Patent ID: 8719130

Claim:
A method on a computer for managing deposits for a plurality of customers, comprising: storing, in a database, for each of a plurality of issuer banks that have entered into a minimum funds agreement with an administrator, a minimum funds agreement defining defines a minimum level of deposits required for an issuer bank and an interest rate to be paid on deposits placed with said issuer bank when said minimum level of deposit is maintained by a depositor; receiving from a customer, via a financial network, a deposit amount exceeding a governmental insurance limit; calculating, by the computer, a plurality of sub-deposit amounts wherein each sub-deposit amount is equal to or less than the governmental insurance limit; defining, by the computer, a plurality of sub-deposits, wherein each of the plurality of sub-deposits is comprised of one of the plurality of sub-deposit amounts; selecting one or more issuer banks from the plurality of issuer banks, and selecting a money market account and a CD product from the one or more issuer banks into which to place the plurality of sub-deposits, wherein the one or more issuer banks are selected based on an interest rate offered by the one or more issuer banks, according to a corresponding minimum funds agreement with the administrator; transferring, via the financial network, each of the plurality of sub-deposits to a corresponding one of the money market account and the CD product that were selected, wherein each sub-deposit is governmentally insured in its entirety; automatically recording, in the database, each transfer of a sub-deposit to the money market account and the CD product for the customer; receiving from the customer, via the financial network, a withdrawal amount exceeding a first amount equaling a sum of all sub-deposits of the customer that have been transferred to the money market account, wherein the first amount summed with a second amount equals the withdrawal amount; identifying one or more CD products with sub-deposits of the customer that are substantially equal the second amount, wherein a maturity date of the one or more CD products is not currently reached; exchanging ownership of the one or more CD products that were identified from the customer to a second customer and transferring a deposit substantially equal to the second amount from the second customer to the customer; automatically recording, in the database, the transfer of the one or more CD products from the customer to the second customer; withdrawing, via the financial network, all sub-deposits of the customer that have been transferred to the money market account; and withdrawing, via the financial network, the deposit substantially equal to the second amount, such that the customer receives the deposit for the one or more CD products that were identified without experiencing an early withdrawal penalty.