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

• US 9,946,997 B1
• Filed: 05/23/2017
• Issued: 04/17/2018
• 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 S
• Assistant Examiner(s): Anderson, Mike
• Application Number:
  US15/602,916
• Time in Patent Office: 329 Days
• 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 transactions that include 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, 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;

(3) 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 first percentage X_i of funds, a first number of banks, N_i, across which to distribute funds of a client account corresponding to the respective one of the clients, wherein none of the excluded banks are included in the first number of banks, N_i, a second percentage Y_i, and a second number of banks, M_i, across which to distribute funds of a client account corresponding to the respective one of the clients, wherein none of the excluded banks are included in the second number of banks, M_i, wherein a sum of the N_i and M_i depository institutions is more than 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 first fund amount allocations for each client account, i, of multiple of the client accounts, said one or more first 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 first percentage X_i for a respective client;

(2) determining, by the one or more automated programmed computers, the first number of client banks N_i in the program for allocation of the first percentage, X_i, of the client available deposit amount, D_i, based at least in part on the client exclusion information;

(3) calculating, by the one or more automated programmed computers, respective client first amounts, FA_Ni, based at least in part on distribution information selected by the respective client or the client relationship bank, to be distributed among the client N_i banks in the program;

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

(D) performing, by the one or more automated programmed computers, one or more second fund amount allocations for each client account, i, of multiple of the client accounts, said one or more second 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, the second percentage Y_i for the respective client;

(2) determining, by the one or more automated programmed computers, the second number of client banks M_i in the program for allocation of the second percentage, Y_i, of the client available deposit amount, D_i, based at least in part on the client exclusion information, wherein a sum of the first and second percentages, X_i and Y_i, is less than 100 so that there is a remainder amount, R_i;

(3) calculating, by the one or more automated programmed computers, respective client second amounts, SA_Mi, based at least in part on distribution information selected by the respective client or the client relationship bank, to be distributed among the client M_i banks in the program;

(4) allocating, using the one or more automated programmed computers, the respective client second amounts, SA_Mi, to each of the respective client M_i banks in the program;

(E) 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) calculating, by the one or more automated programmed computers, the remainder amount by subtracting the client available deposit amount, D_i, multiplied by the sum of the first and second percentages, X_i and Y_i, from the client available deposit amount, D_i;

(2) 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;

(F) 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;

(G) 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;

(H) 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

(I) 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, 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.

3. The method as defined in claim 2, 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.

4. The method as defined in claim 2, wherein the obtaining data 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.

5. The method as defined in claim 2, wherein the obtaining data 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.

6. The method as defined in claim 1, wherein the client relationship bank is one of the N_i banks.

7. The method as defined in claim 1, wherein the client relationship bank is one of the M_i banks.

8. The method as defined in claim 1, wherein at least one of the respective client first amounts, FA_Ni, is different from at least one other respective client first amount, FA_Ni.

9. The method as defined in claim 1, wherein at least one of the respective client second amounts, SA_Mi, is different from at least one other respective client second amount, SA_Mi.

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;

(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;

(3) 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 first percentage X_i of funds, a first number of banks, N_i, across which to distribute funds of a client account corresponding to the respective one of the clients, wherein none of the excluded banks are included in the first number of banks, N_i, a second percentage Y_i, and a second number of banks, M_i, across which to distribute funds of a client account corresponding to the respective one of the clients, wherein none of the excluded banks are included in the second number of banks, M_i, wherein a sum of the N_i and M_i depository institutions is more than 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 first fund amount allocations for each client account, i, of multiple of the client accounts, said one or more first 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 first percentage X_i for a respective client;

(2) determining, by the one or more automated programmed computers, the first number of client banks N_i in the program for allocation of the first percentage, X_i, of the client available deposit amount, D_i, based at least in part on the client exclusion information;

(3) calculating, by the one or more automated programmed computers, respective client first amounts, FA_Ni, based at least in part on distribution information selected by the respective client or the client relationship bank, to be distributed among the client N_i banks in the program;

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

(D) performing, by the one or more automated programmed computers, one or more second fund amount allocations for each client account, i, of multiple of the client accounts, said one or more second 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, the second percentage Y_i for the respective client;

(2) determining, by the one or more automated programmed computers, the second number of client banks M_i in the program for allocation of the second percentage, Y_i, of the client available deposit amount, D_i, based at least in part on the client exclusion information, wherein a sum of the first and second percentages, X_i and Y_i, is less than 100 so that there is a remainder amount, R_i;

(3) calculating, by the one or more automated programmed computers, respective client second amounts, SA_Mi, based at least in part on distribution information selected by the respective client or the client relationship bank, to be distributed among the client M_i banks in the program;

(4) allocating, using the one or more automated programmed computers, the respective client second amounts, SA_Mi to each of the respective client M_i banks in the program;

(E) 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) calculating, by the one or more automated programmed computers, the remainder amount by subtracting the client available deposit amount, D_i, multiplied by the sum of the first and second percentages, X_i and Y_i, from the client available deposit amount, D_i;

(2) 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;

(F) 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;

(G) 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;

(H) 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

(I) 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 the memory stores computer-readable instructions comprising program code that, when executed, cause the one or more automated programmed computers to perform 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.

12. The system as defined in claim 11, 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.

13. The system as defined in claim 11, wherein the obtaining data 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.

14. The system as defined in claim 11, wherein the obtaining data 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.

15. The system as defined in claim 10, wherein the client relationship bank is one of the N_i banks.

16. The system as defined in claim 10, wherein the client relationship bank is one of the M_i banks.

17. The system as defined in claim 10, at least one of the respective client first amounts, FA_Ni, is different from at least one other respective client first amount, FA_Ni.

18. The system as defined in claim 10, wherein at least one of the respective client second amounts, SA_Mi, is different from at least one other respective client second amount, SA_Mi.