Financial management system, and methods and apparatus for use therein
First Claim
1. A non-transitory computer-readable record carrier comprising computer-readable program steps which when executed by at least one computer cause the at least one computer to perform a method for implementing integrated bank accounts for a plurality of customers, each integrated bank account combining the features of (i) a loan secured against an asset of the customer and (ii) a checking account, whereby the customer'"'"'s day-to-day credit and debit transactions are aggregated with the loan into a single account balance with a single credit limit, said method comprising:
- receiving from the customer instructions for credit and debit transactions and effecting real transactions by communication with apparatuses of a plurality of banking institutions;
periodically updating said single account balance, interest deductions and available credit in response to said real transactions;
reporting to the customer the single account balance and transaction history;
in responsive to secondary customer instructions, creating a sub-account database defining attributes and virtual balances for a plurality of virtual sub-accounts of said loan and checking account parts of the single account so as to compartmentalize funds within said single account balance and credit limit without creating separate accounts in an account operation apparatus;
effecting virtual transactions between said sub-accounts without effecting any real transaction or altering the single account balance; and
updating and reporting sub-account balances in response to each said virtual transaction.
3 Assignments
0 Petitions
Accused Products
Abstract
The invention provides a financial management system wherein a real bank account is notionally sub-divided into virtual sub-accounts and transactions are effected between the virtual sub-accounts without affecting the operation of the real bank account, such a system allowing a customer to maintain an automatically updated model of the customer'"'"'s finances within the single account, thus assisting visualization of his or her financial position, while retaining the benefit of the single account.
24 Citations
21 Claims
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1. A non-transitory computer-readable record carrier comprising computer-readable program steps which when executed by at least one computer cause the at least one computer to perform a method for implementing integrated bank accounts for a plurality of customers, each integrated bank account combining the features of (i) a loan secured against an asset of the customer and (ii) a checking account, whereby the customer'"'"'s day-to-day credit and debit transactions are aggregated with the loan into a single account balance with a single credit limit, said method comprising:
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receiving from the customer instructions for credit and debit transactions and effecting real transactions by communication with apparatuses of a plurality of banking institutions; periodically updating said single account balance, interest deductions and available credit in response to said real transactions; reporting to the customer the single account balance and transaction history; in responsive to secondary customer instructions, creating a sub-account database defining attributes and virtual balances for a plurality of virtual sub-accounts of said loan and checking account parts of the single account so as to compartmentalize funds within said single account balance and credit limit without creating separate accounts in an account operation apparatus; effecting virtual transactions between said sub-accounts without effecting any real transaction or altering the single account balance; and updating and reporting sub-account balances in response to each said virtual transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A non-transitory computer-readable record carrier comprising computer-readable program steps which when executed by at least one computer cause the at least one computer to perform a method for implementing an integrated bank account, the integrated bank account combining the features of (i) a loan and (ii) a checking account, whereby a customer'"'"'s day-to-day credit and debit transactions are aggregated with the loan into a single account balance with a single credit limit, said method comprising:
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receiving from the customer instructions for credit and debit transactions and effecting real transactions by communication with apparatuses of a plurality of banking institutions; periodically updating said single account balance, interest deductions and available credit in response to said real transactions; reporting to the customer the single account balance and transaction history; in responsive to secondary customer instructions, creating virtual sub-accounts, and a sub-account database defining attributes and virtual balances, for the plurality of virtual sub-accounts of said loan and checking account parts of the single account so as to compartmentalize funds within said single account balance and credit limit without creating separate accounts in an account operation apparatus; effecting virtual transactions between said sub-accounts without effecting any real transaction or altering the single account balance; and updating and reporting sub-account balances in response to each said virtual transaction.
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20. A non-transitory computer-readable record carrier comprising computer-readable program steps which when executed by at least one computer cause the at least one computer to perform a method for implementing an integrated bank account, the integrated bank account combining the features of (i) a loan and (ii) a checking account, whereby a customer'"'"'s day-to-day credit and debit transactions are aggregated with the loan into a single account balance with a single credit limit, said method comprising:
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receiving from the customer instructions for credit and debit transactions and effecting said transactions by communication with apparatuses of a plurality of banking institutions; periodically updating said single account balance, interest deductions and available credit in response to said received credit and debit transactions; reporting to the customer the single account balance and transaction history; in responsive to customer instructions, creating a plurality of sub-accounts, and a sub-account database defining attributes and balances of the plurality of sub-accounts, of said loan and checking account parts of the single account so as to compartmentalize funds within said single account balance and single credit limit without creating separate accounts in an account operation apparatus; effecting transactions between said sub-accounts without altering the single account balance; and updating and reporting sub-account balances in response to each said transaction between sub-accounts.
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21. A non-transitory computer-readable record carrier comprising computer-readable program steps which when executed by at least one computer cause the at least one computer to perform a method for implementing an account having a single line of credit limit, said method comprising:
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receiving from a customer instructions for transactions and effecting said transactions by communication with apparatuses of a plurality of banking institutions; periodically updating the balance of the account, interest deductions and available credit in response to said transactions; reporting to the customer the single account balance and transaction history; in responsive to customer instructions, creating a plurality of sub-accounts, and a sub-account database defining attributes and balances of the plurality of sub-accounts, of a loan and checking account parts of the single account so as to compartmentalize funds within said account balance and single credit limit without creating separate accounts in an account operation apparatus; effecting transactions between said sub-accounts without altering the single account balance; and updating and reporting sub-account balances in response to each said transaction between sub-accounts.
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Specification