Method and system for internet banking and financial services

• US 7,089,202 B1
• Filed: 05/26/2000
• Issued: 08/08/2006
• Est. Priority Date: 05/27/1999
• Status: Expired due to Fees

• Current Assignee: Cathleen Noland
• Original Assignee: Cathleen Noland
• Inventors: McNamar, Richard T., Rucci, Joseph J. Jr., Noland, Cathleen
• Primary Examiner(s): Kazimi, Hani M.
• Assistant Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US09/578,508
• Time in Patent Office: 2,265 Days
• Field of Search: 705 35- 40
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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

Abstract

A computer implemented method of providing a client with an integrated financial management account, including receiving application data for an integrated financial management account and setting up the integrated financial account with a loan component data, an investment component data, and an insurance component, all associated with an account file. Thereby qualifying the client for a loan in the loan component of the integrated financial management account and associating the qualification information with the account file, disbursing the proceeds of the loan component into the investment component by recording a proceed value in the investment component data associated with the account file, and purchasing investment assets using the proceeds of the loan component and associating purchased investment assets to the investment component data associated with the account file.

Claims

1. A computer implemented method of providing a client with an integrated financial management account, the integrated financial management account including an investment component linked to a loan component, the method comprising the steps of:

receiving application data for the integrated financial management account online directly from the client;

setting up the integrated financial management account with investment component data and loan component data associated with an account file at the time of setting up of the integrated financial management account;

linking the loan component data to the investment component data in the step of setting up the integrated financial management account;

contemporaneous with the step of setting up the integrated financial management account in the account file, associating an investment asset to the investment component data in the account file based on the linking of the loan component data to the investment component data, wherein the client is credited with the investment asset in the investment component of the integrated financial management account;

qualifying the client for a loan in the loan component of the integrated financial management account and recording the qualification in the account file; and

after successful loan qualification, disbursing the proceeds of the loan component into the investment component by storing a value of the proceeds in the investment component data in the account file, or after unsuccessful qualification, removing the association of the investment asset to the investment component data in the account file.

2. The computer implemented method according to claim 1, wherein the investment asset associated with the investment component data is selected from a predetermined list of investments.

3. The computer implemented method according to claim 1, wherein the step of setting up the integrated financial management account includes pre-qualifying the client and, wherein the step of pre-qualifying the client includes the step of determining a preliminary credit score for the client and determining that the preliminary credit score meets a predetermined threshold score.

4. The computer implemented method according to claim 1, wherein the title in the investment asset remains with a provider of the integrated financial management account until the step of disbursing the proceeds of the loan component is recorded in the investment component data in the account file.

5. The computer implemented method according to claim 1, wherein the type of the loan in the loan component is stored as loan component data in the account file, and wherein the type of the loan includes a mortgage loan.

6. The computer implemented method according to claim 5, wherein the type of the loan in the loan component is one of a first mortgage, a second equity mortgage loan, a third equity mortgage loan, other sub-ordinate mortgage loan, and a reverse mortgage.

7. The computer implemented method according to claim 1, wherein a type of the investment asset is stored in the investment component data in the account file and includes one of an equity-index fund, a bond-index fund, and a combination of an equity index fund and a bond index fund and a mutual fund.

8. The computer implemented method according to claim 1, wherein the step of receiving application data includes calculating and displaying projections for a growth of investment assets over time.

9. The computer implemented method according to claim 1, wherein the step of qualifying the client includes calculation of a credit score for credit approval.

10. The computer implemented method according to claim 5, further including the step of customizing the mortgage loan data based on computer generated projections of fixed and variable terms, amortization options, and different interest rate and origination fee combinations and displaying the customized mortgage data.

11. The computer implemented method according to claim 1, further including the step of:

notifying the client whenever either the loan component or the investment component achieves a client configurable benchmark value.

12. The computer implemented method according to claim 1, further comprising the step of:

marking to market the investment asset and the loan, in real time or near real time, and updating the investment component data and the loan component data and communicating the updated data to the client.

13. The computer implemented method according to claim 1, further including the steps of:

marking to market, in real time or near real time, and updating the investment component data and the loan component data and communicating the updated data to the client; and

notifying the client automatically whenever the value of either the investment component asset or the loan in the loan component reaches or exceeds a configurable benchmark.

14. The computer implemented method according to claim 6, further including the steps of:

receiving data for a rollover of the integrated financial management account to a mortgage based on a second property different from a first property used in the step of qualifying the client for the original loan in the loan component, wherein said integrated financial management account is associated with a lien file which stores lien data of property associated with the integrated financial management account;

storing the mortgage loan data, secured to the second property, in the loan component data in the account file; and

subtracting the value of the client'"'"'s equity in the first property and the investment asset in the investment component from the balance of the original loan in the loan component and storing the repayment information in the loan component data of the account file.

15. The computer implemented method according to claim 14, wherein the step of receiving data for a rollover includes calculating and displaying financial projections based on projection of the increase in home equity on projected property appreciation and current value of investment assets.

16. The computer implemented method according to claim 1, wherein the step of receiving application data is performed through the Internet or other electronic network.

17. The computer implemented method according to claim 1, wherein the step of receiving application data includes the step of an online filling of an application form at an online terminal.

18. The computer implemented method according to claim 17, wherein the online terminal includes one of a laptop computer, a notebook computer, a hand held computer, a pager, a web-enabled television, telephone, and other wireless device.

19. The computer implemented method according to claim 16, wherein the step of receiving the application data includes the step of an online filling of an application form by one of the client and a third party at an online terminal.

20. The computer implemented method according to claim 19, wherein the online terminal is located at one of a bank branch, a bank ATM, a booking office, an affinity group office, a telephone call center, a retail store, a brokerage house, the client'"'"'s home, and the client'"'"'s office.

21. The computer implemented method according to claim 1, wherein contemporaneous with setting up the integrated financial management account in the account file performing the steps of:

displaying detailed insurance options for selection by the client, and

associating a portfolio insurance selected by the client with an insurance component data of the integrated financial management account.

22. The computer implemented method according to claim 21, wherein the insurance option displayed includes a life and disability insurance for a duration between providing the client with the investment asset and a specific time determined by the client or a provider of the integrated financial management account.

23. The computer implemented method according to claim 1, further including the steps of:

storing information regarding pledges of additional qualified assets in the loan component data associated with the account file;

calculating and providing an additional loan against the pledged assets and storing the additional loan information in the loan component data associated with the account file; and

investing the proceeds of the loan to purchase additional investment assets and storing information regarding the additional investment assets in the investment component data associated with the account file.

24. The computer implemented method according to claim 1, wherein the step of qualifying the client for a loan includes the step of retrieving, through an electronic network, both the client'"'"'s credit history, and title history and appraisal on a property that is associated with the loan component data in the account file.

25. The computer implemented method according to claim 1, further including displaying account management options for a client to administer the integrated financial management account online on a real or near real time basis seven days a week and twenty four hours a day.

26. The computer implemented method according to claim 1, further including displaying account management options for a client to administer the integrated financial management account online by modifying stored parameters related to the loan component data and the investment component data.

27. The computer implemented method according to claim 1, wherein the step of receiving application data includes receiving and verifying an electronic signature.

28. The computer implemented method according to claim 1, further including the steps of

displaying a plurality of retirement planning options for selection by a client;

and

calculating and displaying an account value in response to the selected retirement planning option.

29. The computer implemented method according to claim 1, further including the step of providing an interface for making payments to the integrated financial management account using one of a credit card, a debit card, a smart card, and debiting a checking account.

30. The computer implemented method according to claim 29, further including the step adding to the investment component data the additional purchased investment asset.

31. The computer implemented method according to claim 29, wherein a credit card, a debit card, and a smart card are used to pay account fees.

32. The computer implemented method according to claim 1, further comprising the steps of:

determining an increase in value of the investment asset based on the investment component data associated with the account file;

calculating an additional margin loan for the increase in value of the investment asset; and

updating the investment component data with additional investment assets purchased using the additional margin loan.

33. The computer implemented method according to claim 19, wherein the online terminal includes one of a computer terminal and a web enabled television.

34. The computer implemented method according to claim 19, wherein the online terminal includes an Internet enabled device for accessing the Internet.

35. The computer implemented method according to claim 1, further comprising the step of:

displaying help and options using multi-media displays to sell, explain or solicit the integrated financial management account.

36. The computer implemented method according to claim 1, further comprising the step of:

displaying hot links or metatags to web pages that sell, explain or solicit the integrated financial management account.

37. The computer implemented method according to claim 35, wherein the multi-media display includes audio and video streams.

38. The computer implemented method according to claim 11, further comprising the step of displaying an online interface to interactively configure the benchmarks.

39. The computer implemented method according to claim 1, wherein the step of qualifying the client for a loan in the loan component further includes calculating a loan commitment for a predetermined sum for a future purchase of a property by the client and storing the loan commitment data in the loan component data.

40. The computer implemented method according to claim 5, further comprising the steps of:

periodically assessing the value of a property pledged for the mortgage loan;

calculating an increase in the value of the property;

calculating and providing an additional loan as a percentage of the increase in the value of the property and storing the additional loan in the loan component data; and

storing additional investment asset information in the investment component data on the additional investment assets purchased based on the additional loan.

41. The computer implemented method according to claim 1, further including the step of:

calculating and storing a reduction in the loan balance in the loan component data based on transferring proceeds of a sale of investment assets whose information is stored in the investment component data.

42. The computer implemented method according to claim 1, further comprising the step of:

displaying an option for increasing, by the client, the outstanding balance in the loan component to generate additional funds; and

transferring the additional funds to the investment component to update the investment component data associated with the account file.

43. The computer implemented method according to claim 1, further including the step of:

displaying an option for paying fees on the investment component of the integrated financial management account by allowing a client to increase an interest rate on the loan in the loan component and storing the increased interest rate in the loan component data associated with the account file.

44. The computer implemented method of claim 1, further including the step of:

displaying an option for increasing an interest rate on the loan by a client to pay account dues and storing the increased interest rate in the loan component data associated with the account file.

45. The computer implemented method of claim 44, wherein the account dues includes insurance fees or asset management fees.

46. The computer implemented method according to claim 1, further including the step of:

storing a provider-assigned percentage of the investment assets in the investment component data associated with the account file in order to indicate that a percentage of the investment assets in the investment component has been assigned to the provider of the integrated financial management account to pay fees on the investment component.

47. The computer implemented method according to claim 1, further including the step of:

storing a provider-assigned percentage of the investment assets in the investment component data associated with the account file in order to indicate that a percentage of the investment assets in the investment component has been assigned to the provider of the integrated financial management account to pay any account dues.

48. The computer implemented method according to claim 1, wherein the step of receiving application data is performed by a bank, and

wherein the investment asset, in the step of crediting the investment component of the integrated financial management account, is purchased by an Internet company having an agreement with the bank.

49. The computer implemented method according to claim 1, further including the step of:

displaying for public auction over the Internet one of the integrated financial management account, the investment component, and the loan component.

50. The computer implemented method according to claim 1, further comprising the step of:

calculating a guaranteed rollover loan amount for the purchase of a second property based on the appraised value of a first property, whose lien data is associated with the loan component in the loan component data, and on values of the investment component and the loan component associated with the integrated financial management account.

51. The computer implemented method according to claim 50, further comprising the step of:

communicating to the client, periodically or on demand, the calculated guaranteed rollover loan amount.

52. The computer implemented method according to claim 1, further comprising the step of:

calculating an increase in the value of a property whose lien data is associated with the loan component in the loan component data; and

determining an additional loan amount eligibility in the loan component based on the calculated increase in the value of the property.

53. The computer implemented method according to claim 52,

associating additional investment assets with the investment component data based on additional investment assets purchased with the proceeds of the additional loan amount eligibility determined based on the calculated increase in the value of the property.

54. A computer data storage medium having program code recorded thereon for providing a client with an integrated financial management account, the program code comprising:

a first program code for receiving application data for the integrated financial management account online directly from the client;

a second program code for setting up an integrated financial management account with an investment component data and a loan component data stored associated with an account file at the time of setting up of the integrated financial management account, and linking the loan component data to the investment component data when setting up the integrated financial management account,

a third program code, that contemporaneous with the setting up of the integrated financial management account credits an investment asset to the investment component data in the account file based on the linking of the loan component data to the investment component data wherein the client is credited with an investment asset in the investment component of the integrated financial management account;

a fourth program code that qualifies the client for a loan in the loan component of the integrated financial management account and associates the qualification with the account file; and

a fifth program code, that after successful loan qualification, disburses proceeds of the loan into the investment component by storing the proceeds in the investment component data associated with the account file, or after unsuccessful loan qualification removes the association of investment asset to the investment component data associated with the account file.

55. The computer data storage medium according to claim 54, further comprising a sixth program code, that contemporaneous with the setting up of the integrated financial management account, associates a portfolio insurance selection by the client with an insurance component data of the integrated financial management account.

56. A system for providing a client with an integrated financial management account, the system comprising:

means for receiving application data for the integrated financial management account online directly from the client;

means for setting up the integrated financial management account with investment component data and loan component data associated with an account file at the time of setting up the integrated financial management account, and linking the loan component data to the investment component data when setting up the integrated financial management account;

means for associating an investment asset to the investment component data based on the linking of the loan component data to the investment component data, contemporaneous with the setting up the integrated financial management account, wherein the client is credited with the investment asset which is recorded in the investment component data of the integrated financial management account;

means for qualifying the client for a loan in loan component of the integrated financial management account and recording the qualification in the account file;

means for disbursing the proceeds of the loan component into the investment component, after successful loan qualification, by storing a value of the proceeds in the investment component data; and

means for removing the association of the investment asset to the investment component data, after unsuccessful loan qualification.

57. The system according to claim 56, further comprising means for associating a portfolio insurance selection by the client with an insurance component data of the integrated financial management account contemporaneous with setting up the integrated financial management account.