Financial account management

• US 8,069,113 B2
• Filed: 12/17/2003
• Issued: 11/29/2011
• Est. Priority Date: 12/17/2003
• Status: Active Grant

• Current Assignee: FMR LLC
• Original Assignee: FMR LLC
• Inventors: Elterich, Steve
• Primary Examiner(s): Kramer; James
• Assistant Examiner(s): See; Carol
• Application Number:
  US10/739,597
• Publication Number:
  US 20050149436A1
• Time in Patent Office: 2,904 Days
• Field of Search: None
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• 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

An automated account management system provides a user with the ability to establish rules that dictate how the account management system is to manage the user'"'"'s accounts. Once the user specifies a set of rules, the system automatically manages multiple accounts across multiple financial institutions in accordance with the user-defined rules. Other features, such as an on-line bill payment system, a money transfer system, and a retirement planning system, may be integrated within the automated account management system to provide the user with even greater control over his or her financial assets.

Claims

1. A computer-implemented method comprising:

retrieving by one or more computers, a first rule including a first, target aggregate balance for a plurality of first personal financial accounts at a first financial institution;

retrieving by the one or more computers, a second rule including a second, target aggregate balance for the plurality of first personal financial accounts at the first financial institution;

identifying, by the one or more computers, a conflict between the first rule, which includes the first, target aggregate balance for the plurality of first personal financial accounts at the first financial institution, and the second rule, with the conflict corresponding to when execution of the first rule by the one or more computers will cause a violation of the second rule by the one or more computers;

receiving from the user account information, including instructions for the one or more computers to execute the first rule, which includes the first, target aggregate balance for the plurality of first personal financial accounts at the first financial institution;

based on the account information, resolving the conflict between the first rule, which includes the first, target aggregate balance for the plurality of first personal financial accounts at the first financial institution, and the second rule;

following resolution of the conflict between the first rule, which includes the first, target aggregate balance for the plurality of first personal financial accounts at the first financial institution, and the second rule;

calculating an actual aggregate balance for the plurality of first personal financial accounts at the first financial institution;

detecting, by the one or more computers, that the actual aggregate balance for the plurality of first personal financial accounts at the first financial institution differs from the first, target aggregate balance included in the first rule;

determining an amount of funds to be transferred between the plurality of first personal financial accounts at the first financial institution and one or more second personal financial accounts at a second, different financial institution, the amount of funds to be transferred to maintain the actual aggregate balance for the plurality of first personal financial accounts at the first financial institution in accordance with the first, target aggregate balance included in the first rule; and

causing by the one or more computers a transfer of funds in the determined amount from the one or more second personal financial accounts at the second financial institution to the plurality of first personal financial accounts at the first financial institution.

2. The method of claim 1, wherein the first, target aggregate balance comprises a minimum aggregate balance for the plurality of first personal financial accounts at the first institution.

3. The method of claim 2, further comprising:

determining, by one or more computers, that the actual aggregate balance for the plurality of first personal financial accounts at the first institution is below the minimum aggregate balance for the plurality of first personal financial accounts at the first institution; and

retrieving, by one or more computers, information that indicates one or more source accounts from which the user desires the transfer of funds into the plurality of first personal financial accounts at the first institution.

4. The method of claim 3, further comprising:

determining, by one or more computers, that the actual aggregate balance for the plurality of first personal financial accounts at the first institution is below the minimum aggregate balance; and

retrieving, by one or more computers, information that indicates an amount of funds to be transferred from the one or more source accounts into the plurality of first personal financial accounts at the first institution.

5. The method of claim 1, wherein the first, target aggregate balance comprises a maximum aggregate balance for the plurality of first personal financial accounts.

6. The method of claim 5, further comprising:

determining, by one or more computers, that the actual aggregate balance for the plurality of first personal financial accounts at the first institution exceeds the maximum aggregate balance for the plurality of first personal financial accounts at the first institution; and

retrieving, by one or more computers, information that indicates one or more target accounts to which the user desires the transfer of funds.

7. The method of claim 6, further comprising:

determining, by one or more computers, that the actual aggregate balance for the plurality of first personal financial accounts at the first institution exceeds the maximum aggregate account balance for the plurality of first personal financial accounts at the first institution; and

retrieving, by one or more computers, information that indicates an amount of funds to be transferred to one or more of the target accounts.

8. The method of claim 1 further comprising:

forming a user notification message indicating a transfer of funds into or out of the plurality of first personal financial accounts at the first institution.

9. The method of claim 1 further comprising:

retrieving, by one or more computers, information that indicates the user'"'"'s desire to transfer funds into or out of the plurality of first personal financial accounts at the first institution on a particular date;

monitoring the current date; and

transferring funds into or out of the one or more first personal financial accounts at the first institution when the current date reaches the particular date.

10. The method of claim 1, further comprising:

transmitting a notification message to the user indicating that funds have been automatically transferred into or out of the plurality of first personal financial accounts at the first institution.

11. A computer-implemented method for managing a portfolio of personal financial accounts of a user, wherein the portfolio comprises a first account maintained at a first financial institution and a second account maintained at a second, different financial institution, the method comprising:

retrieving by one or more computers, a first rule including a minimum balance for the first account maintained at the first financial institution;

retrieving by one or more computers, a second rule including a target balance for the first account maintained at the first financial institution;

identifying, by one or more computers, a conflict between the first rule including the minimum balance for the first account maintained at the first financial institution, and the second rule, with the conflict corresponding to when execution of the first rule by the one or more computers will cause a violation of the second rule by the one or more computers;

receiving from the user account information including instructions for the one or more computers to execute the first rule, which includes the minimum balance for the first account maintained at the first financial institution;

calculating an actual balance of the first account maintained at the first financial institution;

detecting, by one or more computers, that the actual balance of the first account maintained at the first financial institution is below the minimum balance included in the first rule; and

causing by one or more computers a transfer of funds from the second account maintained at the second, different financial institution into the first account maintained at the first financial institution.

12. The method of claim 11, wherein causing by one or more computers a transfer of funds from the second account maintained at the second financial institution into the first account maintained at the first financial institution comprises:

causing by one or more computers a transfer of funds from the second account into the first account in an amount sufficient to raise the actual balance of the first account to the minimum balance included in the first rule.

13. The method of claim 11, further comprising:

determining, by one or more computers, that the actual balance of the first account is below the minimum balance; and

retrieving, from one or more computers, information indicating the user'"'"'s desire to transfer funds from the second account to the first account.

14. The method of claim 11, further comprising:

transmitting a message to the user indicating the transfer of funds from the second account to the first account.

15. The method of claim 14, wherein the message comprises a text message that is transmitted to a user'"'"'s electronic mail address, cellular phone, pager or personal digital assistant.

16. The method of claim 11, further comprising:

prior to causing by one or more computer a transfer of funds from the second account to the first account, transmitting a message to the user suggesting the transfer of funds from the second account to the first account.