

(1) obtaining, by the one or more computers, from one or more computers of a client relationship bank computer system, a client available deposit amount, D_i, comprising funds to be distributed among more than one of the banks in the program;

(2) determining, by the one or more computers, a bank number tier, T_i, for the client account, from among a plurality of tiers based, at least in part, on a level of funds associated with the respective client in the one or more databases relative to tier ranges, wherein each tier has a number of banks electronically associated therewith or a function for computing electronically the number of banks N_T associated therewith, wherein the number of banks N_T on the respective tier is more than is needed to obtain FDIC insurance for the client available deposit amount, D_i in the program;

(3) obtaining, by the one or more computers, a client percentage X_i to be distributed across the tier of banks N_T, wherein X_i multiplied by N_T is less than 100 so that there is a remainder amount, R_i

(4) allocating, by the one or more computers, the client percentage Xi of the client available deposit amount, D_i, equally across the banks, N_T, so that a respective client portion, P_i, of the client available deposit amount, D_i, is allocated equally to each respective bank in the number of banks, N_T, in the client'"'"'s tier, T_i, but the respective client portion, P_i, does not exceed a predetermined amount;

(5) calculating, by the one or more computers, the remainder amount comprising a first amount, FA_i, of funds allocated to each respective bank in the number of banks, NT, multiplied by the client number of banks in the tier N_T for the client, subtracted from the client available deposit amount, D_i;

(6) allocating, by the one or more computers, the remainder amount R_i to one or more aggregated deposit accounts in one or across multiple safety banks in the program;

(C) receiving, by the one or more computers, from the one or more computers of the client relationship bank computer system data for a net withdrawal/transfer for one of the client accounts;

(D) selecting for allocation, using the one or more computers, one or more of the aggregated deposit accounts held in the one or more respective safety banks for the respective client account and allocating the respective net withdrawal/transfer first to be met with funds of the remainder amount R_i in the one or more respective safety banks for the respective client account;

(E) generating, by the one or more computers, data for transferring funds to or from one or more of the banks in the program for the one or more aggregated deposit accounts held therein; and

(F) updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for each of these client accounts based, at least in part, on the client portions, P_i, allocated to each respective bank in the number of banks, N_T, for the respective client account.

15. The system as defined in claim 14, wherein the determining a bank number tier step comprises determining, by the one or more computers, a bank number tier, T_i, for the client account, from among the plurality of tiers by comparing only the level of the client available deposit amount, D_i, to the set of tier ranges.

16. The system as defined in claim 14, wherein the determining a bank number tier step comprises determining, by the one or more computers, the bank number tier, T_i, for the client account, from among the plurality of tiers by comparing, the level of at least the available deposit amounts of the client and his/her family, to the set of tier ranges.

17. The system as defined in claim 14, wherein the determining a bank number tier step comprises receiving data on a requested bank number tier, T_i, from a respective client.

18. The system as defined in claim 14, wherein one of the one or more criteria comprises an affiliation of the respective bank.

19. The system of claim 14, wherein the step of allocating comprises:

selecting, by the one or more computers, for allocation, at least some of the banks in the respective tier N_T for the client account based on one or more selection criteria.

20. The system as defined in claim 19, wherein one of the one or more selection criteria comprises a client selection of one of the banks or a client exclusion of one of the banks.

21. The system as defined in claim 19, wherein one of the one or more selection criteria comprises a capacity of the respective bank and/or a balance sheet of the respective bank.

22. The system as defined in claim 19, wherein one of the one or more selection criteria comprises a deposit amount from the respective bank held in other of the banks participating in the program.

23. The system as defined in claim 14, wherein the memory further comprises program code that, when executed, causes the one or more computers to perform the step:

administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more computers, transaction data comprising transaction data for one or more deposits/transfers and/or withdrawals/transfers for one or more client accounts, or one or more nets of transaction data for one or more client accounts.

24. The system as defined in claim 14, wherein the step of determining a bank number tier, Ti, for the client account, further comprises:

determining, by the one or more computers, that one or more criteria for a respective one of the clients has been met, the one or more criteria comprising one selected from a group consisting of;

an amount in a given client account, a composite amount held in a plurality of different accounts associated with the client and a number of the years the client has maintained a given relationship;

activating, by the one or more computers, based on the determination, a viewer application to cause a graphical user interface to display an online portal associated with the client relationship computer system to allow the respective one of the clients to select one of the tiers of banks across which to distribute fund amounts that are less than the FDIC insurance limit.