Patent ID: 7933821
Filing Date: 2011-04-26
Classification: G06Q

Abstract:
1. A system for managing funds for a plurality of client transaction accounts for a plurality of clients whose funds were accepted for deposit in respective client transaction accounts held in the names of the respective clients at a first banking institution, the system comprising: one or more electronic databases, stored on one or more computer-readable media, comprising: one or more computers comprising memory wherein the memory stores computer-readable instructions that, when executed, cause the one or more computers to perform the steps: (a) accessing the electronic database and administering clients' deposits and/or transfers to and withdrawals and/or transfers from each of a plurality of said client transaction accounts, said administering step comprising processing transaction data comprising data for one or more deposits and/or transfers for one or more client transaction accounts and data for each of more than six (6) withdrawals and/or transfers by check and/or debit card within a month from each of at least two of said client transaction accounts, with the transaction data comprising a respective amount for each respective deposit and/or transfer and for each respective withdrawal and/or transfer; (b) determining, for one or more transaction deposits and/or transfers to a respective client transaction account held in the name of the respective client at the first banking institution, whether the balance of funds for the respective client in the aggregated deposit account at the first banking institution equals or exceeds a specified amount, and if not, then designating the first banking institution to receive the deposit and/or transfer, and if it does, determining another bank in the program and designating the deposit and/or transfer for the other bank; (c) determining and designating, for one or more withdrawals and/or transfers, including by check and/or debit card, from a respective client transaction account, one or more of the banks in the program for the one or more withdrawals and/or transfers; (d) determining, for each of a plurality of the banks in the program, one or more net transactions, with each net transaction comprising a sum of a plurality of clients' deposits and/or transfers designated for the respective bank and/or clients' withdrawals and/or transfers designated for the respective bank, from a plurality of said respective client transaction accounts of a plurality of the clients; (e) generating, one or more instructions to transfer funds to the respective one or more FDIC-insured and interest-bearing aggregated deposit accounts in the respective banks in the program in accordance with the respective net transactions determined for the respective banks in the program, and further comprising making a withdrawal and/or transfer from the FDIC-insured and interest-bearing aggregated deposit account held at one of the banks in the program more than six (6) times during a month, while maintaining an insured and interest-bearing status of the FDIC-insured and interest-bearing aggregated deposit account held at the one bank; and (f) updating or having updated, the electronic database based on the deposits and/or transfers to and withdrawals and/or transfers from the plurality of aggregated deposit accounts.