Method and apparatus for new accounts program

• US 20050246252A1
• Filed: 07/01/2005
• Published: 11/03/2005
• Est. Priority Date: 04/28/2000
• Status: Active Grant

• Current Assignee: Beth Devin, Colleen Wallace, Gee Kin Chou, Harry Friman, Janet Chapman
• Original Assignee: Beth Devin, Colleen Wallace, Gee Kin Chou, Harry Friman, Janet Chapman
• Inventors: Friman, Harry, Devin, Beth, Wallace, Colleen, Chou, Gee Kin, Chapman, Janet
• Granted Patent: US 7,778,902 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/08 Auctions
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for opening an on-line brokerage account includes the steps of opening an on-line brokerage account for a user based on account information received from the user, the on-line brokerage account having one or more restrictions, generating an application based on the account information; requesting that the user submit required information with the application within a predetermined time to remove the one or more restrictions from the on-line brokerage account, and removing said one or more restrictions from the on-line brokerage account when the application including the required information is received within the predetermined time.

Claims

1-27. -27. (canceled)

28. A method for opening an on-line brokerage account, comprising:

electronically presenting a user with a non-alterable filled in application, which includes account information, for the on-line brokerage account, and a click-through agreement setting forth the terms of the on-line brokerage account;

receiving an indication that the user agrees with the click-through agreement;

opening the on-line brokerage account so that the opened on-line brokerage account is initially subject to one or more restrictions;

providing the user with access to the on-line brokerage account, while it is initially subject to one or more restrictions; and

reviewing account information, and upon a successful review of the account information removing the one or more restrictions from the on-line brokerage account.

29. The method of claim 28, wherein the reviewing the account information includes:

performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account.

30. The method of claim 28, wherein the reviewing the account information includes:

performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account;

reviewing the account information, if the background check is successful, to determine if the account information complies with rules and regulations of the Securities and Exchange Commission; and

removing said one or more restrictions, if the account information is found to comply with the rules and regulations of the Securities and Exchange Commission.

31. The method of claim 28, further including electronically archiving the non-alterable, pre-filled in application for the on-line brokerage account, and the click-through agreement.

32. The method of claim 28, wherein the providing the user with access to the on-line brokerage account, while it is initially subject to one or more restrictions, includes providing the user with an account number, a customer identifier, and a password, so that the user can access the on-line account while it is initially subject to one or more restrictions.

33. The method of claim 32, wherein when the user accesses the on-line account while it is subject to one or more restrictions, the user is prevented from trading securities in the on-line account, but the user can use the on-line brokerage account while is subject to one or more restrictions, to research different securities, and set up a watchlist to track different securities.

34. The method of claim 33 further including:

notifying the user after the one or more restrictions have been removed from the on-line brokerage account, at which point the user can trade securities in the on-line brokerage account.

35. The method of claim 28 further including:

wherein the reviewing the account information includes, performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account, and if the background check is successful, reviewing the account information to determine if the account information complies with rules and regulations of the Securities and Exchange Commission, and if the account information is found to comply with the rules and regulations of the Securities and Exchange Commission, removing the one or more restrictions;

electronically archiving the non-alterable, pre-filled in application for the on-line brokerage account, and the click-through agreement;

wherein the providing the user with access to the on-line brokerage account, while it is initially subject to one or more restrictions, includes providing the user with an account number, a customer identifier, and a password, so that the user can access the on-line account while it is initially subject to one or more restrictions;

wherein when the user accesses the on-line account while it is subject to one or more restrictions, the user is prevented from trading securities in the on-line account, but the user can use the on-line brokerage account while is subject to one or more restrictions, to research different securities, and set up watchlist to track different securities; and

notifying the user after the one or more restrictions have been removed from the on-line brokerage account, at which point the user can trade securities in the on-line brokerage account.

36. The method of claim 28, further including:

providing the on-line brokerage account with features which require a signature card, signed by the user;

providing the user with electronic access to a signature card form, so that the user can print out the signature card form;

upon receipt of the signature card activating features of the on-line account which require a signed signature card from the user.

37. The method of claim 28, further including:

upon an unsuccessful review of the account information closing the on-line brokerage account and terminating the user'"'"'s access to the on-line brokerage account.

38. A method for opening an on-line brokerage account, comprising:

electronically presenting a user with a filled in application for the on-line brokerage account, wherein the application contains account information for the on-line brokerage account, and includes a plurality of terms for the on-line brokerage account;

receiving an indication that the user agrees with the plurality of terms for the on-line brokerage account;

opening the on-line brokerage account;

providing the on-line brokerage account with features which require a signature card, signed by the user;

providing the user with electronic access to a signature card for, so that the user can print out the signature card form;

upon receipt of the signed signature card signed by the user activating features of the on-line account which require a signed signature card from the user.

39. The method of claim 38 further including:

wherein the opened on-line brokerage account is initially subject to one or more restrictions;

providing the user with access to the on-line brokerage account while the on-line brokerage account is initially subject to one or more restrictions; and

reviewing account information, and upon a successful review of the account information removing the one or more restrictions from the on-line brokerage account.

40. The method of claim 38, further including:

receiving the account information from the user.

41. The method of claim 39, wherein the reviewing the account information includes:

performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account.

42. The method of claim 39, wherein the reviewing the account information includes:

performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account;

reviewing the account information, if the background check is successful, to determine if the account information complies with rules and regulations of the Securities and Exchange Commission; and

removing said one or more restrictions, if the account information is found to comply with the rules and regulations of the Securities and Exchange Commission.

43. The method of claim 39, further including electronically archiving the filled in application for the on-line brokerage account.

44. The method of claim 39, wherein the providing the user with access to the on-line brokerage account, while it is initially subject to one or more restrictions, includes providing the user with an account number, a customer identifier, and a password, so that the user can access the on-line account while it is initially subject to one or more restrictions.

45. The method of claim 39, wherein when the user accesses the on-line account while it is subject to one or more restrictions, the user is prevented from trading securities in the on-line account, but the user can use the on-line brokerage account while is subject to one or more restrictions, to research different securities, and set up a watchlist to track different securities.

46. The method of claim 39 further including:

notifying the user after the one or more restrictions have been removed from the on-line brokerage account, at which point the user can trade securities in the on-line brokerage account.

47. The method of claim 39 further including:

wherein the reviewing the account information includes, performing a background check, including a credit check, based on the account information, and if the background check is not acceptable, closing the on-line brokerage account, and if the background check is successful, reviewing the account information to determine if the account information complies with rules and regulations of the Securities and Exchange Commission, and if the account information is found to comply with the rules and regulations of the Securities and Exchange Commission, removing the one or more restrictions;

electronically archiving the filled in application for the on-line brokerage account;

wherein the providing the user with access to the on-line brokerage account, while it is initially subject to one or more restrictions, includes providing the user with an account number, a customer identifier, and a password, so that the user can access the on-line account while it is initially subject to one or more restrictions;

wherein when the user accesses the on-line account while it is subject to one or more restrictions, the user is prevented from trading securities in the on-line account, but the user can use the on-line brokerage account while is subject to one or more restrictions, to research different securities, and set up watchlist to track different securities; and

notifying the user after the one or more restrictions have been removed from the on-line brokerage account, at which point the user can trade securities in the on-line brokerage account.

48. The method of claim 39, further including:

upon an unsuccessful review of the account information closing the on-line brokerage account and terminating the user'"'"'s access to the on-line brokerage account.