Patent ID: 8121947
Filing Date: 2012-02-21
Classification: G06Q

Abstract:
1. A computerized method of transferring a financial account from an existing financial institution to a new financial institution, the method comprising: receiving, at a financial services computer, a request for financial account transfer from a customer; providing, using an electronic communication interface of the financial services computer, the customer with a list of financial institution names; receiving, at the financial services computer from the customer, a selection of an existing financial institution of the customer from the list of financial institution names; determining, by a processor of the financial services computer, information regarding the existing financial institution using information stored in a memory at the new financial institution; receiving, at the financial services computer via an aggregation tool, information regarding the financial account; determining, by the processor, a financial account amount as a function of the received information such that the financial account amount includes pending debits associated with the financial account which are scheduled to be paid within a fixed time period and does not include pending debits which are scheduled to be paid beyond the fixed time period; and determining, by the processor using the received information, a balance amount to transfer from the existing financial institution to the new financial institution, the balance amount being determined as a total amount of funds associated with the financial account less the determined financial account amount.