Abstract:
A method for renegotiating a financial instrument includes the steps of initiating a logical session between a client program and a client interface affiliated with a financial institution, displaying financial information relating to a client on the client interface, displaying a message on the client program that a financial instrument of the client may be renegotiated, transmitting a request to renegotiate the financial instrument to the client interface, displaying a disclosure document pertaining to the request to renegotiate, and if the client agrees to accept terms of the disclosure document, displaying a plurality of renegotiation options to the client on the client program, and transmitting a selection of one of the renegotiation options to the client interface. The system for renegotiating the financial instrument is structured to operate over a network and includes a client interface program affiliated with a financial institution, an application server housing the client interface program and the client interface program being capable of retrieving data from a data repository that a financial instrument of the client may be renegotiated and displaying a message on a display device indicating that the financial instrument may be renegotiated. Although the method and system of the present invention maybe applied to a wide variety of financial instruments, in a preferred embodiment, the financial instrument is a certificate of deposit.

Description:
COPYRIGHTED MATERIAL  
       [0001]     A portion of the disclosure of this patent document contains material that is subject to copyright protection. The copyright owner has no objection to facsimile reproduction of the patent document or the patent disclosure, as it appears in the U.S.P.T.O. files or records, but otherwise reserves all copyrights in such material.  
       BACKGROUND OF THE INVENTION  
       [0002]     The present invention relates to systems and methods for conducting financial transactions over a network and, more particularly, to systems and methods for renegotiating financial instruments over a network.  
         [0003]     Open communication networks, such as the Internet, in combination with the prevalence of personal computers that access such networks, have given rise to electronic commerce in which personal computers operated by customers and clients exchange information with and conduct business transactions with computing systems operated by merchants. A burgeoning component of electronic commerce comprises banking and investment transactions. Such networks enable a customer of a financial institution or investment institution, through his or her personal computer, to access his or her account at that financial or investment institution and remotely perform such financial transactions as transferring funds from one account to another at the institution, paying bills to third parties using funds of the institution and the like.  
         [0004]     An example of such a system is disclosed in U.S. Pat. No. 6,131,810 issued to Weiss et al. That patent discloses a consumer banking system and method in which a customer, at his or her personal computer, accesses the computer system of a financial institution by way of the Internet to perform such functions as opening a checking account, purchasing a certificate of deposit, obtaining a credit card and applying for a loan. The financial institution disclosed in that patent is capable of exchanging information and opening accounts with customers who access that institution from a variety of input sources in addition to personal computers, such as automatic teller machines (“ATM&#39;s”), telephones, personal digital assistants, (“PDA&#39;s”), telephone representatives and the like.  
         [0005]     It is now commonplace for a bank customer to access a Web page on the Internet and, by providing personal identification information, access current information regarding the customer&#39;s various accounts with the financial institution that maintains the Web page. However, a disadvantage with such systems is that the number and variety of transactions that can be performed is limited. For example, while it might be possible for a customer of a financial institution to transfer funds from one account to another, or to purchase a certificate of deposit, it is not possible for that customer to, for example, renegotiate or “roll over” a certificate of deposit or other financial instrument. Accordingly, there is a need for a system and method for conducting financial transactions over a network that possesses greater capabilities with respect to transfer of funds.  
       SUMMARY  
       [0006]     The present invention is a method and system for renegotiating a financial instrument in which all of the steps of the renegotiation are conducted over a network such as the Internet. The method of the invention includes the steps of initiating a logical session between a client program and a client interface affiliated with a financial institution, displaying financial information relating to a client on the client interface, displaying a message on the client interface that a financial instrument of that client may be renegotiated, transmitting a request to renegotiate the financial instrument to the client interface, displaying a disclosure document pertaining to the request to renegotiate, and if the client agrees to accept the terms of the disclosure document, displaying a plurality of renegotiation options to the client on the client interface and finally, transmitting a selection of one of the renegotiation options to the client interface.  
         [0007]     The system of the present invention includes a client interface program that is resident in the computer system of a financial institution. The client interface program is capable of initiating a logical session with a client program and exchanging data with it, and sending financial information to and retrieving financial information from a legacy system of the financial institution having a customer data repository. An application server houses the client interface program and is connected to establish a logical session with a client program, resident on a personal computer, such that financial information relating to the client is displayed on a display device, such as a monitor, associated with the client program, and the client interface program is capable of retrieving data from the data repository that a financial instrument of the client may be renegotiated and displaying the message on the display device indicating that the financial instrument may be renegotiated. The client interface program is capable of soliciting and receiving a request to renegotiate the financial instrument from the client, displaying a disclosure document pertaining to the financial instrument to be renegotiated and requesting the client to assent to its terms and, in the event that the client agrees to accept the terms of the disclosure document, the client interface program is capable of displaying a plurality of renegotiation options to the client and of receiving a selection of one of the renegotiation options from the client. In a preferred embodiment, the client program may be merely an Internet access program, such as is provided by America Online (“AOL”), Internet Explorer or the like that is capable of providing access to a Website maintained by the client interface program and for exchanging information over the Internet with the computer system of the financial institution.  
         [0008]     In a preferred embodiment, the method of the present invention is employed to renegotiate a certificate of deposit that has reached its maturity date. The method preferably is incorporated into an overall online banking and investing service provided by the associated financial institution. The process begins when a customer of the financial institution accesses the Web page or portal of the financial institution. There, the customer enters appropriate identification information, such as a user identification (“ID”) number and password. The system of the present invention checks that information against stored information in an application that executes on the mainframe of the financial institution. If the identification information is valid, the customer&#39;s account summary is displayed at the screen of the customer&#39;s computer. In addition, the customer will access a page containing a message stating that a certificate of deposit account has matured, has been renewed automatically, and that a grace period exists during which the customer may renegotiate the certificate of deposit or, in the alternative, to close it and transfer funds generated by the certificate of deposit to another account of the customer at the institution. The message also directs the customer back to the account summary page where the customer picks a link that takes him or her to a certificate of deposit account details page. There, the customer is given the option of either closing the account or acquiring a new certificate of deposit with the same or different options, such as amount or term.  
         [0009]     If the customer elects to close the account, the customer is then asked to select one of the customer&#39;s accounts, such as a checking or a savings account, to which the funds are to be transferred. That transaction is stored in a current day transaction data base and ultimately the customer&#39;s accounts are adjusted accordingly. In the alternative, if the customer elects to change the certificate of deposit options, the system displays an electronic records disclosure form and asks the customer to agree to its terms. That disclosure form is stored in the application server. If the customer agrees to the disclosure terms, the customer is then presented with a page displaying a set of certificate of deposit account options provided by the financial institution. Such options are obtained from a product information repository (“PIR”) data base associated with the application server. In addition, information about the customer (such as the amount of funds available to be transferred to purchase a certificate of deposit of greater value) is considered and only those products that are appropriate for that customer are capable of being selected by the customer from among the entire range of product presented.  
         [0010]     After the customer has selected the account type (that is, the specific type of certificate of deposit to be purchased) the customer is presented with a page that displays all of the available terms of that certificate of deposit and is asked to select a specific term from among them. The information displayed on that page is also obtained from the PIR data base. Once the customer has selected the term, the customer is presented with a page that asks the customer if the customer wishes to purchase a new certificate of deposit in the same amount as the matured certificate of deposit, add additional funds from another account at the financial institution to purchase a certificate of deposit of a greater amount or to make a partial withdrawal (that is, reinvest less than the full amount of the maturing certificate of deposit) and purchase a certificate of deposit of a lesser amount than the matured certificate of deposit. If the customer elects to add funds to the certificate of deposit or reduce the amount of the certificate of deposit, the customer is then asked to indicate the account from which the additional funds will be withdrawn or into which the surplus funds will be deposited, respectively.  
         [0011]     Once that information is provided by the customer, the system displays a summary page that asks the customer to indicate approval. If the customer approves, the customer is then asked to review a disclosure form that lists all of the terms of the renegotiated certificate of deposit and indicate acceptance of those terms. If the customer indicates acceptance of the terms, the system displays a renewal receipt that confirms the transaction and may be printed by the customer at the customer&#39;s computer.  
         [0012]     Accordingly, the present invention provides a method and system that enables a customer of a financial institution to renegotiate a financial instrument in a process that is entirely automated from the standpoint of the financial institution, and at the same time provides the customer the convenience of renegotiating the financial instrument from a location physically remote from the financial institution. Other objects and advantages of the invention will be apparent from the following description, the accompanying drawings and the appended claims. 
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0013]      FIG. 1  is a schematic representation of the system architecture of the present invention;  
         [0014]      FIG. 2  is a flowchart showing the method of the present invention;  
         [0015]      FIG. 3  shows a sign-on page of the present invention that provides access to various financial accounts of a customer;  
         [0016]      FIG. 4  shows an account summary page of the present invention;  
         [0017]      FIG. 5  shows a “View Messages” page of the present invention;  
         [0018]      FIG. 6  shows a “Certificate of Deposit Account Details” page of the present invention;  
         [0019]      FIG. 7  shows a “CD Close Account” page of the present invention;  
         [0020]      FIG. 8  shows a “CD Close Account-Review” page of the present invention;  
         [0021]      FIG. 9  shows a “CD Close Account-Confirmation” page of the present invention;  
         [0022]      FIG. 10  shows an “Electronic Records Disclosure” page of the present invention;  
         [0023]      FIG. 11  shows a “Change CD Options-Select Account Type” page of the present invention;  
         [0024]      FIG. 12  shows a page of the present invention that displays the terms offered to a customer;  
         [0025]      FIG. 13 . shows a page of the present invention that prompts a user to select a balance amount;  
         [0026]      FIG. 14  shows a page of the present invention that provides a review of selections chosen by a customer;  
         [0027]      FIG. 15  shows a page of the present invention that displays a disclosure form that contains all of the terms specific to the financial instrument selected by a customer; and  
         [0028]      FIG. 16  shows a page of the present invention that displays the confirmation of the renewal of the financial instrument selected by a customer.  
     
    
     DETAILED DESCRIPTION  
       [0029]     The system of the present invention, generally designated  20 , is shown schematically in  FIG. 1 . A customer computer  22 , preferably having an associated printer  24 , is connected to an open network such as the Internet  26 . It should be noted that it is within the scope of the present invention to utilize a personal digital assistant (“PDA”), cellular telephone, touch screen kiosk, or the like instead of, or in addition to, computer  22 . Furthermore, other networks, such as a secure network, local area network (“LAN”) or wide area network (“WAN”), may be employed instead of open network  26  and not depart from the scope of the invention. The customer computer  22  may include Web accessing software, such as Netscape Navigator, Internet Explorer, America Online (“AOL”), that is referred to herein as a “client program.” 
         [0030]     The on-line banking system of the financial institution, generally designated  28 , includes an external firewall  30  that allows communication with the Internet  26 . The firewall  30  is connected to a distributed director  31 , used for load balancing, and the distributed director is connected to an array of Web servers  32 . Preferably, an internal firewall  34  is placed between the Web servers  32  and application servers  36 .  
         [0031]     The application servers  36  house the application software, written in JAVA, that performs the process of the invention. This software is referred to herein as the “client interface” since it interacts with the client program. Application servers  36  are connected to session data base  38 . Application servers  36  communicate with business-to-business (“B2B”) servers  40  to retrieve rate information from the product information repository (“PIR”) data base  42 . Application servers  36  communicate with electronic disclosure automation system (“eDAS”) data base  43  to retrieve disclosure documents required for the transaction. Application servers  36  use Customer Information Control System (“CICS”) client software (a product of IBM Corp.) to communicate with the enterprise connectivity interface (“ECI”) gateway servers  44  that are connected to the mainframe  46  of the financial institution to access ECI.  
         [0032]     Mainframe  46  contains legacy data bases, including a current day transaction data base  48  and Hogan data base  50 . Application data base  52  is also associated with mainframe  46 . Mainframe  46  also includes middleware for communication with data bases  48 ,  50 ,  52 . The current day transaction data base  48  contains balance information and current day transaction information of the accounts of the customers of the financial institution. The Hogan data base  50  contains information specific to customer accounts, such as the maturity dates of certificates of deposit and the renewal grace periods of the various certificates of deposit. Hogan data base  50  also contains information regarding rates and fees for all of the available CD products. Such information regarding rates and fees for available CD products is periodically copied to the PIR data base  42 , where it is more readily available to other programs of the system. The architecture of the system as it includes the firewalls, application server, gateway server, mainframe and legacy data bases is also disclosed in U.S. application Ser. No. 09/458,872 filed Dec. 9, 1999 and entitled “REAL TIME INTERNET BANKING,” the disclosure of which is incorporated herein by reference.  
         [0033]     The eDAS data base  43  is part of an electronic disclosure automation system for creating and displaying appropriate financial disclosure documents associated with specific financial products and containing information specific to various geographic regions. The details of the eDAS system are disclosed in co-pending and commonly owned U.S. application Ser. No. 10/318,342 filed Dec. 12, 2002 and entitled “FINANCIAL DOCUMENT AUTOMATION SYSTEM AND METHOD,” the disclosure of which is incorporated herein by reference. Application servers  36  are a part of a WebSphere system (provided by IBM Corp.). B2B servers  40  utilize webMethod software (a product of webMethods, Inc.). Information, such as rate information, is taken by eDAS from the PIR data base  42  to produce the disclosure documents.  
         [0034]     The process of the present invention is shown in the flow chart in  FIG. 2 . The process begins with a customer of the financial institution utilizing the client program in his or her computer  22  (see  FIG. 1 ) to access the Internet  26  and log on to a Website provided by the financial institution or bank, indicated in block  60 . The client interface is associated with the Website. As shown in  FIG. 3 , a “Sign On” page  62  from that Website is displayed on the client program and includes a space  64  for entry of the customer&#39;s user ID and a space  66  for entering his or her password, both necessary to identify the customer and allow the customer to proceed. This information is stored in the application data base  52  and is accessed through the mainframe  46  by an application server  36  through ECI gateway server  44 , using CICS commands to the mainframe  46 . The customer is requested to submit the information entered in spaces  64 ,  66  by using submit/cancel button commands  68 , shown in  FIG. 3 . This information is compared with the information stored in application data base  52  and, if correct, the software in application server  36  initiates a session.  
         [0035]     As shown in  FIG. 2 , at block  70 , if the identification and password are correct, an “Account Summary” page is displayed on the client program, as indicated in block  72  and as shown in  FIG. 4  as page  74 . Otherwise, if either the identification or password is incorrect, as indicated in block  70  in  FIG. 2 , the user is given a generic error message and directed back to Sign On page  62  at  FIG. 3 .  
         [0036]     As shown in  FIG. 4 , the Account Summary page  74  displays information regarding all of a customer&#39;s accounts at the particular financial institution. This information is also obtained from the mainframe  46  and various data bases, including Hogan data base  50  and current day transaction data base  48  through an application server  36  using CICS commands to mainframe  46 . In addition, the application server  36  generates an indication, at  76 , that the customer has messages. As shown in  FIG. 5 , the “View Messages” page  78  includes a message at  80  indicating that a particular certificate of deposit has reached its maturity date and informs the customer that he or she may make changes to the certificate of deposit or close it. This message is generated in response to a CICS inquiry to the Hogan data base  50  (see  FIG. 1 ), which provides data regarding the certificate of deposit accounts of the customer, including amounts, maturity dates and renewal grace periods. The system of the invention also will determine whether a customer has another account into which the funds from the CD can be deposited if that customer elects to close the CD. If no such accounts are available, the system of the present invention will not allow the customer to close the CD. If a CD is in its renewal grace period (typically a ten-day period from the maturity date), an application server  36  generates the message  80  on page  78  and message  92  on page  90  (see below in reference to  FIG. 6 ). The customer is then directed back to the Account Summary page  74  ( FIG. 4 ). This step is indicated in block  82  in  FIG. 2 .  
         [0037]     As indicated in block  84 , the customer returns to the Account Summary Page  74  ( FIG. 4 ) and activates the hypertext link  86  named “Key Certificate of Deposit.” As indicated in block  88  in  FIG. 2 , the customer is taken to a “Certificate of Deposit Account Details” page  90  shown in  FIG. 6 . Page  90  includes a notice  92  that the customer&#39;s certificate of deposit has matured, has been renewed automatically and invites the customer to change the options or close the account if the customer does not want the CD renewed. Preferably, the CD is renewed automatically after the close of business on the maturity date of the CD. However, if the customer were to attempt to view the CD before the financial institution has renewed it, the application of the invention will force the CD to renew upon the display of the Certificate of Deposit Account Details page  90 .  
         [0038]     The page  90  includes a “C HANGE  CD O PTIONS ” command button  94  and a “C LOSE  A CCOUNT ” command button  96 . This option is indicated in block  98  of  FIG. 2 . In response to activation of button  96 , the system of the present invention sends an inquiry to the Hogan data base  50  to check for holds or restraints on the CD and to retrieve closing balance information. If, as stated previously, the customer has no accounts to which funds from the matured CD can be transferred, the C LOSE  A CCOUNT  command button will not be active. As indicated in block  100  of  FIG. 2 , if the customer elects to close the account by activating the CLOSE ACCOUNT command button  96 , as indicated at block  102 , the customer is taken to a “CD Close Account” page  104 , shown in  FIG. 7 . On the CD Close Account page  104 , the customer is presented with a pull-down menu  106  of reasons for closing the account (e.g., “funds are needed”) and a pull-down menu  108  of all the customer&#39;s other financial accounts to which funds may be transferred, such as a savings account, checking account and the like. Such accounts also would be displayed in the Account Summary page  74  shown in  FIG. 4 . Once the customer has indicated the reason for closing the account and selected an appropriate account to which to transfer funds, the customer activates the C ONTINUE  command button  110  to continue the close process. In the alternative, the customer can cancel out of the process by activating the C ANCEL  command button  112 .  
         [0039]     As indicated in block  114  in  FIG. 2 , if the customer continues, the customer is taken to page  116  shown in  FIG. 8  entitled “CD Close Account—Review” that displays the information relating to the certificate of deposit account to be closed, the reason for closing the account and the account to which the funds are to be transferred. The customer then activates the S UBMIT  command button  118  to continue with the transaction, or in the alternative, may activate the C ANCEL  command button  120 . As shown in  FIG. 9  and indicated in block  122  in  FIG. 2 , the customer, having activated the SUBMIT button  118  ( FIG. 8 ), is taken to the “CD Close Account-Confirmation” page  124 . That page  124  displays the information shown on page  116  of  FIG. 8  plus a confirmation number  126 . The customer is asked to continue by activating the C ONTINUE  command button  128  that then takes the customer back to the “Account Summary” page  74  of  FIG. 4 . When the customer activates command button  118 , the system of the present invention executes the CD close function that generates the confirmation number, submits a request to process the close in the Hogan data base  50  and submits a request to credit the selected amount in the current day transaction data base  48  ( FIG. 1 ). The system of the present invention also logs the event for audit purposes.  
         [0040]     In the alternative, as shown in  FIG. 6 , if the customer elects to change to a different CD, he or she activates the “C HANGE  CD O PTIONS ” command button  94 . In response to activation of command button  94 , the system logs an audit event (i.e., makes a record of the time of day, activity, customer and so on) and sends an account inquiry to the Hogan data base  50  ( FIG. 1 ) to determine if there are any restrictions on the CD and if the Hogan data base is available for use in performing the renegotiation process. As indicated in block  130  of  FIG. 2 , the customer is then taken to page  132  where the customer is shown the appropriate disclosure documents. Page  132 , shown in  FIG. 10  and entitled “Change CD Options—Electronic Records Disclosure” displays an electronic records disclosure document appropriate for renegotiating a certificate of deposit. The document resides on application servers  36 .  
         [0041]     All of the information regarding the customer&#39;s financial accounts is contained in the Hogan data base  50 . The rate and term information regarding the various certificate of deposit products of  FIGS. 11 and 12  is contained in the PIR data base  38  that is accessed by application servers  36 . When the customer activates the “C HANGE  CD O PTIONS ” command button  94 , information regarding the CD products offered by the financial institution is copied from the PIR data base  42  to the session data base  38 .  
         [0042]     The “Change CD Options—Electronic Records Disclosure” page  132  of  FIG. 10  requests the user to activate the ACCEPT command button  133  or D ECLINE  command button  134 . If the A CCEPT  command button  134  is activated, as shown in block  135  in  FIG. 2 , the system of the invention then selects a set of CD products from among sets of CD products stored in the PIR data base  42  appropriate for the CD to be renegotiated, as shown in block  136 . For example, if the CD to be renegotiated requires a minimum opening balance of $100,000 or more, a first set of CD products is retrieved from PIR data base  42 . That set may include various account types of CD&#39;s having a minimum opening balance of $100,000, a minimum opening balance of $125,000 and so on. However, if the CD to be renegotiated has a minimum opening balance of less than $ 100,000, a second set of CD products is retrieved from PIR data base  42 . That set may include the various account types of CD&#39;s shown in  FIG. 11 . Information is displayed on the page shown in  FIG. 11  by the system of the present invention requesting terms, rates and APY&#39;s for the account types from the PIR data base  42 .  
         [0043]     Next, as shown in block  137 , the system of the present invention determines from the Hogan data base  50  which other accounts the customer has at the financial institution, and from that information may make certain of the CD account types in the selected set of account types unavailable for selection by the customer. As shown in block  138  and in  FIG. 11 , the set of available CD account types is displayed on “Change CD Options—Select Account Type” page  142 , along with details  143  of the automatically renewed CD. Page  142  includes a list of products (“Account Type”) in column  144 , the qualifications for each product in column  146 , the term range of each product in column  148  and the interest rate range and APY range in column  150 . Page  142  includes a “Progress Indicator” box  151  that contains links that enable a customer to navigate to previous steps in the process.  
         [0044]     On the far left, column  152  includes radio buttons that enable the customer to select which product he or she wishes to obtain. In this example, in box  154  the application software has determined from an inspection of the customer accounts in Hogan data base  50  that the customer is not eligible for the “Key Freedom CD” account because the customer does not meet the listed qualification of having “An active Key qualified checking account,” and accordingly, a radio button is not made available to the customer for that account type. Rather, the words “Not Eligible” appear in place of the radio button. The application software determines, based upon the customer data in Hogan data base  50 , which listed products to make available. Accordingly, the account types displayed on page  142  of  FIG. 11  have been filtered by the system of the present invention so that only those account types that are appropriate for the particular customer, based upon that customer&#39;s account information, may be selected.  
         [0045]     Once the customer has selected an account type by activating a radio button in column  152  of page  142 , as indicated in block  156  of  FIG. 2 , the customer is directed to page  158 , shown in  FIG. 12 , which displays the various terms available for the selected product. Page  158 , entitled “Change CD Options—Select Term,” displays a table in which column  160  lists the terms, columns  162  display the interest rate range and APY range, respectively, and columns  164  display the minimum and maximum balances corresponding to each interest rate and APY within each term. The customer is then required to enter a term in box  166  and indicate whether that number entered represents days, months or years in pull-down menu  168 . The customer then activates the C ONTINUE  command button  170  at which point the customer is requested to select a balance amount, as indicated in block  172  of  FIG. 2 .  
         [0046]     This information is requested on page  174 , shown in  FIG. 13  and is entitled “Change CD Options—Select Balance Amount.” In box  176 , the information selected on previous pages, namely, the account type, term, interest rate, annual percentage yield, minimum opening balance and maximum balance, is displayed. In box  178  the customer is asked to select an amount. The customer has three choices, each having its own respective radio button: “No balance amount changes”  180 , “Additional Deposit”  182 , and “Partial Withdrawal”  184 . With the “Additional Deposit”  182  option, the customer is asked to select from a pull-down menu at  186  the account from which funds are to be drawn and, in window  188 , to enter the amount. Similarly, with the “Partial Withdrawal”  184  option, the customer is asked to select from a pull-down menu  190  the account to which funds are to be deposited from the old certificate of deposit and to enter the amount in window  200 . The customer then continues by activating the CONTINUE command button  202 . However, if the customer does not have a deposit-eligible account at the financial institution, page  174  is not displayed; rather, the customer is directed directly to page  206  displayed in  FIG. 14 .  
         [0047]     As indicated in block  204  in  FIG. 2 , once the customer has selected the amount to be invested in the CD, the customer is then taken to page  206 , shown in  FIG. 14 , on which the selections regarding the renegotiated CD are shown in box  208 . Page  206 , entitled “Change CD Options—Review Selections” does not complete the process, but merely displays all of the options selected by the customer in the previously described pages. The system of the present invention also sends an HREN request to the Hogan data base  50  and compares the product, rate and term retrieved from that data base for that account type to the information selected by the customer to verify the accuracy of the selected information. If the data match, the process continues; if it does not, the process is terminated.  
         [0048]     If the customer approves of these selections, he or she activates the “S UBMIT ” command button  210  and then is taken to page  212 , shown in  FIG. 15  and indicated at block  214  in  FIG. 2 . This page, entitled “Change CD Options—Review Disclosure,” displays the disclosure information relating to the selected CD product with all of the selected information contained in it, such as the term, interest rate, annual percentage yield, interest payment options and early withdrawal penalties. The customer is asked to indicate acceptance by activating the “A CCEPT ” command button  216 , shown at block  128  in  FIG. 2 . Also as shown in  FIG. 2 , if the customer elects not to accept, by activating the “D ECLINE ” command button  218 , the customer is then taken back to the “Certificate of Deposit Account Details” page  90  in  FIG. 6 .  
         [0049]     However, if the customer elects to accept the terms set forth in block  208 , the customer is directed to page  220 , shown at  FIG. 16  and indicated in block  222  in  FIG. 2 . Page  220 , entitled “Change CD Options—Confirmation,” displays in box  224  a receipt including a confirmation number  226  and a summary of the entire transaction. The customer can print this page for his or her records using printer  24  (see  FIG. 1 ). Once this transaction has been completed, the information is stored in the current day transaction data base  48  and, at the end of the business day, that data base of financial information will be used to update the Hogan data base  50 . In addition, the system also logs an appropriate audit event for the completed renegotiation (i.e., no balance change, partial withdrawal or additional deposit).  
         [0050]     As set forth above, the present invention provides a user-friendly, Web-accessible system that enables the customers of a financial institution to access their accounts at the financial institution and renegotiate a financial instrument such as a certificate of deposit. Moreover, this system is entirely automated and does not require the execution of printed documents or intervention of personnel of the financial institution.  
         [0051]     While the method and system herein described constitute preferred embodiments of this invention, it is to be understood that the invention is not limited to this precise system and method, and that changes may be made therein without departing from the scope of the invention.