Patent ID: 7133840
Filing Date: 2006-11-07
Classification: G06Q

Abstract:
1. A system for managing a composite account comprising a plurality of subaccounts linked to a master account and associated with an individual, wherein each subaccount is directed to a particular profile of financial attributes and capabilities, comprising: master account processing means for creating and managing said master account; one or more electronic databases electronically linked to said master account processing means and configured to store data regarding said master account and said linked subaccounts; master account input means for receiving account transactions from said individual corresponding to account activity inquiries and account asset transfers into and out of said master account; subaccount processing means for creating and controlling subaccounts associated with said master account, wherein said subaccount processing means permits a particular profile of subaccount transactions to be associated with each subaccount, said profile representing a subset of transaction functions or identifications associated with said master account; paperwork control means for generating necessary paperwork associated with each master account and each of said one or more subaccounts, for sending such paperwork to said individual, and for determining that such paperwork has been received from and completed by said individual; and account reporting means for creating and displaying or outputting reports of transactions undertaken for said master account and at least one of said one or more subaccounts on a periodic basis.