US 9,811,811 B1
Method and system for allocating deposits over a plurality of depository institutions
Bruce Bent, Manhasset, NY (US); Bruce Bent, II, Manhasset, NY (US); Rebecca Gareis Bent, Manhasset, NY (US); and David Edgar Gareis, Carlsbad, CA (US)
Assigned to Island Intellectual Property LLC, Manhasset, NY (US)
Filed by Island Intellectual Property LLC, Manhasset, NY (US)
Filed on Mar. 15, 2013, as Appl. No. 13/841,778.
Application 13/841,778 is a continuation of application No. 12/638,544, filed on Dec. 15, 2009, granted, now 8,781,931.
Claims priority of provisional application 61/181,109, filed on May 26, 2009.
Claims priority of provisional application 61/246,840, filed on Sep. 29, 2009.
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2012.01); G06Q 20/10 (2012.01)
CPC G06Q 20/10 (2013.01) [G06Q 40/00 (2013.01)] 18 Claims
OG exemplary drawing
 
1. A method, comprising:
A. accessing, by one or more automated programmed computers of a deposit management computer system, one or more electronic databases, stored on one or more computer-readable media, comprising:
(1) aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banks in a program, wherein funds from client accounts of a plurality of clients are aggregated with funds of other client accounts in the aggregated deposit accounts held in the banks in the program, where each client account represents funds of a respective client held in one or more of the aggregated deposit accounts, and wherein the aggregated account information comprises a balance held in the respective aggregated deposit account;
(2) client account information for each of the respective client accounts comprising a respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and
(3) client preference information and exclusion information or only client preference information or only client exclusion information, the client preference information comprising a client's one or more preferences of one or more banks to hold respective client account funds, the client exclusion information comprising one or more exclusions of banks to hold respective client account funds; and
B. providing, by the one or more automated programmed computers, an interface available to a respective one of the clients for receiving an input designating a percentage Xi of funds and a number of banks, Ni, across which to distribute funds of a client account corresponding to the respective one of the clients, when one or more criteria are met by the respective one of the clients, wherein the Ni depository institutions are more than are necessary to obtain FDIC insurance for the funds of the client account;
C. performing, by the one or more automated programmed computers, one or more remainder fund amount allocations for each client account, i, of multiple of the client accounts, said one or more remainder fund amount allocations comprising:
(1) obtaining, by the one or more automated programmed computers from one or more computers of a client relationship bank computer system, a client available deposit amount, Di, comprising funds to be distributed across the banks in the program and the percentage Xi for a respective client;
(2) determining, by the one or more automated programmed computers, the client banks Ni in the program for allocation of the client available deposit amount, Di, based at least in part on the client preference and client exclusion information or based at least in part on the client preference information or based at least in part on the client exclusion information;
(3) calculating, by the one or more automated programmed computers, a client first amount, FAi, comprising the percentage Xi, multiplied by the client available deposit amount, Di, with this client first amount to be distributed equally among the client Ni banks in the program, wherein the first amount, FAi, is not to exceed a predetermined amount, and wherein Xi multiplied by Ni is less than 100 so that there is a remainder amount, Ri;
(4) allocating, using the one or more automated programmed computers, the client first amount, FAi, to each of the respective client Ni banks in the program;
(5) calculating, by the one or more automated programmed computers, the remainder amount comprising the first amount, FAi, multiplied by the client number of banks selected subtracted from the client available deposit amount, Di;
(6) allocating, using the one or more automated programmed computers, the remainder amount Ri to one or more aggregated deposit accounts in one or across multiple safety banks in the program;
(D) performing, by the one or more automated programmed computers, one or more remainder fund transactions, comprising:
(1) receiving, by the one or more automated programmed computers from the one or more computers of the client relationship bank computer system, data for a net withdrawal/transfer for one of the client accounts;
(2) selecting for allocation, using the one or more automated programmed computers, one or more of the aggregated deposit accounts held in the one or more respective safety banks for the respective client account and allocating the respective net withdrawal/transfer first to be met with funds of the remainder amount Ri in the one or more respective safety banks for the respective client account;
(E) generating, by the one or more automated programmed computers, data for transferring funds to or from one or more of the FDIC-insured and interest-bearing aggregated deposit accounts in one or more of the respective banks in the program based, at least in part, on the allocations;
(F) administering clients' deposits/transfers to and withdrawals/transfers from each of said client accounts, said administering comprising processing, by the one or more automated programmed computers, transaction data comprising transaction data for one or more deposits/transfers and/or withdrawals/transfers for one or more client accounts, and/or a net of the transaction data for one or more of the client accounts; and
(G) updating, by the one or more automated programmed computers, one or more of the electronic databases with update data for each of more than one of the client accounts, comprising updating the respective balance of funds from the respective client account held in each of one or more of the insured and interest-bearing aggregated deposit accounts holding funds of the respective client account.