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

• US 9,811,811 B1
• Filed: 03/15/2013
• Issued: 11/07/2017
• Est. Priority Date: 05/26/2009
• Status: Active Grant

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Inventors: Bent, Bruce, Bent, II, Bruce, Bent, Rebecca Gareis, Gareis, David Edgar
• Primary Examiner(s): Apple, Kirsten
• Assistant Examiner(s): Anderson, Michael W
• Application Number:
  US13/841,778
• Time in Patent Office: 1,698 Days
• Field of Search: 705 35- 44
• 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

Computer system, computer-implemented method, and program product for managing transaction comprising: administering clients'"'"' deposits to and withdrawals from client transaction accounts; determining a client available deposit amount, D_i, determining, for D_i, a value of N_i banks for the respective client transaction account, wherein N_i is a whole number and (X) times (N_i) is equal to or less than 100, where X is a distribution percent value to be distributed to each of the N_i banks; allocating, the percentage, X, multiplied by the client deposit amount, D_i, calculating, for the banks a respective net deposit amount; generating instructions to transfer funds; and updating.

Claims

1. A method, comprising:

A. accessing, by one or more automated programmed 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 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, and wherein the aggregated account information comprises a balance held in the respective aggregated deposit account;

(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 one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

(3) client preference information and exclusion information or only client preference information or only client exclusion information, the client preference information comprising a client'"'"'s one or more preferences of one or more banks to hold respective client account funds, the client exclusion information comprising one or more exclusions of banks to hold respective client account funds; and

B. providing, by the one or more automated programmed computers, an interface available to a respective one of the clients for receiving an input designating a percentage X_i of funds and a number of banks, N_i, across which to distribute funds of a client account corresponding to the respective one of the clients, when one or more criteria are met by the respective one of the clients, wherein the N_i depository institutions are more than are necessary to obtain FDIC insurance for the funds of the client account;

C. performing, by the one or more automated programmed computers, one or more remainder fund amount allocations for each client account, i, of multiple of the client accounts, said one or more remainder fund amount allocations comprising;

(1) obtaining, by the one or more automated programmed 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 across the banks in the program and the percentage X_i for a respective client;

(2) determining, by the one or more automated programmed computers, the client banks Ni in the program for allocation of the client available deposit amount, Di, based at least in part on the client preference and client exclusion information or based at least in part on the client preference information or based at least in part on the client exclusion information;

(3) calculating, by the one or more automated programmed computers, a client first amount, FA_i, comprising the percentage X_i, multiplied by the client available deposit amount, D_i, with this client first amount to be distributed equally among the client N_i banks in the program, wherein the first amount, FA_i, is not to exceed a predetermined amount, and wherein X_i multiplied by N_i is less than 100 so that there is a remainder amount, R_i;

(4) allocating, using the one or more automated programmed computers, the client first amount, FA_i, to each of the respective client N_i banks in the program;

(5) calculating, by the one or more automated programmed computers, the remainder amount comprising the first amount, FA_i, multiplied by the client number of banks selected subtracted from the client available deposit amount, D_i;

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

(D) performing, by the one or more automated programmed computers, one or more remainder fund transactions, comprising;

(1) receiving, by the one or more automated programmed 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;

(2) selecting for allocation, using the one or more automated programmed 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 automated programmed computers, data for transferring 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 in the program based, at least in part, on the allocations;

(F) administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more automated programmed computers, transaction data comprising transaction data for one or more deposits/transfers and/or withdrawals/transfers for one or more client accounts, and/or a net of the transaction data for one or more of the client accounts; and

(G) updating, by the one or more automated programmed computers, one or more of the electronic databases with update data for each of more than one of the client accounts, comprising updating the 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.

2. The method as defined in claim 1, wherein one of the one or more criteria comprises a balance of the respective client account that is greater than a minimum amount.

3. The method as defined in claim 1, wherein one of the one or more criteria comprises a composite amount of the balances of all accounts associated with the respective client that is greater than a minimum amount.

4. The method as defined in claim 1, further comprising obtaining, by the one or more automated programmed computers, data on deposits and/or withdrawals and/or nets thereof for one or more of the client accounts.

5. The method as defined in claim 4, wherein the obtaining data step comprises obtaining data on deposits and/or withdrawals for one or more of the client accounts from a non-bank agent.

6. The method as defined in claim 4, wherein the obtaining step comprises obtaining data on deposits and/or withdrawals and/or nets thereof for one of the client accounts via a direct or indirect communication from the respective client associated with the respective client account.

7. The method as defined in claim 4, wherein the obtaining step comprises obtaining data on deposits and/or withdrawals and/or nets thereof for one of the client accounts from a relationship bank holding a client transaction account for the respective client associated with the respective client account.

8. The method as defined in claim 4, wherein the relationship bank is one of the N_i, banks.

9. The method as defined in claim 4, wherein the one or more criteria comprises the respective client available deposit amount D_i for the respective client account equals or exceeds a threshold value.

10. A computer system, comprising:

one or more automated programmed 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 automated programmed computers to perform the steps;

A. accessing, by one or more automated programmed 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 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, and wherein the aggregated account information comprises a balance held in the respective aggregated deposit account;

(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 one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

(3) client preference information and exclusion information or only client preference information or only client exclusion information, the client preference information comprising a client'"'"'s one or more preferences of one or more banks to hold respective client account funds, the client exclusion information comprising one or more exclusions of banks to hold respective client account funds; and

B. providing, by the one or more automated programmed computers, an interface available to a respective one of the clients for receiving an input designating a percentage X_i of funds and a number of banks, N_i, across which to distribute funds of a client account corresponding to the respective one of the clients, when one or more criteria are met by the one of the clients, wherein the N_i depository institutions are more than are necessary to obtain FDIC insurance for the funds of the client account;

C. performing, by the one or more automated programmed computers, one or more remainder fund amount allocations for each client account, i, of multiple of the client accounts, said one or more remainder fund amount allocations comprising;

(1) obtaining, by the one or more automated programmed 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 across the banks in the program and the percentage X_i for a respective client;

(2) determining, by the one or more automated programmed computers, the client banks Ni in the program for allocation of the client available deposit amount, Di, based at least in part on the client preference and client exclusion information or based at least in part on the client preference information or based at least in part on the client exclusion information;

(3) calculating, by the one or more automated programmed computers, a client first amount, FA_i, comprising the percentage X_i, multiplied by the client available deposit amount, D_i, with this client first amount to be distributed equally among the client N_i banks in the program, wherein the first amount, FA_i, is not to exceed a predetermined amount, and wherein X_i multiplied by N_i is less than 100 so that there is a remainder amount, R_i;

(4) allocating, using the one or more automated programmed computers, the client first amount, FA_i, to each of the respective client N_i banks in the program;

(5) calculating, by the one or more automated programmed computers, the remainder amount comprising the first amount, FA_i, multiplied by the client number of banks selected subtracted from the client available deposit amount, D_i;

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

(D) performing, by the one or more automated programmed computers, one or more remainder fund transactions, comprising;

(1) receiving, by the one or more automated programmed 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; and

(2) selecting for allocation, using the one or more automated programmed 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 automated programmed computers, data for transferring 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 in the program based, at least in part, on the allocations;

(F) administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more automated programmed computers, transaction data comprising transaction data for one or more deposits/transfers and/or withdrawals/transfers for one or more client accounts, and/or a net of the transaction data for one or more of the client accounts; and

(G) updating, by the one or more automated programmed computers, one or more of the electronic databases with update data for each of more than one of the client accounts, comprising updating the 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.

11. The system as defined in claim 10, wherein one of the one or more criteria comprises a balance of the respective client account.

12. The system as defined in claim 10, wherein one of the one or more criteria comprises a composite amount of the balances of all accounts associated with the respective client.

13. The system as defined in claim 10, further comprising obtaining, by the one or more automated programmed computers, data on deposits and/or withdrawals and/or nets thereof for one or more of the client accounts.

14. The system as defined in claim 13, wherein the obtaining data step comprises obtaining data on deposits and/or withdrawals for one or more of the client accounts from a non-bank agent.

15. The system as defined in claim 13, wherein the obtaining step comprises obtaining data on deposits and/or withdrawals and/or nets thereof for one of the client accounts via a direct or indirect communication from the respective client associated with the respective client account.

16. The system as defined in claim 13, wherein the obtaining step comprises obtaining data on deposits and/or withdrawals and/or nets thereof for one of the client accounts from a relationship bank holding a client transaction account for the respective client associated with the respective client account.

17. The system as defined in claim 13, wherein the relationship bank is one of the N_i banks.

18. The system as defined in claim 13, wherein the one or more criteria comprises the respective client available deposit amount D_i for the respective client account equals or exceeds a threshold value.