Systems and methods for providing enhanced account management services for multiple banks

  • US 8,290,860 B1
  • Filed: 03/20/2009
  • Issued: 10/16/2012
  • Est. Priority Date: 10/21/1998
  • Status: Expired due to Fees
First Claim
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1. A deposit interchange system for operating an interchange program, wherein a first plurality of financial entities participate in the interchange program, comprising:

  • A. one or more electronic databases, stored on one or more computer-readable media, comprising;

    (1) aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a second plurality of the financial entities that are banks in the interchange program, wherein source funds from a third plurality of the financial entities participating in the interchange program are aggregated in the plurality of the aggregated deposit accounts, the aggregated account information for each of the second plurality of the respective financial entities that is a bank, comprising;

    a total balance of source funds from the respective bank, held in one or more of the aggregated deposit accounts in the other banks in the interchange program, the source funds of a respective one of the banks comprising funds where the respective bank is a source of the funds into the interchange program;

    and(2) client account information for each of a plurality of respective primary client accounts of a plurality of primary clients, with each respective primary client having funds that were accepted for deposit in a primary client account in the name of the respective primary client at one of the second plurality of the banks in the interchange program, comprising;

    (a) a respective total balance of the respective primary client account of the respective bank held in the interchange program; and

    (b) a respective balance of funds from the respective primary client account held in each of one or more of the banks in the interchange program holding funds of the respective primary client account in one or more aggregated deposit accounts therein; and

    B. a component, configured on the one or more computers, to receive and/or obtain at least information on an amount of source funds of one of the financial entities in the interchange program that is a first bank, to be deposited in or withdrawn from the one or more aggregated deposit accounts in one or more of the other banks in the interchange program;

    C. a selection and allocation engine, configured on the one or more computers to access the one or more databases and to perform the following steps;

    (1) selecting at least one of the other banks in the interchange program with at least one of the aggregated deposit accounts, using the one or more computers and using for one or more of the banks at least the total balance of source funds for the respective bank held in the other banks in the interchange program, for an allocation of at least a portion of the source funds of at least the first bank, wherein the at least one other bank has source funds held in one or more aggregated deposit accounts in one or more different of the banks in the interchange program;

    (2) allocating funds of primary client accounts comprising the source funds of the first bank, using the one or more computers and using for each of a respective one or more of the primary client accounts at least the respective balance of funds for respective primary client account held in each of the one or more of the banks in the interchange program holding funds of the respective primary client account, to or from at least one aggregated deposit account held in the at least one other bank that was selected, the allocating so that the balance of funds held in the at least one other bank in the one or more aggregated deposit accounts therein of any primary client accounts of the first bank with funds in the allocation does not exceed a predetermined amount; and

    (3) allocating funds, to or from at least one aggregated deposit account held in the first bank, the funds comprising source funds of primary client accounts of one or more other of the financial entities providing source funds to the interchange program, the allocating comprising calculating an amount of the funds so that the balance of funds held in the first bank in the one or more aggregated deposit accounts therein of any primary client account with funds being allocated does not exceed a predetermined amount, using the one or more computers and using for one or more of the primary client accounts at least the respective balance of funds from the respective primary client account held in each of one or more of the banks in the interchange program holding funds of the respective primary client account;

    D. an instruction generator, configured on the one or more computers, to generate and to output instructions to transfer funds to and/or from the at least one of the aggregated deposit accounts in the at least one other bank and in the first bank, based, at least in part, on the allocation made to or from the at least one aggregated deposit account in the at least one other bank and the at least one aggregated deposit account in the first bank, made by the selection and allocation engine;

    E. an interest engine, configured on the one or more computers, to determine for the aggregated deposit accounts, on a periodic basis, interest earned; and

    F. an update engine, configured on the one or more computers, to credit or have credited the interest earned among the primary client accounts and to update or have updated in the one or more electronic databases, for at least one of the respective banks in the interchange program, the respective total balance of source funds of the respective bank held in the one or more aggregated deposit accounts in one or more of the other banks in the interchange program.

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