Patent ID: 7672902
Filing Date: 2010-03-02
Classification: G06Q

Abstract:
1. A method for pre-funding interest in a process of managing a group of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated accounts held in a plurality of deposit institutions, comprising: (A) accessing, by one or more computers, one or more electronic databases, stored on one or more computers-readable media, the one or more databases comprising: (B) obtaining, by the one or more computers, transaction data for clients' deposits/transfers to and withdrawals/transfers from a plurality of said client transaction accounts for a sub-period of time within an interest period, said transaction data comprising transaction data for one or more deposits/transfers for one or more client transaction accounts and/or transaction data for one or more withdrawals/transfers from a plurality of said client transaction accounts, with the transaction data comprising a respective amount for each respective deposit/transfer and each respective withdrawal/transfer; (C) calculating, by the one or more computers, an aggregated transaction amount based on a total net transaction from the transaction data for a plurality of the client transaction accounts during the sub-period of time; (D) generating instructions, by the one or more computers, to deposit/transfer funds to or withdraw/transfer funds from at least one of the aggregated accounts to cause a transfer of the aggregated transaction amount for the sub-period; and (E) updating, by the one or more computers, one or more of the electronic databases with data for each of a plurality of the client transaction accounts, with the data for each of the client transaction accounts comprising a respective balance of funds of the respective client transaction account held in each of one or more of the deposit institutions holding funds of the respective client transaction account; (F) receiving or calculating, by the one or more computers, a pre-funding amount for interest for one or more client transaction accounts before an end of the interest period; (G) receiving access to or obtaining control over funds for the pre-funding amount before the end of the interest period; (H) receiving information about a termination of one of the client transaction accounts having funds held in the one or more aggregated accounts, where a date of the termination is prior to the end of the interest period; (I) receiving or calculating, by the one or more computers, an interest payment due to the given client transaction account to the termination date for the respective balance of funds from the given client transaction account held in each of the one or more aggregated accounts holding funds of the client transaction account; and (J) generating an instruction, by the one or more computers, to transfer during and before the end of the interest period an amount from the funds for the pre-funding amount to satisfy the interest payment due for the funds held in the one or more aggregated accounts for the one client transaction account that was terminated.