Money fund banking system with multiple banks and/or rates

  • US 8,386,383 B1
  • Filed: 11/20/2009
  • Issued: 02/26/2013
  • Est. Priority Date: 10/21/1998
  • Status: Expired due to Fees
First Claim
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1. A method for managing a plurality of individual client deposits for multiple clients, comprising:

  • accessing, by a computer, in the performance of one or more of the following steps, an electronic database, stored on one or more computer-readable media, comprising;

    aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a first plurality of banking institutions, wherein funds from client deposits of a plurality of clients are aggregated with funds of other client deposits in the aggregated deposit accounts held in the banking institutions;

    client information for each of a plurality of the respective clients, comprising;

    (i) a total of the respective client'"'"'s funds deposited across a plurality of the banking institutions in one or more of the FDIC-insured interest-bearing aggregated accounts held therein; and

    (ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions;

    allocating, by the computer, the client funds among a second plurality of the banking institutions in one or more aggregated deposit accounts held therein, based, at least in part, on the maximum deposit percentage in the database for one or more of the clients;

    netting for at least one of the respective banking institutions, by the computer, client funds allocated to the one respective banking institution to obtain a net amount of funds for the at least one respective banking institution;

    determining an amount of funds to be transferred to or from one or more of said aggregated deposit accounts based on data from the netting step; and

    updating, by the computer, the database based on the allocation of client funds.

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