Method and system for allocating deposits over a plurality of depository institutions

• US 8,311,939 B1
• Filed: 06/04/2010
• Issued: 11/13/2012
• Est. Priority Date: 05/26/2009
• Status: Active Grant

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Inventors: Bent, Bruce, Bent, Bruce II, Gareis, David Edgar, Bent, Rebecca Gareis
• Primary Examiner(s): Robinson, Kito R
• Application Number:
  US12/794,545
• Time in Patent Office: 893 Days
• Field of Search: 705/39, 705/35
• 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 20/108 Remote banking, e.g. home banking
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Method, system and program product, the method comprising: accessing databases, comprising: information for a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banks, and client account information; obtaining a deposit amount, Di; calculating a client first amount, FAi, comprising a first percentage X, multiplied by the deposit amount, Di, to be distributed approximately equally among a client Ni banks; calculating a client second amount, SAi, comprising a second percentage, Y, multiplied by the client amount, Di, to be distributed approximately equally among client Mi banks in the program; allocating a respective portion of the client first amount, FAi, to each of the respective client Ni banks in the program, and allocating a respective portion of the client second amount, SAi, to each of the respective client Mi banks in the program; generating data for transferring funds; and updating the electronic databases.

Claims

1. A method, comprising:

A. accessing, by one or more computers, 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 plurality of banks, N, in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program, where the client account represents funds of the client held in one or more of the aggregated deposit accounts; and

(2) client account information for each of the respective client accounts comprising;

(a) a respective balance in the respective client account; and

(b) a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

B. performing, by the one or more computers, the following steps for each client account, i, of more than one of the client accounts;

(1) obtaining, by the one or more computers, a client available deposit amount, D_i, comprising funds to be distributed among more than one of the banks in the program and a first percentage X and a second percentage Y;

(2) calculating, by the one or more computers, a client first amount, FA_i, comprising the first percentage X, multiplied by the client available deposit amount, D_i, with this client first amount to be distributed approximately equally among a client N_i banks in the program;

(3) calculating, by the one or more computers, a client second amount, SA_i, comprising the second percentage, Y, multiplied by the client available deposit amount, D_i, with this client second amount, SA_i, to be distributed to one or approximately equally among a plurality of other client banks, M_i, in the program, with the second percentage, Y, not equal to X;

(4) allocating, by the one or more computers, a respective portion of the client first amount, FA_i, to each of the respective client N_i banks in the program, and allocating the client second amount, SA_i, to one M_i bank or a respective portion of the client second amount, SA_i, to each of the plurality of the respective client M_i banks in the program;

(3) generating, by the one or more computers, data for transferring funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks in the program based, at least in part, on allocations from the allocating step; and

(4) updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for each of the client accounts, the updating for a respective client account comprising updating the respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account using the respective portions of the client first amounts, FA_i, allocated to each of the client'"'"'s N_i banks and the client second amounts, SA_i, or respective portions thereof allocated to each of the client'"'"'s M_i banks.

2. The method as defined in claim 1, further comprising:

calculating, by the one or more computers, for each respective bank of a plurality of the banks in the program, a respective net bank allocation amount for allocation to one or more FDIC-insured and interest-bearing aggregated deposit accounts held in the respective bank, the respective net bank deposit amount based, at least in part, on summing the respective portions of the clients'"'"' first amounts, FA_i, allocated to the respective bank and clients'"'"' second amounts, SA_i, or respective portions thereof allocated to the respective bank.

3. The method as defined in claim 1, further comprising:

calculating, by the one or more computers, a remainder amount, R_i, that remains after the percentages X and Y of the client available deposit amount, D_i, are subtracted from the client available deposit amount, D_i;

allocating, by the one or more computers, the remainder amount, R_i, across one or more other investment vehicles;

generating, by the one or more computers, data for transferring funds based, at least in part, on the remainder amount to one or among a plurality of other investment vehicles; and

updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for the respective client account based, at least in part, on the client remainder amounts allocated to the one or more other investment vehicles.

4. The method as defined in claim 1, further comprising:

calculating, by the one or more computers, a remainder amount, R_i, that remains after the percentages X and Y of the client available deposit amount, D_i, are subtracted from the client available deposit amount, D_i;

allocating, by the one or more computers, the remainder amount, R_i, across one or more of the banks in the program designated as safety banks;

generating instructions to transfer funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective safety banks in the program based, at least in part, on the allocation to the one or more safety banks; and

updating one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data based, at least in part, on the client remainder amount or portions thereof, allocated to the one or more safety banks.

5. The method as defined in claim 1, further comprising

administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more computers, transaction data comprising transaction data for one or more deposits/transfers for one or more client accounts and transaction data for one or more withdrawals/transfers from one or more of said client accounts or only one or more deposits/transfers for one or more client accounts or only transaction data for one or more withdrawals/transfers from one or more of said client accounts, or a net of transaction data for one or more of the client accounts.

6. The method as defined in claim 1,

wherein one or more of the electronic databases includes client preference information and exclusion information or only client preference information or only client exclusion information, the client preference information comprising a client'"'"'s one or more preferences of one or more banks to hold respective client account funds, the client exclusion information comprising one or more exclusions of banks to hold respective client account funds;

and

determining, by the one or more computers, the client banks in the program for allocation of the client available deposit amount, D_i, based at least in part on the client preference and client exclusion information or based at least in part on the client preference information or based at least in part on the client exclusion information.

7. A computer system, 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 plurality of banks, N, in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program, where the client account represents funds of the client held in one or more of the aggregated deposit accounts; and

(2) client account information for each of the respective client accounts comprising;

(a) a respective balance in the respective client account; and

(b) a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

B. one or more computers comprising memory wherein the memory stores computer-readable instructions comprising program code that, when executed, cause the one or more computers to perform the steps;

(1) performing the following steps for each client account, i, of more than one of the client accounts;

(a) obtaining, by the one or more computers, a client available deposit amount, D_i, comprising funds to be distributed among more than one of the banks in the program and a first percentage X and a second percentage Y;

(b) calculating, by the one or more computers, a client first amount, FA_i, comprising the first percentage X, multiplied by the client available deposit amount, D_i, with this client first amount to be distributed approximately equally among a client N_i banks in the program;

(c) calculating, by the one or more computers, a client second amount, SA_i, comprising the second percentage, Y, multiplied by the client available deposit amount, D_i, with this client second amount, SA_i, to be distributed to one or approximately equally among a plurality of other client banks, M_i, in the program, with the second percentage, Y, not equal to X;

(d) allocating, by the one or more computers, a respective portion of the client first amount, FA_i, to each of the respective client N_i banks in the program, and allocating the client second amount, SA_i, to one M_i bank or a respective portion of the client second amount, SA_i, to each of the plurality of the respective client M_i banks in the program;

(2) generating, by the one or more computers, data for transferring funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks in the program based, at least in part, on allocations from the allocating step; and

(3) updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for each of the client accounts, the updating for a respective client account comprising updating the respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account using the respective portions of the client first amounts, FA_i, allocated to each of the client'"'"'s N_i banks and the client second amounts, SA_i, or respective portions thereof allocated to each of the client'"'"'s M_i banks.

8. The system as defined in claim 7, further comprising:

computer-readable instructions for calculating, by the one or more computers, for each respective bank of more than one of the banks in the program, a respective net bank allocation amount for allocation to one or more FDIC-insured and interest-bearing aggregated deposit accounts held in the respective bank, the respective net bank deposit amount based, at least in part, on summing the respective portions of the clients'"'"' first amounts, FA_i, allocated to the respective bank and clients'"'"' second amounts, SA_i, or respective portions thereof allocated to the respective bank.

9. The system as defined in claim 7, further comprising:

computer-readable instructions for calculating, by the one or more computers, a remainder amount, R_i, that remains after the percentages X and Y of the client available deposit amount, D_i, are subtracted from the client available deposit amount, D_i;

computer-readable instructions for allocating, by the one or more computers, the remainder amount, R_i, across one or more other investment vehicles;

computer-readable instructions for generating, by the one or more computers, data for transferring funds based, at least in part, on the remainder amount to one or among a plurality of other investment vehicles; and

computer-readable instructions for updating, by the one or more computers, one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data for the client account based, at least in part, on the respective client remainder amounts allocated to the one or more other investment vehicles.

10. The system as defined in claim 7, further comprising:

computer-readable instructions for calculating, by the one or more computers, a remainder amount, R_i, that remains after the percentages X and Y of the client available deposit amount, D_i, are subtracted from the client available deposit amount, D_i;

computer-readable instructions for allocating, by the one or more computers, the remainder amount, R_i, across one or more of the banks in the program designated as safety banks;

computer-readable instructions for generating instructions to transfer funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective safety banks in the program based, at least in part, on the allocation to the one or more safety banks; and

computer-readable instructions for updating one or more of the electronic databases with update data for each of more than one of the client accounts, with the update data based, at least in part, on the client remainder amount or portions thereof, allocated to the one or more safety banks.

11. The system as defined in claim 7, further comprising

computer-readable instructions for administering clients'"'"' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more computers, transaction data comprising transaction data for one or more deposits/transfers for one or more client accounts and transaction data for one or more withdrawals/transfers from one or more of said client accounts or only one or more deposits/transfers for one or more client accounts or only transaction data for one or more withdrawals/transfers from one or more of said client accounts, or a net of transaction data for one or more of the client accounts.

12. The system as defined in claim 7,

wherein one or more of the electronic databases includes client preference information and exclusion information or only client preference information or only client exclusion information, the client preference information comprising a client'"'"'s one or more preferences of one or more banks to hold respective client account funds, the client exclusion information comprising one or more exclusions of banks to hold respective client account funds;

and

further comprising;

computer-readable instructions for determining, by the one or more computers, the client banks in the program for allocation of the client available deposit amount, D_i, based at least in part on the client preference information and client exclusion information or based at least in part on the client preference information or based at least in part on the client exclusion information.