Unified banking services via a single financial account

• US 20060106693A1
• Filed: 11/12/2004
• Published: 05/18/2006
• Est. Priority Date: 11/12/2004
• Status: Abandoned Application

• Current Assignee: International Business Machines Corporation
• Original Assignee: International Business Machines Corporation
• Inventors: Rodriguez, Herman, Carlson, Michael P.
• Application Number:
  US10/988,464
• Publication Number:
  US 20060106693A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• 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

Abstract

Provided is an integrated financial account that encompasses all types of transactions. The balance of the account is determined by withdrawals and deposits regardless of the type of transaction to which the withdrawal or deposit corresponds. If a debt is presented, the net balance of the account is adjusted downward accordingly. If a credit is presented, the balance is adjusted upward accordingly. If an account has a negative balance, the balance is adjusted to reflect interest expense. If account has a positive balance, an agreed upon interest is accrued. A balance of the integrated account can include collateral and obligations that the customer places in the account. Information about the account can be downloaded to a customer'"'"'s personal financial management (PFM) tools, which could segment the account into separate components corresponding to traditional accounts. The integrated account can be used as collateral for insurance with balance adjusted based upon risk.

Claims

1. A method for managing an integrated financial account with multiple asset and liability components, the method comprising:

establishing, for an account holder, a single, integrated financial account having one of more components, each component being at any particular time either an asset or liability;

entering a transaction corresponding to a component of the one or more components;

determining a net account value corresponding to the integrated account based upon all the components;

crediting interest at a first rate to the integrated account if the net account value is positive; and

deducting interest at a second rate form the integrated account if the net account value is negative.

2. The method of claim 1, wherein the integrated financial account is administered by a bank.

3. The method of claim 1, wherein types of components may include:

a checking account;

a savings account;

a mortgage account;

a credit card account; and

a personal loan account.

4. The method of claim 1, wherein one of the components comprises collateral.

5. The method of claim 1, wherein one of the components comprises a co-sign agreement.

6. The method of claim 1, further comprising maintaining an account history corresponding to the transaction and all previous transactions related to the integrated financial account.

7. The method of claim 6, wherein the account history is downloadable into a software program that segments the integrated financial account into the one or more components.

8. A system for managing an integrated financial account with multiple asset and liability components, the system comprising:

a single, integrated financial account comprising one of more components, each component being at any particular time either an asset or liability;

logic for entering a transaction corresponding to a component of the one or more components;

logic for determining a net account value corresponding to the integrated account based upon all the components;

logic for crediting interest at a first rate to the integrated account if the net account value is positive; and

logic for deducting interest at a second rate form the integrated account if the net account value is negative.

9. The system of claim 8, wherein the integrated financial account is administered by a bank.

10. The system of claim 8, wherein types of components may include:

a checking account;

a savings account;

a mortgage account;

a credit card account; and

a personal loan account.

11. The system of claim 8, wherein one of the components comprises collateral.

12. The system of claim 8, wherein one of the components comprises a co-sign agreement.

13. The system of claim 8, further comprising an account history corresponding to the transaction and all previous transactions related to the integrated financial account.

14. The system of claim 13, wherein the account history is downloadable into a software program that segments the integrated financial account into the one or more components.

15. A computer programming product for managing an integrated financial account with multiple asset and liability components, the method comprising:

a memory;

logic, stored on the memory, for maintaining a single, integrated financial account comprising one of more components, each component being at any particular time either an asset or liability;

logic, stored on the memory, for entering a transaction corresponding to a component of the one or more components;

logic, stored on the memory, for determining a net account value corresponding to the integrated account based upon all the components;

logic, stored on the memory, for crediting interest at a first rate to the integrated account if the net account value is positive; and

logic, stored on the memory, for deducting interest at a second rate form the integrated account if the net account value is negative.

16. The computer programming product of claim 15, wherein the integrated financial account is administered by a bank.

17. The computer programming product of claim 15, wherein types of components may include:

a checking account;

a savings account;

a mortgage account;

a credit card account; and

a personal loan account.

18. The computer programming product of claim 15, wherein one of the components comprises collateral.

19. The computer programming product of claim 15, wherein one of the components is a co-sign agreement by the account holder for the benefit of another party.

20. The computer programming product of claim 15, further comprising an account history, stored on the memory, corresponding to the transaction and all previous transactions related to the integrated financial account.