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

  • US 8,571,984 B1
  • Filed: 03/13/2013
  • Issued: 10/29/2013
  • Est. Priority Date: 10/21/1998
  • Status: Expired due to Term
First Claim
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1. A method for operating an interchange program, comprising:

  • accessing, using one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising;

    aggregated deposit account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts used in an interchange program with a first plurality of financial entities participating therein, wherein the aggregated deposit accounts are held in a second plurality of financial entities that are banks participating in the interchange program, each of the banks holding at least one of the aggregated deposit accounts, 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, wherein non-penalized withdrawal of funds may be made from the aggregated deposit accounts, the aggregated deposit account information for each of the second plurality of the respective financial entities that is a bank, comprising;

    (i) a balance of funds held in the respective aggregated deposit account; and

    (ii) a balance of source funds from the respective bank, held in one or more of the aggregated deposit accounts in one or more of the other banks in the interchange program holding source funds of the respective bank, 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;

    receiving via an internet interface, using the one or more computers that are operably connected to the one or more databases, at least information on a respective amount of source funds from each of a first bank, a second bank, and a third bank, that are financial entities participating in the interchange program, to be deposited in one or more aggregated deposit accounts in one or more of the other of the banks participating in the interchange program;

    allocating, using the one or more computers, respective amounts from the source funds of the first bank to one or more of the aggregated deposit accounts held in at least the second bank and the third bank;

    allocating, using the one or more computers, respective amounts from the source funds of the second bank to one or more of the aggregated deposit accounts held in multiple banks including at least the first bank and the third bank;

    allocating, using the one or more computers, respective amounts from the source funds of the third bank to one or more of the aggregated deposit accounts held in multiple banks including at least first bank and the second bank;

    allocating, using the one or more computers and using the balance of funds of the one or more aggregated deposit accounts held in the first bank and the balance of the source funds of the first bank, a respective offset amount of funds from the source funds of multiple of the banks including the second bank and the third bank, to one or more of the one or more aggregated deposit accounts held in the first bank, with the amount of offset funds to the first bank, based, at least in part, on a difference between the balance of source funds of the first bank held in other of the banks participating in the interchange program and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the first bank;

    allocating, using the one or more computers and using the balance of funds of the one or more aggregated deposit accounts held in the second bank and the balance of the source funds of the second bank, a respective offset amount of funds from the source funds of multiple of the banks including the first bank and the third bank, to one or more of the one or more aggregated deposit accounts held in the second bank, with the amount of offset funds to the second bank, based, at least in part, on a difference between the balance of source funds of the second bank held in other of the banks participating in the interchange program and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the second bank;

    allocating, using the one or more computers and using the balance of funds of the one or more aggregated deposit accounts held in the third bank and the balance of the source funds of the third bank, a respective offset amount of funds from the source funds of multiple of the banks including the first bank and the second bank, to one or more of the one or more aggregated deposit accounts held in the third bank, with the amount of offset funds to the third bank, based, at least in part, on a difference between the balance of source funds of the third bank held in other of the banks participating in the interchange program and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the third bank;

    generating one or more fund amounts, using the one or more computers, to transfer to and/or from at least one of the aggregated deposit accounts based at least in part on the allocations;

    determining, using the one or more computers, for the aggregated deposit accounts, on a periodic basis, interest earned, wherein the interest for each of the banks participating in the program is at an interest rate specified by the respective bank to its customers, regardless of which other of the banks in the program hold funds of the customers of the respective bank; and

    updating or having updated, using the one or more computers, in the one or more electronic databases, the respective balance of source funds of multiple of the banks including the first bank, the second bank, and the third bank held in the one or more aggregated deposit accounts in one or more of the other banks in the interchange program, and the respective balance of funds held in the one or more aggregated deposit accounts in the multiple banks including the first bank, the second bank, and the third bank.

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