Patent ID: 8355986
Filing Date: 2013-01-15
Classification: G06Q

Abstract:
1. A method for designating accounts for funds from a check to be deposited, the method comprising: receiving, at a processing center having a computer processor, a direct deposit government entitlement check from a government entity to be deposited, wherein the check has an associated owner, wherein the check includes an identifier and the check further includes government mandated requirements restricting: division of the funds from the check into a plurality of deposit accounts, types of goods and services purchased by the funds of the check, reporting of expenditures to the government entity, and audit requirements for the owner of the check; prior to depositing the funds from the check into any of a plurality of deposit accounts, comparing the identifier with a customer database to determine that funds from the check have been designated to be divided into sub-amounts; dividing, by the computer processor, the funds from the check into sub-amounts based on determination; depositing, by the computer processor, the divided funds into the plurality of deposit accounts, each of the plurality of deposit accounts having an account type and an associated expenditure designation; based on information from the customer database, automatically depositing into at least one of the plurality of accounts at least a portion of the funds; generating a report of a total amount deposited from the check of each type of associated expenditure designation and each account type; automatically transmitting the report to the government entity and the owner of the check; conforming to the government mandated reporting of expenditure associated with the check; and providing the owner of the check with information necessary to conform with the audit requirements.