U.S. patent application number 09/677535 was filed with the patent office on 2006-09-21 for money fund banking system with multiple banks and/or rates.
This patent application is currently assigned to Reserve Management Corporation. Invention is credited to Bruce Bent, Bruce II. Bent.
Application Number | 20060212385 09/677535 |
Document ID | / |
Family ID | 26872125 |
Filed Date | 2006-09-21 |
United States Patent
Application |
20060212385 |
Kind Code |
A2 |
Bent; Bruce ; et
al. |
September 21, 2006 |
MONEY FUND BANKING SYSTEM WITH MULTIPLE BANKS AND/OR RATES
Abstract
Abstract of the Disclosure Providing interest to clients`
deposited funds without limitation on the number of demand
withdrawals from deposit accounts is accomplished by an
administration system that keeps all of the records for the
clients` deposits and withdrawals, calculates the total of the
deposits and withdrawals for all clients, and uses the calculation
to determine whether funds are deposited to or withdrawn from one
or more deposit accounts in which all clients` deposit funds are
kept. Clients can make unlimited withdrawals, such as by check,
credit card, debit card, or electronic transfer, through the
administrator. By placing the administrator as the holder of the
deposit account(s), exemptions to the limitation on earning
interest in demand accounts is facilitated; additionally,
dispersing the deposit account funds among multiple banks allows
the client to obtain FDIC insurance for all of the deposited funds,
which may amount to insurance in excess of the statutory maximum
allowed (presently $100,000.00).
Inventors: |
Bent; Bruce; (Manhasset,
NY) ; Bent; Bruce II.; (New York, NY) |
Correspondence
Address: |
FOLEY AND LARDNER LLP
SUITE 500
3000 K STREET NW
WASHINGTON
DC
20007
US
|
Assignee: |
Reserve Management
Corporation
1250 Broadway
New York
NY
10001
|
Prior
Publication: |
|
Document Identifier |
Publication Date |
|
US 20050108149 A1 |
May 19, 2005 |
|
|
Family ID: |
26872125 |
Appl. No.: |
09/677535 |
Filed: |
October 2, 2000 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
09/176,340 |
Apr 16, 2002 |
6374231 |
|
|
09677535 |
Oct 2, 2000 |
|
|
|
Current U.S.
Class: |
705/38 ; 705/35;
705/39; 705/42 |
Current CPC
Class: |
G06Q 40/02 20130101;
G06Q 40/025 20130101; G06Q 20/042 20130101; G06Q 20/102 20130101;
G06Q 40/00 20130101; G06Q 20/10 20130101; G06Q 20/108 20130101;
G06Q 40/08 20130101 |
Class at
Publication: |
705/038 ;
705/035; 705/039; 705/042 |
International
Class: |
G06F 17/60 20060101
G06F017/60 |
Claims
1. A method for managing a plurality of client demand accounts for
one or more clients, wherein said client demand account funds are
held in one or more FDIC-insured and interest-bearing deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients`
deposits and/or transfers to and withdrawals and/or transfers from
each of said client demand accounts; determining on a regular basis
one or more net transactions as sums of said deposits and/or
transfers to and said withdrawals and/or transfers from said client
demand accounts; causing funds to be deposited and/or transferred
to or withdrawn and/or transferred from said one or more
FDIC-insured and interest-bearing deposit accounts based on the
determination of said one or more net transactions, so that FDIC
insurance coverage greater than the maximum FDIC insurance coverage
allowed for each depositor in a FDIC-insured banking institution is
effectively provided for each client, and wherein the manner of
making said withdrawals and/or transfers from at least one of said
FDIC-insured and interest-bearing deposit accounts preserves that
account`s interest-bearing status regardless of the number of said
withdrawals and/or transfers from said at least one of said
FDIC-insured and interest-bearing deposit accounts made during a
month; and updating a database, maintained on one or more
computers, comprising information for each client demand account
with that client`s deposits and/or transfers to and withdrawals
and/or transfers from said each client demand account.
2. The method of Claim 1, further comprising steps of: determining
whether each client's funds held in a banking institution are more
than a specified amount; and distributing any amounts over said
specified amount into at least one other FDIC-insured and
interest-bearing deposit account at at least one other banking
institution.
3. The method of Claim 1, wherein clients' funds are deposited
and/or transferred into their client demand accounts by at least
one method selected from the group consisting of check or draft,
wire or electronic transfer, ACH, third party credits, and a sweep
from another account.
4. The method of Claim 2, wherein said specified amount is more
than said maximum FDIC insurance coverage minus a predetermined
amount but less than or equal to said maximum FDIC insurance
coverage.
5. The method of Claim 1, further comprising a step of determining
a client's preferences for the amount of funds to be held in each
of said FDIC-insured and interest-bearing deposit accounts.
6. A computer system for managing a plurality of client demand
accounts for one or more clients, wherein said client demand
account funds are held in one or more FDIC-insured and
interest-bearing deposit accounts, which are not NOW accounts, at
one or more banking institutions, said system comprising: a
database comprising information for each client demand account; and
a computer programmed to perform the steps of administering
clients' deposits and/or transfers to and withdrawals and/or
transfers from each of said client demand accounts; determining on
a regular basis one or more net transactions as sums of said client
deposits and/or transfers to and withdrawals and/or transfers from
said client demand accounts; determining from said net transactions
whether to deposit and/or transfer funds to or withdraw and/or
transfer funds from said one or more FDIC-insured and
interest-bearing deposit accounts, so that FDIC insurance coverage
greater than the maximum FDIC insurance coverage allowed for each
depositor in a FDIC-insured banking institution is effectively
provided for each client, and wherein the manner of making
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts preserves that account's
interest-bearing status regardless of the number of said transfers
and/or withdrawals from said at least one of said FDIC-insured and
interest-bearing deposit accounts actually made during a month; and
updating the database with each client's deposits and/or transfers
to and withdrawals and/or transfers from said each client demand
account.
7. The computer system of Claim 6, wherein the clients' withdrawals
and/or transfers from their demand accounts are by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, and
combinations thereof.
8. The computer system of Claim 6, wherein the clients' deposits
and/or transfers to their demand accounts are by at least one
method selected from the group consisting of drafts or checks,
sweeps, wire or electronic transfers, ACH credits, third party
credits, and combinations thereof.
9. The computer system of Claim 6 further programmed for
determining whether each client's funds at a banking institution
are more than a specified amount, and distributing any amounts over
said specified amount into at least one other FDIC-insured and
interest-bearing deposit account at at least one other banking
institution.
10. The computer system of Claim 6 further programmed for
authorizing or rejecting payments requested from at least one
client's demand account.
11. The computer system of Claim 6 further programmed for
distributing interest earned on at least one of said FDIC-insured
and interest-bearing deposit accounts among the clients' demand
accounts.
12. The computer system of Claim 6 wherein said database comprises,
for each client, information concerning the amount of that client's
funds held in the FDIC-insured and interest-bearing deposit
accounts.
13. The method of Claim 1 wherein net transactions are determined
for the clients' demand accounts.
14. The method of Claim 1 wherein net transactions are determined
for each banking institution.
15. The method of Claim 1 wherein funds are deposited and/or
transferred to or withdrawn and/or transferred from each banking
institution so that each client's funds at a banking institution do
not exceed a specified amount.
16. The method of Claim 1 further comprising a step of authorizing
or rejecting payments requested from at least one client's demand
account.
17. The method of Claim 1 wherein said database comprises, for each
client, information concerning the amount of that client's funds
held in the FDIC-insured and interest-bearing deposit accounts and
in said banking institutions.
18. The method of Claim 1 wherein clients' funds are withdrawn
and/or transferred from their client demand accounts by at least
one method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
19. The method of Claim 5 wherein funds are deposited and/or
transferred to or withdrawn and/or transferred from said
FDIC-insured and interest-bearing deposit accounts in dependence on
the pre-determined client preferences.
20. A method for managing a plurality of client demand accounts,
the funds for the client accounts being held in one or more insured
and interest-bearing deposit accounts, which are not NOW accounts,
at one or more banking institutions, said method comprising:
administering client deposit, withdrawal, and transfer transactions
against their client demand accounts by crediting or debiting
client funds in the insured and interest-bearing deposit accounts
so that each client's funds held in each banking institution do not
exceed a specified amount; determining on a regular basis one or
more net transactions as sums of the credited and debited
transactions; on a regular basis, causing funds to be deposited
and/or transferred to or withdrawn and/or transferred from the
insured and interest-bearing deposit accounts at said banking
institutions in dependence on the pre-determined one or more net
transactions wherein the manner of making transfers and/or
withdrawals from at least one of said insured and interest-bearing
deposit accounts preserves that account's interest-bearing status
regardless of the number of said transfers and/or withdrawals from
said at least one of said insured and interest-bearing deposit
accounts made during a month; and updating a database, maintained
on one or more computers, comprising client information for each
client demand account with the received transactions against the
client demand accounts.
21. The method of Claim 20 further comprising a step of receiving
client transactions against the client demand accounts.
22. The method of Claim 20 wherein net transactions are determined
for client demand accounts.
23. The method of Claim 20 wherein net transactions are determined
for each banking institution.
24. The method of Claim 20, further comprising steps of:
determining whether each client's funds at a banking institution
are more than said specified amount; and distributing any amounts
over said specified amount into at least one other insured and
interest-bearing deposit account at at least one other banking
institution.
25. The method of Claim 20 wherein said specified amount is more
than the maximum FDIC insurance coverage allowed for each depositor
in a FDIC-insured banking institution minus a predetermined amount
but less than or equal to said maximum FDIC insurance coverage so
that FDIC insurance greater than said maximum FDIC insurance
coverage is effectively provided for each client.
26. The method of Claim 20, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
27. The method of Claim 20 wherein clients' funds are withdrawn
and/or transferred from the client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
28. The method of Claim 20 wherein the insured and interest-bearing
deposit accounts are selected for crediting client deposits and/or
transfers to and debiting client withdrawals and/or transfers from
said client demand accounts in dependence on pre-determined client
preferences.
29. A computer system for managing a plurality of client demand
accounts, the funds for said client demand accounts being held in
one or more insured and interest-bearing deposit accounts, which
are not NOW accounts, at one or more banking institutions, said
system comprising: a database comprising information for each
client demand account including the amount of each client's funds
held in said insured and interest-bearing deposit accounts, a
computer programmed to perform the steps of administering client
deposit, withdrawal, and transfer transactions by crediting or
debiting client funds in the insured and interest-bearing deposit
accounts so that each client's funds held in each banking
institution do not exceed a specified amount; determining on a
regular basis one or more net transactions as sums of the credited
and debited client transactions; on a regular basis, causing funds
to be deposited and/or transferred to or withdrawn and/or
transferred from the insured and interest-bearing deposit accounts
at said banking institutions in dependence on the pre-determined
one or more net transactions, wherein the manner of making
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts preserves that account's
interest-bearing status regardless of the number of said transfers
and/or withdrawals from said at least one of said insured and
interest-bearing deposit account actually made during a month; and
updating a database comprising client information for each client
demand account with the received transactions against the demand
client accounts.
30. The method of Claim 1 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested in person.
31. The method of Claim 1 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by mail.
32. The method of Claim 1 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by messenger.
33. The method of Claim 1 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
34. The method of Claim 1 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by automated teller
machine.
35. The computer system of Claim 6 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested in person.
36. The computer system of Claim 6 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by mail.
37. The computer system of Claim 6 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by
messenger.
38. The computer system of Claim 6 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by telephone
and distributed by mail.
39. The computer system of Claim 6 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by automated
teller machine.
40. The method of Claim 20 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested in person.
41. The method of Claim 20 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by mail.
42. The method of Claim 20 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by messenger.
43. The method of Claim 20 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
44. The method of Claim 20 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by automated teller
machine.
45. The computer system of Claim 29 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested in person.
46. The computer system of Claim 29 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by mail.
47. The computer system of Claim 29 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by messenger.
48. The computer system of Claim 29 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
49. The computer system of Claim 29 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by automated teller
machine.
50. A method for managing a plurality of client demand accounts for
one or more clients, wherein the client demand account funds are
held in one or more FDIC-insured and interest-bearing deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of said client demand accounts; determining on a regular basis
one or more net transactions as sums of said deposits and/or
transfers to and withdrawals and/or transfers from said client
demand accounts; causing funds to be deposited and/or transferred
to or withdrawn and/or transferred from said one or more
FDIC-insured and interest-bearing deposit accounts based on the
determination of the one or more net transactions, so that FDIC
insurance coverage greater than the maximum FDIC insurance coverage
allowed for each depositor in a FDIC-insured banking institution is
effectively provided for each client, and wherein more than six (6)
transfers and/or withdrawals are made during a month from at least
one of said FDIC-insured and interest-bearing deposit accounts; and
updating a database, maintained on one or more computers,
comprising information for each client demand account with said
deposits and/or transfers to and said withdrawals and/or transfers
from said each client demand account.
51. The method of Claim 50, further comprising steps of:
determining whether each client's funds held in a banking
institution are more than a specified amount; and distributing any
amounts over said specified amount into at least one other
FDIC-insured and interest-bearing deposit account at least one
other banking institution.
52. The method of Claim 50, wherein clients' funds are deposited
and/or transferred to said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
53. The method of Claim 51, wherein said specified amount is more
than said maximum FDIC insurance coverage minus a predetermined
amount but less than or equal to said maximum FDIC insurance
coverage.
54. The method of Claim 50, further comprising a step of
determining a client's preferences for the amount of funds to be
held in each of said FDIC-insured and interest-bearing deposit
accounts.
55. The method of Claim 54 wherein funds are deposited and/or
transferred to or withdrawn and/or transferred from said
FDIC-insured and interest-bearing deposit accounts in dependence on
the pre-determined client preferences.
56. The method of Claim 50 wherein one or more net transactions are
determined for said client demand accounts.
57. The method of Claim 50 wherein one or more net transactions are
determined for each banking institution.
58. The method of Claim 50 wherein funds are deposited and/or
transferred to or withdrawn and/or transferred from each banking
institution so that each client's funds at a banking institution do
not exceed a specified amount.
59. The method of Claim 50 further comprising a step of authorizing
or rejecting payments requested from at least one client demand
account.
60. The method of Claim 50 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said FDIC-insured and interest-bearing deposit
accounts in the banking institutions.
61. The method of Claim 50 wherein clients' funds are withdrawn
and/or transferred from said client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
62. The method of Claim 50 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested in person.
63. The method of Claim 50 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by mail.
64. The method of Claim 50 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by messenger.
65. The method of Claim 50 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
66. The method of Claim 50 wherein one or more of the transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts are requested by automated teller
machine.
67. A computer system for managing a plurality of client demand
accounts for one or more clients, wherein the client demand account
funds are held in one or more FDIC-insured and interest-bearing
deposit accounts, which are not NOW accounts, at one or more
banking institutions, said system comprising: a database comprising
information for each client demand account; and a computer
programmed to perform the steps of administering clients' deposits
and/or transfers to and withdrawals and/or transfers from each of
said client demand accounts; determining on a regular basis one or
more net transactions as sums of the said client deposits and/or
transfers to and withdrawals and/or transfers from their client
demand accounts; determining from the one or more net transactions
whether to deposit and/or transfer funds to or withdraw and/or
transfer funds from said one or more FDIC-insured and
interest-bearing deposit accounts, so that FDIC insurance coverage
greater than the maximum FDIC insurance coverage allowed for each
depositor in a FDIC-insured banking institution is effectively
provided for each client, and wherein more than six (6) transfers
and/or withdrawals are made during a month from at least one of
said FDIC-insured and interest-bearing deposit accounts; and
updating said database with each client's said deposits and/or
transfers to and said withdrawals and/or transfers from said each
client`s demand account.
68. The computer system of Claim 67, wherein clients' funds are
withdrawn and/or transferred from said client demand accounts by at
least one method selected from the group consisting of drafts or
checks, credit card, debit card, sweeps, wire or electronic
transfers, ACH debits, and combinations thereof.
69. The computer system of Claim 67, wherein clients' funds are
deposited and/or transferred into said client demand accounts by at
least one method selected from the group consisting of check or
draft, wire or electronic transfer, ACH credit, third party
credits, and a sweep from another account.
70. The computer system of Claim 67 further programmed for:
determining whether each client's funds in said FDIC-insured and
interest-bearing deposit accounts at a banking institution are more
than a specified amount, and distributing any amounts over said
specified amount into at least one other FDIC-insured and
interest-bearing deposit account at at least one other banking
institution.
71. The computer system of Claim 67 further programmed for
authorizing or rejecting payments requested from at least one
client's demand account.
72. The computer system of Claim 67 further programmed for
distributing interest earned on at least one of said FDIC-insured
and interest-bearing deposit accounts among said client demand
accounts.
73. The computer system of Claim 67 wherein said database
comprises, for each client, information concerning the amount of
that client's funds held in said FDIC-insured and interest-bearing
deposit accounts.
74. The computer system of Claim 67 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested in person.
75. The computer system of Claim 67 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by mail.
76. The computer system of Claim 67 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by
messenger.
77. The computer system of Claim 67 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by telephone
and distributed by mail.
78. The computer system of Claim 67 wherein one or more of the
transfers and/or withdrawals from at least one of said FDIC-insured
and interest-bearing deposit accounts are requested by automated
teller machine.
79. A method for managing a plurality of client demand accounts,
the funds for the client demand accounts being held in one or more
insured and interest-bearing deposit accounts, which are not NOW
accounts, at one or more banking institutions, said method
comprising: administering client deposit, withdrawal, and transfer
transactions against their client demand accounts by crediting or
debiting client funds in said insured and interest-bearing deposit
accounts so that each client's funds held in each banking
institution do not exceed a specified amount; determining on a
regular basis one or more net transactions as sums of the credited
and debited transactions; on a regular basis, causing funds to be
deposited and/or transferred to or withdrawn and/or transferred
from said insured and interest-bearing deposit accounts at said
banking institutions in dependence on the pre-determined one or
more net transactions, wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured and interest-bearing deposit accounts; and updating a
database, maintained on one or more computers, comprising client
information for each client demand account with said transactions
received against said client demand accounts.
80. The method of Claim 79 further comprising a step of receiving
client transactions against said client demand accounts.
81. The method of Claim 79 wherein one or more net transactions are
determined for said client demand accounts.
82. The method of Claim 79 wherein one or more net transactions are
determined for each of said banking institutions.
83. The method of Claim 79, further comprising steps of:
determining whether each client's funds at a banking institution
are more than a specified amount; and distributing any amounts over
said specified amount into at least one other insured and
interest-bearing deposit account at at least one other banking
institution.
84. The method of Claim 79 wherein the specified amount is more
than the maximum FDIC insurance coverage allowed for each depositor
in a FDIC-insured banking institution minus a predetermined amount
but less than or equal to said maximum FDIC insurance coverage so
that FDIC insurance coverage greater than said maximum FDIC
insurance coverage is effectively provided for each client.
85. The method of Claim 79, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
86. The method of Claim 79 wherein clients' funds are withdrawn
and/or transferred from said client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
87. The method of Claim 79 wherein said insured and
interest-bearing deposit accounts are selected for crediting client
deposits and/or transfers to said client demand account and
debiting client withdrawals and/or transfers from said client
demand account in dependence on pre-determined client
preferences.
88. The method of Claim 79 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested in person.
89. The method of Claim 79 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by mail.
90. The method of Claim 79 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by messenger.
91. The method of Claim 79 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
92. The method of Claim 79 wherein one or more of the transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by automated teller
machine.
93. A computer system for managing a plurality of client demand
accounts, the funds for said client demand accounts being held in
one or more insured and interest-bearing deposit accounts, which
are not NOW accounts, at one or more banking institutions, said
system comprising: a database comprising information for each
client demand account including the amount of each client's funds
held in said insured and interest-bearing deposit accounts, a
computer programmed to perform the steps of administering client
deposit, withdrawal, and transfer transactions by crediting or
debiting client funds in said insured and interest-bearing deposit
accounts so that each client's funds held in each banking
institution do not exceed a specified amount; determining on a
regular basis one or more net transactions as sums of the credited
and debited transactions; on a regular basis, causing funds to be
deposited and/or transferred to or withdrawn and/or transferred
from said insured and interest-bearing deposit accounts at said
banking institutions in dependence on the pre-determined one or
more net transactions, wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured and interest-bearing deposit accounts; and updating said
database comprising client information for each client demand
account with said transactions received against said client demand
accounts.
94. The computer system of Claim 93 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested in person.
95. The computer system of Claim 93 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by mail.
96. The computer system of Claim 93 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by messenger.
97. The computer system of Claim 93 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by telephone and
distributed by mail.
98. The computer system of Claim 93 wherein one or more of the
transfers and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts are requested by automated teller
machine.
99. A method for managing a plurality of client demand accounts for
one or more clients, wherein the client demand account funds are
held in one or more insured money market deposit accounts, which
are not NOW accounts, at one or more banking institutions, said
method comprising: providing a database, maintained on one or more
computers, comprising client information for each client demand
account; administering clients' deposits and/or transfers to and
withdrawals and/or transfers from their client demand accounts;
authorizing or rejecting the use of funds in a particular client's
demand account for each payment requested from that client's demand
account; determining on a regular basis one or more net
transactions aggregated across all of said clients` deposits and/or
transfers to and withdrawals from their demand accounts; depositing
and/or transferring funds to or withdrawing and/or transferring
funds from said one or more insured money market deposit accounts
based on said one or more net transactions, wherein the manner of
making transfers and/or withdrawals from at least one of said
insured money market deposit accounts preserves that account's
interest-bearing status regardless of the number of said transfers
and/or withdrawals from at least one of said insured money market
deposit accounts made during a month; distributing interest paid on
at least one of said insured money market deposit accounts to said
client demand accounts; and updating the database with each
client's deposit and authorized withdrawal.
100. The method of Claim 99, wherein at least one withdrawal or
transfer from at least one client demand account is made by a
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
101. The method of Claim 99, wherein at least one deposit or
transfer into at least one client demand account is made by a
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from one of the client's other accounts another account.
102. The method of Claim 99 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
103. The method of Claim 99 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
104. The method of Claim 99 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
105. The method of Claim 99 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
106. The method of Claim 99 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
107. A system for managing a plurality of client demand accounts
for one or more clients, wherein the client demand account funds
are held in one or more insured money market deposit accounts,
which are not NOW accounts, at one or more banking institutions,
said system comprising: a database comprising client information
for each client demand account; a device for administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
their client demand accounts; a device for authorizing or rejecting
the use of funds in a particular client's demand account for each
payment requested from that client's demand account; a device for
determining on a regular basis one or more net transactions
aggregated across all of said clients` deposits and/or transfers to
and withdrawals and/or transfers from their client demand accounts;
a comparison device for determining from said one or more net
transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured money
market deposit accounts; a device for processing deposits and/or
transfers of said funds to or withdrawals and/or transfers of said
funds from said one or more insured money market deposit accounts
based on said one or more net transactions, wherein the manner of
making transfers and/or withdrawals from at least one of said
insured money market deposit accounts preserves that account's
interest-bearing status regardless of the number of said transfers
and/or withdrawals from at least one of said insured money market
deposit accounts actually made during a month; a device for
distributing interest earned on at least one of said insured money
market deposit accounts to said client demand accounts; and a
device for updating said database with each client's deposits and
authorized payments.
108. The system of Claim 107, wherein at least one withdrawal or
transfer from at least one client demand account is made by a
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
109. The system of Claim 107, wherein at least one deposit or
transfer into at least one client demand account is made by a
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from one of the client's other accounts another account.
110. The system of Claim 107 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
111. The system of Claim 107 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
112. The system of Claim 107 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
113. The system of Claim 107 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
114. The system of Claim 107 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
115. A method for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
account funds are held in one or more insured interest-bearing
non-demand deposit accounts, which are not NOW accounts, at one or
more banking institutions, said method comprising: providing a
database, maintained on one or more computers, comprising client
information for each client transaction account; administering
clients' deposits and/or transfers to and withdrawals and/or
transfers from their client transaction accounts; authorizing or
rejecting the use of funds in a particular client's transaction
account for each payment requested from that client's transaction
account; determining on a regular basis one or more net
transactions aggregated across all of said clients` deposits and/or
transfers to and withdrawals and/or transfers from their client
transaction accounts; depositing and/or transferring funds to or
withdrawing and/or transferring funds from said one or more insured
interest-bearing non-demand deposit accounts based on said one or
more net transactions, wherein the manner of making transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts preserves that
account's interest-bearing status regardless of the number of said
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts made during a month;
distributing interest paid on at least one of said insured
interest-bearing non-demand deposit accounts to said client
transaction accounts; and updating said database with each client's
deposit and authorized payment.
116. The method of Claim 115 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested in person.
117. The method of Claim 115 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by mail.
118. The method of Claim 115 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by
messenger.
119. The method of Claim 115 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by telephone and
distributed by mail.
120. The method of Claim 115 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
121. The method of Claim 115, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
draft or check.
122. The method of Claim 115, wherein at least one withdrawal or
transfer from at least one client transaction account is made by
credit or debit card.
123. The method of Claim 115, wherein at least one withdrawal or
transfer from at least one client transaction account is made by an
ACH debit or credit.
124. The method of Claim 115, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
sweep.
125. The method of Claim 115, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
wire or electronic transfer.
126. The method of Claim 115, wherein at least one deposit or
transfer to at least one client transaction account is made by a
draft or check.
127. The method of Claim 115, wherein at least one deposit or
transfer to at least one client transaction account is made by
sweep or by third party credit.
128. The method of Claim 115, wherein at least one deposit or
transfer to at least one client transaction account is made by wire
or electronic or ACH transfer.
129. A system for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
funds are held in one or more insured interest-bearing non-demand
deposit accounts, which are not NOW accounts, at one or more
banking institutions, the system comprising: a database comprising
client information for each client transaction account; a device
for administering clients' deposits and/or transfers to and
withdrawals and/or transfers from their client transaction
accounts; a device for authorizing or rejecting the use of funds in
a particular client's transaction account for each payment
requested from that client's transaction account; a device for
determining on a regular basis one or more net transactions
aggregated across all of said clients` deposits and/or transfers to
and withdrawals and/or transfers from their client transaction
accounts; a comparison device for determining from the one or more
net transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured
interest-bearing non-demand deposit accounts; a device for
processing deposits and/or transfers of said funds to or
withdrawals and/or transfers of said funds from said one or more
insured interest-bearing non-demand deposit accounts based on said
one or more net transactions, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts preserves that
account's interest-bearing status regardless of the number of said
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts actually made during a
month; a device for distributing interest earned on at least one of
saidinsured interest-bearing non-demand deposit accounts to said
clients' transaction accounts; and a device for updating said
database with each client's deposits and authorized payments.
130. The system of Claim 129 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
131. The system of Claim 129 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
132. The system of Claim 129 wherein one or more of the transfers
and/or withdrawals from at least one of said interest-bearing
non-demand deposit accounts are requested by messenger.
133. The system of Claim 129 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
134. The system of Claim 129 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
135. The system of Claim 129, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
draft or check.
136. The system of Claim 129, wherein at least one withdrawal or
transfer from at least one client transaction account is made by
credit or debit card.
137. The system of Claim 129, wherein at least one withdrawal or
transfer from at least one client transaction account is made by an
ACH debit or credit.
138. The system of Claim 129, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
sweep.
139. The system of Claim 129, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
wire or electronic transfer.
140. The system of Claim 129, wherein at least one deposit or
transfer to at least one client transaction account is made by a
draft or check.
141. The system of Claim 129, wherein at least one deposit or
transfer to at least one client transaction account is made by
sweep or by third party credit.
142. The system of Claim 129, wherein at least one deposit or
transfer to at least one client transaction account is made by wire
or electronic or ACH transfer.
143. A method for managing a plurality of client demand accounts
for one or more clients, wherein the client demand account funds
are held in one or more insured money market deposit accounts,
which are not NOW accounts, at one or more banking institutions,
the method comprising: providing a database, maintained on one or
more computers, comprising client information for each client
demand account; administering clients' deposits and/or transfers to
and withdrawals and/or transfers from their client demand accounts;
authorizing or rejecting the use of funds in a particular client's
demand account for each payment requested from that client's demand
account; determining on a regular periodic basis one or more net
transactions aggregated across all of said clients` deposits and/or
transfers to and withdrawals and/or transfers from their client
demand accounts; depositing and/or transferring funds to or
withdrawing and/or transferring funds from said one or more insured
money market deposit accounts based on said one or more net
transactions, wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured money market deposit accounts; distributing interest paid
on at least one of said insured money market deposit accounts to
said clients' demand accounts; and updating said database with each
client's deposit and authorized payment.
144. The method of Claim 143, wherein at least one withdrawal or
transfer from at least one client demand account is made by a
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
145. The method of Claim 143, wherein at least one deposit or
transfer into at least one client demand account is made by a
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from one of the client's other accounts another account.
146. The method of Claim 143 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
147. The method of Claim 143 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
148. The method of Claim 143 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
149. The method of Claim 143 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
150. The method of Claim 143 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
151. A system for managing a plurality of client demand accounts
for one or more clients, wherein the client demand account funds
are held in one or more insured money market deposit accounts,
which are not NOW accounts, at one or more banking institutions,
the system comprising: a database comprising client information for
each client demand account; a device for administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
their client demand accounts; a device for authorizing or rejecting
the use of funds in a particular client's demand account for each
payment requested from that client's demand account; a device for
determining on a regular basis one or more net transactions
aggregated across all of said clients` deposits and/or transfers to
and withdrawals and/or transfers from their client demand accounts;
a comparison device for determining from said one or more net
transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured money
market deposit accounts; a device for processing deposits and/or
transfers of said funds to or withdrawals and/or transfers of said
funds from said one or more insured money market deposit accounts
based on said one or more net transactions, wherein more than six
(6) transfers and/or withdrawals are made during a month from at
least one of said insured money market deposit accounts; a device
for distributing interest earned on at least one of said insured
money market deposit accounts to said clients' demand accounts; and
a device for updating said database with each client's deposits and
authorized payments.
152. The system of Claim 151, wherein at least one withdrawal or
transfer from at least one client demand account is made by a
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
153. The system of Claim 151, wherein at least one deposit or
transfer into at least one client demand account is made by a
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from one of the client's other accounts another account.
154. The system of Claim 151 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
155. The system of Claim 151 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
156. The system of Claim 151 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
157. The system of Claim 151 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
158. The system of Claim 151 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
159. A method for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
account funds are held in one or more insured interest-bearing
non-demand deposit accounts, which are not NOW accounts, at one or
more banking institutions, the method comprising: providing a
database, maintained on one or more computers, comprising client
information for each client transaction account; administering
clients' deposits and/or transfers to and withdrawals and/or
transfers from their client transaction accounts; authorizing or
rejecting the use of funds in a particular client's transaction
account for each payment requested from that client's transaction
account; determining on a regular basis one or more net
transactions aggregated across all of said clients` deposits and/or
transfers to and withdrawals and/or transfers from their client
transaction accounts; depositing and/or transferring funds to or
withdrawing and/or transferring funds from said one or more insured
interest-bearing non-demand deposit accounts based on said one or
more net transactions, wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured interest-bearing non-demand deposit accounts; distributing
interest paid on at least one of said insured interest-bearing
non-demand deposit accounts to said clients' transaction accounts;
and updating said database with each client's deposit and
authorized payment.
160. The method of Claim 159 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested in person.
161. The method of Claim 159 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by mail.
162. The method of Claim 159 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by
messenger.
163. The method of Claim 159 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand accounts are requested by telephone and
distributed by mail.
164. The method of Claim 159 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
165. The method of Claim 159 wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
draft or check.
166. The method of Claim 159 wherein at least one withdrawal or
transfer from at least one client transaction account is made by
credit or debit card.
167. The method of Claim 159 wherein at least one withdrawal or
transfer from at least one client transaction account is made by an
ACH debit or credit.
168. The method of Claim 159 wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
sweep.
169. The method of Claim 159 wherein at least one withdrawal or
transfer from at least one client transaction account is made by
wire or electronic transfer.
170. The method of Claim 159 wherein at least one deposit or
transfer to at least one client transaction account is made by a
draft or check.
171. The method of Claim 159 wherein at least one deposit or
transfer to at least one client transaction account is made by
sweep or by third party credit.
172. The method of Claim 159 wherein at least one deposit or
transfer to at least one client transaction account is made by wire
or electronic or ACH transfer.
173. A system for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
account funds are held in one or more insured interest-bearing
non-demand deposit accounts, which are not NOW accounts, at one or
more banking institutions, the system comprising: a database
comprising client information for each client transaction account;
a device for administering clients' deposits and/or transfers to
and withdrawals and/or transfers from their client transaction
accounts; a device for authorizing or rejecting the use of funds in
a particular client transaction account for each payment requested
from that client's transaction account; a device for determining on
a regular basis one or more net transactions aggregated across all
of said clients` deposits and/or transfers to and withdrawals
and/or transfers from their client transaction accounts; a
comparison device for determining from the one or more net
transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured
interest-bearing non-demand deposit accounts; a device for
processing deposits and/or transfers of said funds to or
withdrawals and/or transfers of said funds from said one or more
insured interest-bearing non-demand deposit accounts based on said
one or more net transactions, wherein more than six (6) transfers
and/or withdrawals are made during a month from at least one of
said insured interest-bearing non-demand deposit accounts; a device
for distributing interest earned on at least one of saidinsured
interest-bearing non-demand deposit accounts to said clients'
transaction accounts; and a device for updating said database with
each client's deposits and authorized payments.
174. The system of Claim 173 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
175. The system of Claim 173 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
176. The system of Claim 173 wherein one or more of the transfers
and/or withdrawals from at least one of said interest-bearing
non-demand deposit accounts are requested by messenger.
177. The system of Claim 173 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
178. The system of Claim 173 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
179. The system of Claim 173, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
draft or check.
180. The system of Claim 173, wherein at least one withdrawal or
transfer from at least one client transaction account is made by
credit or debit card.
181. The system of Claim 173, wherein at least one withdrawal or
transfer from at least one client transaction account is made by an
ACH debit or credit.
182. The system of Claim 173, wherein at least one withdrawal or
transfer from at least one client transaction account is made by a
sweep.
183. The system of Claim 173, wherein at least one withdrawal or
transfer from at least one client transaction account is made by
wire or electronic transfer.
184. The system of Claim 173, wherein at least one deposit or
transfer to at least one client transaction account is made by a
draft or check.
185. The system of Claim 173, wherein at least one deposit or
transfer to at least one client transaction account is made by a
sweep or by third party credit.
186. The system of Claim 173, wherein at least one deposit or
transfer to at least one client transaction account is made by wire
or electronic or ACH transfer.
187. The method of Claim 20 further comprising a step of updating
said database comprising information for each client demand account
with the clients' deposits, withdrawals, and transfers, and with
the amount of that client's funds held in said one or more insured
and interest-bearing deposit accounts and in said one or more
banking institutions.
188. The method of Claim 20 further comprising a step of
authorizing or rejecting payments requested from at least one
client's demand account.
189. The method of Claim 20 further comprising a step for
distributing interest earned on at least one of said insured and
interest-bearing deposit accounts among said client demand
accounts.
190. The method of Claim 79 further comprising a step of updating
said database comprising information for each client demand account
with the clients' deposits, withdrawals, and transfers, and with
the amount of that client's funds held in said one or more insured
and interest-bearing deposit accounts and in said one or more
banking institutions.
191. The method of Claim 79 further comprising a step of
authorizing or rejecting payments requested from at least one
client's demand account.
192. The method of Claim 79 further comprising a step for
distributing interest earned on at least one of said insured and
interest-bearing deposit accounts among said client demand
accounts.
193. The method of Claim 1 wherein the manner of making transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
194. The system of Claim 6 wherein the manner of making transfers
and/or withdrawals from at least one of said FDIC-insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
195. The method of Claim 20 wherein the manner of making transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
196. The system of Claim 29 wherein the manner of making transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
197. The method of Claim 99 wherein the manner of making transfers
and/or withdrawals from at least one of said insured money market
deposit accounts satisfies requirements of federal statute and
regulation for preserving the interest-bearing status of deposit
accounts other than NOW accounts.
198. The system of Claim 107 wherein the manner of making transfers
and/or withdrawals from at least one of said insured money market
deposit accounts satisfies requirements of federal statute and
regulation for preserving the interest-bearing status of deposit
accounts other than NOW accounts.
199. The method of Claim 115 wherein the manner of making transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
200. The system of Claim 129 wherein the manner of making transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
201. A method for managing a plurality of client demand accounts
for one or more clients, wherein the client demand account funds
are held in one or more insured interest-bearing non-demand deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of said client demand accounts; determining on a regular basis
one or more net transactions as sums of aggregated client deposits
and/or transfers to and aggregated client withdrawals and/or
transfers from said client demand accounts; causing funds to be
deposited and/or transferred to or withdrawn and/or transferred
from said one or more insured interest-bearing non-demand deposit
accounts based on the determination of the one or more net
transactions, and wherein the manner of making transfers and/or
withdrawals from at least one of said insured interest-bearing
non-demand deposit accounts preserves that account's
interest-bearing status regardless of the number of said transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts made during a month;
and updating a database, maintained on one or more computers,
comprising information for each client demand account with that
client's deposits and/or transfers to and withdrawals and/or
transfers from said each client demand account.
202. The method of Claim 201, further comprising steps of:
determining whether each client's funds held in a banking
institution are more than a specified amount; and distributing any
amounts over said specified amount into at least one other insured
interest-bearing non-demand deposit account at at least one other
banking institution, so that FDIC insurance coverage greater than
the maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
203. The method of Claim 201 further comprising a step of
distributing interest earned on at least one of said insured
interest-bearing non-demand deposit accounts among said client
demand accounts.
204. The method of Claim 201 wherein at least one net transaction
is determined for each of one or more banking institutions.
205. The method of Claim 201, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
206. The method of Claim 201 wherein clients' funds are withdrawn
and/or transferred from said client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
207. The method of Claim 201, further comprising a step of
determining a client's preferences for the amount of funds to be
held in each of said insured interest-bearing non-demand deposit
accounts, wherein funds are deposited and/or transferred to or
withdrawn and/or transferred from said insured interest-bearing
non-demand deposit accounts in dependence on the pre-determined
client preferences.
208. The method of Claim 201 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said insured interest-bearing non-demand deposit
accounts and in said banking institutions.
209. The method of Claim 201 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
210. The method of Claim 201 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
211. The method of Claim 201 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
messenger.
212. The method of Claim 201 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
213. The method of Claim 201 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
214. A method for managing a plurality of client demand accounts
for one or more clients, wherein the client demand account funds
are held in one or more insured interest-bearing non-demand deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of the client demand accounts; determining on a regular basis
one or more net transactions as sums of aggregated client deposits
and/or transfers to and aggregated client withdrawals and/or
transfers from said client demand accounts; causing funds to be
deposited and/or transferred to or withdrawn and/or transferred
from said one or more insured interest-bearing non-demand deposit
accounts based on the determination of the one or more net
transactions, and wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured interest-bearing non-demand deposit accounts; and updating
a database, maintained on one or more computers, comprising
information for each client demand account with that client's
deposits and/or transfers to and withdrawals and/or transfers from
said each client demand account.
215. The method of Claim 214, further comprising steps of:
determining whether each client's funds held in a banking
institution are more than a specified amount; and distributing any
amounts over said specified amount into at least one other insured
interest-bearing non-demand deposit account at at least one other
banking institution, so that FDIC insurance coverage greater than
the maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
216. The method of Claim 214 further comprising a step of
distributing interest earned on at least one of said insured
interest-bearing non-demand deposit accounts among said client
demand accounts.
217. The method of Claim 214 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
218. The method of Claim 214, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
219. The method of Claim 214 wherein clients' funds are withdrawn
and/or transferred from the client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
220. The method of Claim 214, further comprising a step of
determining a client's preferences for the amount of funds to be
held in each of said insured interest-bearing non-demand deposit
accounts, wherein funds are deposited and/or transferred to or
withdrawn and/or transferred from said insured interest-bearing
non-demand deposit accounts in dependence on the pre-determined
client preferences.
221. The method of Claim 214 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said insured interest-bearing non-demand deposit
accounts in said banking institutions.
222. The method of Claim 214 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
223. The method of Claim 214 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
224. The method of Claim 214 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
messenger.
225. The method of Claim 214 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
226. The method of Claim 214 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
227. A computer system for managing a plurality of client demand
accounts for one or more clients, wherein the client demand account
funds are held in one or more insured interest-bearing non-demand
deposit accounts, which are not NOW accounts, at one or more
banking institutions, said computer system comprising: a database
comprising information for each client demand account; and a
computer programmed to perform the steps of administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of the client demand accounts; determining on a regular basis
one or more net transactions as sums of the aggregated client
deposits and/or transfers to and aggregated client withdrawals
and/or transfers from their client demand accounts; determining
from the net transactions whether to deposit and/or transfer funds
to or withdraw and/or transfer funds from said one or more insured
interest-bearing non-demand deposit accounts, and wherein the
manner of making transfers and/or withdrawals from at least one of
said insured interest-bearing non-demand deposit accounts preserves
that account's interest-bearing status regardless of the number of
said transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts actually made during a
month; and updating said database with each client's deposits
and/or transfers to and withdrawals and/or transfers from said each
client`s demand account.
228. The system of Claim 227, further programmed for: determining
whether each client's funds held in a banking institution are more
than a specified amount; and distributing any amounts over said
specified amount into at least one other insured interest-bearing
non-demand deposit account at at least one other banking
institution, so that FDIC insurance coverage greater than the
maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
229. The system of Claim 227 further programmed for distributing
interest earned on at least one of said insured interest-bearing
non-demand deposit accounts among said client demand accounts.
230. The system of Claim 227 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
231. The system of Claim 227, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
232. The system of Claim 227 wherein clients' funds are withdrawn
and/or transferred from said client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
233. The system of Claim 227, further programmed for determining a
client's preferences for the amount of funds to be held in each of
said insured interest-bearing non-demand deposit accounts, and
wherein funds are deposited and/or transferred to or withdrawn
and/or transferred from said insured interest-bearing non-demand
deposit accounts in dependence on the pre-determined client
preferences.
234. The system of Claim 227 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said insured interest-bearing non-demand deposit
accounts and the in said banking institutions.
235. The system of Claim 227 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
236. The system of Claim 227 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
237. The system of Claim 227 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
messenger.
238. The system of Claim 227 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
239. The system of Claim 227 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
240. A computer system for managing a plurality of client demand
accounts for one or more clients, wherein the client demand account
funds are held in one or more insured interest-bearing non-demand
deposit accounts, which are not NOW accounts, at one or more
banking institutions, said system comprising: a database comprising
information for each client demand account; and a computer
programmed to perform the steps of administering clients' deposits
and/or transfers to and withdrawals and/or transfers from each of
said client demand accounts; determining on a regular basis one or
more net transactions as sums of the aggregated client deposits
and/or transfers to and aggregated client withdrawals and/or
transfers from their client demand accounts; determining from the
net transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured
interest-bearing non-demand deposit accounts, and wherein more than
six (6) transfers and/or withdrawals are made during a month from
at least one of said insured interest-bearing non-demand deposit
accounts; and updating said database with each client's deposits
and/or transfers to and withdrawals and/or transfers from said each
client`s demand account.
241. The system of Claim 240, further programmed for: determining
whether each client's funds held in a banking institution are more
than a specified amount; and distributing any amounts over said
specified amount into at least one other insured interest-bearing
non-demand deposit account at at least one other banking
institution, so that FDIC insurance coverage greater than the
maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
242. The system of Claim 240 further programmed for distributing
interest earned on at least one of said insured interest-bearing
non-demand deposit accounts among said client demand accounts.
243. The system of Claim 240 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
244. The system of Claim 240, wherein clients' funds are deposited
and/or transferred into said client demand accounts by at least one
method selected from the group consisting of check or draft, wire
or electronic transfer, ACH credit, third party credits, and a
sweep from another account.
245. The system of Claim 240 wherein clients' funds are withdrawn
and/or transferred from said client demand accounts by at least one
method selected from the group consisting of drafts or checks,
credit card, debit card, sweeps, wire or electronic transfers, ACH
debits, and combinations thereof.
246. The system of Claim 240, further programmed for determining a
client's preferences for the amount of funds to be held in each of
said insured interest-bearing non-demand deposit accounts, and
wherein funds are deposited and/or transferred to or withdrawn
and/or transferred from said insured interest-bearing non-demand
deposit accounts in dependence on the pre-determined client
preferences.
247. The system of Claim 240 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in the insured interest-bearing non-demand deposit
accounts and the in said banking institutions.
248. The system of Claim 240 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested in
person.
249. The system of Claim 240 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
mail.
250. The system of Claim 240 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
messenger.
251. The system of Claim 240 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
telephone and distributed by mail.
252. The system of Claim 240 wherein one or more of the transfers
and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts are requested by
automated teller machine.
253. A method for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
account funds are held in one or more insured money market deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of the client transaction accounts; determining on a regular
basis one or more net transactions as sums of aggregated client
deposits and/or transfers to and aggregated client withdrawals
and/or transfers from said client transaction accounts; causing
funds to be deposited and/or transferred to or withdrawn and/or
transferred from said one or more insured money market deposit
accounts based on the determination of the one or more net
transactions, and wherein the manner of making transfers and/or
withdrawals from at least one of said insured money market deposit
accounts preserves that account's interest-bearing status
regardless of the number of said transfers and/or withdrawals from
at least one of said insured money market deposit accounts made
during a month; and updating a database, maintained on one or more
computers, comprising information for each client transaction
account with that client's deposits and/or transfers to and
withdrawals and/or transfers from said each client transaction
account.
254. The method of Claim 253, further comprising steps of:
determining whether each client's funds held in a banking
institution are more than a specified amount; and distributing any
amounts over said specified amount into at least one other insured
money market deposit account at at least one other banking
institution, so that FDIC insurance coverage greater than the
maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
255. The method of Claim 253 further comprising a step of
distributing interest earned on at least one of said insured money
market deposit accounts among said clients' transaction
accounts.
256. The method of Claim 253 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
257. The method of Claim 253, wherein clients' funds are deposited
and/or transferred into said client transaction accounts by at
least one method selected from the group consisting of check or
draft, wire or electronic transfer, ACH credit, third party
credits, and a sweep from another account.
258. The method of Claim 253 wherein clients' funds are withdrawn
and/or transferred from said client transaction accounts by at
least one method selected from the group consisting of drafts or
checks, credit card, debit card, sweeps, wire or electronic
transfers, ACH debits, and combinations thereof.
259. The method of Claim 253, further comprising a step of
determining a client's preferences for the amount of funds to be
held in each of said insured money market deposit accounts, and
wherein funds are deposited and/or transferred to or withdrawn
and/or transferred from said insured money market deposit accounts
in dependence on the pre-determined client preferences.
260. The method of Claim 253 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in the insured money market deposit accounts and in said
banking institutions.
261. The method of Claim 253 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
262. The method of Claim 253 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
263. The method of Claim 253 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
264. The method of Claim 253 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
265. The method of Claim 253 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
266. A method for managing a plurality of client transaction
accounts for one or more clients, wherein the client transaction
account funds are held in one or more insured money market deposit
accounts, which are not NOW accounts, at one or more banking
institutions, said method comprising: administering clients'
deposits and/or transfers to and withdrawals and/or transfers from
each of said client transaction accounts; determining on a regular
basis one or more net transactions as sums of aggregated client
deposits and/or transfers to and aggregated client withdrawals
and/or transfers from said client transaction accounts; causing
funds to be deposited and/or transferred to or withdrawn and/or
transferred from said one or more insured money market deposit
accounts based on the determination of the one or more net
transactions, and wherein more than six (6) transfers and/or
withdrawals are made during a month from at least one of said
insured money market deposit accounts; and updating a database,
maintained on one or more computers, comprising information for
each client transaction account with that client's deposits and/or
transfers to and withdrawals and/or transfers from said each client
transaction account.
267. The method of Claim 266, further comprising steps of:
determining whether each client's funds held in a banking
institution are more than a specified amount; and distributing any
amounts over said specified amount into at least one other insured
money market deposit account at at least one other banking
institution, so that FDIC insurance coverage greater than the
maximum FDIC insurance coverage allowed for each depositor in a
FDIC-insured banking institution is effectively provided for each
client.
268. The method of Claim 266 further comprising a step of
distributing interest earned on at least one of said insured money
market deposit accounts among said client transaction accounts.
269. The method of Claim 266 wherein at least one net transaction
is determined for each of one or more banking institutions.
270. The method of Claim 266, wherein clients' funds are deposited
and/or transferred into said client transaction accounts by at
least one method selected from the group consisting of check or
draft, wire or electronic transfer, ACH credit, third party
credits, and a sweep from another account.
271. The method of Claim 266 wherein clients' funds are withdrawn
and/or transferred from said client transaction accounts by at
least one method selected from the group consisting of drafts or
checks, credit card, debit card, sweeps, wire or electronic
transfers, ACH debits, and combinations thereof.
272. The method of Claim 266, further comprising a step of
determining a client's preferences for the amount of funds to be
held in each of said insured money market deposit accounts, and
wherein funds are deposited and/or transferred to or withdrawn
and/or transferred from said insured money market deposit accounts
in dependence on the pre-determined client preferences.
273. The method of Claim 266 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said insured money market deposit accounts and the in
banking institutions.
274. The method of Claim 266 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
275. The method of Claim 266 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
276. The method of Claim 266 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
277. The method of Claim 266 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
278. The method of Claim 266 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
279. A computer system for managing a plurality of client
transaction accounts for one or more clients, wherein the client
transaction account funds are held in one or more insured money
market deposit accounts, which are not NOW accounts, at one or more
banking institutions, said system comprising: a database comprising
information for each client account; and a computer programmed to
perform the steps of administering clients' deposits and/or
transfers to and withdrawals and/or transfers from each of said
client transaction accounts; determining on a regular basis one or
more net transactions as sums of the aggregated client deposits
and/or transfers to and aggregated client withdrawals and/or
transfers from their client transaction accounts; determining from
the net transactions whether to deposit and/or transfer funds to or
withdraw and/or transfer funds from said one or more insured money
market deposit accounts, and wherein the manner of making transfers
and/or withdrawals from at least one of said insured money market
deposit accounts preserves that account's interest-bearing status
regardless of the number of said transfers and/or withdrawals from
at least one of said insured money market deposit account actually
made during a month; and updating said database with each client's
deposits and/or transfers to and withdrawals and/or transfers from
said each client`s transaction account.
280. The system of Claim 279, further programmed for: determining
whether each client's funds held in a banking institution are more
than a specified amount; and distributing any amounts over said
specified amount into at least one other insured money market
deposit account at at least one other banking institution, so that
FDIC insurance coverage greater than the maximum FDIC insurance
coverage allowed for each depositor in a FDIC-insured banking
institution is effectively provided for each client.
281. The system of Claim 279 further programmed for distributing
interest earned on at least one of said insured money market
deposit accounts among said client transaction accounts.
282. The system of Claim 279 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
283. The system of Claim 279, wherein clients' funds are deposited
and/or transferred into said client transaction accounts by at
least one method selected from the group consisting of check or
draft, wire or electronic transfer, ACH credit, third party
credits, and a sweep from another account.
284. The system of Claim 279 wherein clients' funds are withdrawn
and/or transferred from said client transaction accounts by at
least one method selected from the group consisting of drafts or
checks, credit card, debit card, sweeps, wire or electronic
transfers, ACH debits, and combinations thereof.
285. The system of Claim 279, further programmed for determining a
client's preferences for the amount of funds to be held in each of
said insured money market deposit accounts, and wherein funds are
deposited and/or transferred to or withdrawn and/or transferred
from said insured money market deposit accounts in dependence on
the pre-determined client preferences.
286. The system of Claim 279 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in the insured money market deposit accounts and in said
banking institutions.
287. The system of Claim 279 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
288. The system of Claim 279 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
289. The system of Claim 279 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
290. The system of Claim 279 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
291. The system of Claim 279 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
292. A computer system for managing a plurality of client
transaction accounts for one or more clients, wherein the client
transaction account funds are held in one or more insured money
market deposit accounts, which are not NOW accounts, at one or more
banking institutions, said system comprising: a database comprising
information for each client transaction account; and a computer
programmed to perform the steps of administering clients' deposits
and/or transfers to and withdrawals and/or transfers from each of
said client transaction accounts; determining on a regular basis
one or more net transactions as sums of the aggregated client
deposits and/or transfers to and aggregated client withdrawals
and/or transfers from their client transaction accounts;
determining from the net transactions whether to deposit and/or
transfer funds to or withdraw and/or transfer funds from said one
or more insured money market deposit accounts, and wherein more
than six (6) transfers and/or withdrawals are made during a month
from at least one of said insured money market deposit accounts;
and updating said database with each client's deposits and/or
transfers to and withdrawals and/or transfers from said each
client`s transaction account.
293. The system of Claim 292, further programmed for: determining
whether each client's funds held in a banking institution are more
than a specified amount; and distributing any amounts over said
specified amount into at least one other insured money market
deposit account at at least one other banking institution, so that
FDIC insurance coverage greater than the maximum FDIC insurance
coverage allowed for each depositor in a FDIC-insured banking
institution is effectively provided for each client.
294. The system of Claim 292 further programmed for distributing
interest earned on at least one of said insured money market
deposit accounts among said client transaction accounts.
295. The system of Claim 292 wherein at least one net transaction
is determined for each of said one or more banking
institutions.
296. The system of Claim 292, wherein clients' funds are deposited
and/or transferred into said client transaction accounts by at
least one method selected from the group consisting of check or
draft, wire or electronic transfer, ACH credit, third party
credits, and a sweep from another account.
297. The system of Claim 292 wherein clients' funds are withdrawn
and/or transferred from said client transaction accounts by at
least one method selected from the group consisting of drafts or
checks, credit card, debit card, sweeps, wire or electronic
transfers, ACH debits, and combinations thereof.
298. The system of Claim 292, further programmed for determining a
client's preferences for the amount of funds to be held in each of
said insured money market deposit accounts, and wherein funds are
deposited and/or transferred to or withdrawn and/or transferred
from said insured money market deposit accounts in dependence on
the pre-determined client preferences.
299. The system of Claim 292 wherein said database comprises, for
each client, information concerning the amount of that client's
funds held in said insured money market deposit accounts and in
said banking institutions.
300. The system of Claim 292 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested in person.
301. The system of Claim 292 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by mail.
302. The system of Claim 292 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by messenger.
303. The system of Claim 292 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by telephone and distributed by
mail.
304. The system of Claim 292 wherein one or more of the transfers
and/or withdrawals from at least one of said insured money market
deposit accounts are requested by automated teller machine.
305. The method of Claim 1, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
306. The system of Claim 6, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
307. The method of Claim 50, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
308. The computer system of Claim 67, wherein said maximum FDIC
insurance coverage is $100,000 for each category of legal account
ownership.
309. The method of Claim 25, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
310. The method of Claim 53, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
311. The method of Claim 202, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
312. The method of Claim 215, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
313. The system of Claim 228, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
314. The system of Claim 241, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
315. The method of Claim 254, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
316. The method of Claim 267, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
317. The system of Claim 280, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
318. The system of Claim 293, wherein said maximum FDIC insurance
coverage is $100,000 for each category of legal account
ownership.
319. The method of Claim 4, wherein said predetermined amount is
approximately $10,000.
320. The method of Claim 25, wherein said predetermined amount is
approximately $10,000.
321. The method of Claim 53, wherein said predetermined amount is
approximately $10,000.
322. The method of Claim 84, wherein said predetermined amount is
approximately $10,000.
323. The system of Claim 292, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
324. The method of Claim 50, wherein the manner of making transfers
and/or withdrawals from at least one of said FDIC insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
325. The system of Claim 67, wherein the manner of making transfers
and/or withdrawals from at least one of said FDIC insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
326. The method of Claim 79, wherein the manner of making transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
327. The system of Claim 93, wherein the manner of making transfers
and/or withdrawals from at least one of said insured and
interest-bearing deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
328. The method of Claim 143, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
329. The system of Claim 151, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
330. The method of Claim 159, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
331. The system of Claim 173, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
332. The method of Claim 201, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
333. The method of Claim 214, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
334. The system of Claim 227, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
335. The system of Claim 240, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
interest-bearing non-demand deposit accounts satisfies requirements
of federal statute and regulation for preserving the
interest-bearing status of deposit accounts other than NOW
accounts.
336. The method of Claim 253, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
337. The method of Claim 266, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
338. The system of Claim 279, wherein the manner of making
transfers and/or withdrawals from at least one of said insured
money market deposit accounts satisfies requirements of federal
statute and regulation for preserving the interest-bearing status
of deposit accounts other than NOW accounts.
339. A method for managing a plurality of individual client
accounts for multiple clients, comprising the steps of: maintaining
funds for said individual client accounts in one or more
FDIC-insured, interest-bearing deposit accounts at one or more
banking institutions; aggregating transactions, using one or more
computers, for said individual client accounts on a regular basis;
and making needed deposits to, or needed withdrawals/transfers
from, said one or more deposit accounts based on said aggregated
transactions, wherein the manner of making said
withdrawals/transfers from at least one of said one or more deposit
accounts preserves said deposit account`s interest-bearing status
regardless of the number of said withdrawals/transfers made during
a month.
340. The method of Claim 339, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested in person.
341. The method of Claim 339, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by mail.
342. The method of Claim 339, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by messenger.
343. The method of Claim 339, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by telephone and distributed by mail.
344. The method of Claim 339, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by automated teller machine.
345. A method for managing a plurality of individual client
accounts for multiple clients, comprising the steps of: maintaining
funds for said individual client accounts in one or more
FDIC-insured, interest-bearing deposit accounts at one or more
banking institutions; aggregating transactions, using one or more
computers, for said individual client accounts on a regular basis;
and making needed deposits to, or needed withdrawals/transfers
from, said one or more deposit accounts based on said aggregated
transactions, wherein more than six (6) withdrawals/transfers are
made during a month from at least one of said one or more deposit
accounts.
346. The method of Claim 345, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested in person.
347. The method of Claim 345, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by mail.
348. The method of Claim 345, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by messenger.
349. The method of Claim 345, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by telephone and distributed by mail.
350. The method of Claim 345, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by automated teller machine.
351. A method for managing a plurality of individual client
accounts for multiple clients, comprising the steps of: receiving
transactional data for said individual client accounts from an
interface to said individual client accounts; aggregating said
transactional data, using one or more computers, on a regular
basis; determining needed deposits to, or needed
withdrawals/transfers from, one or more FDIC-insured,
interest-bearing deposit accounts at one or more banking
institutions based on said aggregated transactional data, wherein
said one or more deposit accounts hold funds for said individual
client accounts; and commanding an interface to said one or more
deposit accounts to make said needed deposits to, or said needed
withdrawals/transfers from, said one or more deposit accounts,
wherein the manner of making said withdrawals/transfers from at
least one of said one or more deposit accounts preserves said
deposit account`s interest-bearing status regardless of the number
of said withdrawals/transfers made during a month.
352. The method of Claim 351, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested in person.
353. The method of Claim 351, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by mail.
354. The method of Claim 351, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by messenger.
355. The method of Claim 351, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by telephone and distributed by mail.
356. The method of Claim 351, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by automated teller machine.
357. A method for managing a plurality of individual client
accounts for multiple clients, comprising the steps of: receiving
transactional data for said individual client accounts from an
interface to said individual client accounts; aggregating said
transactional data, using one or more computers, on a regular
basis; determining needed deposits to, or needed
withdrawals/transfers from, one or more FDIC-insured,
interest-bearing deposit accounts at one or more banking
institutions based on said aggregated transactional data, wherein
said one or more deposit accounts hold funds for said individual
client accounts; and commanding an interface to said one or more
deposit accounts to make said needed deposits to, or said needed
withdrawals/transfers from, said one or more deposit accounts,
wherein more than six (6) withdrawals/transfers from at least one
of said one or more deposit accounts are made during a month.
358. The method of Claim 357, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested in person.
359. The method of Claim 357, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by mail.
360. The method of Claim 357, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by messenger.
361. The method of Claim 357, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by telephone and distributed by mail.
362. The method of Claim 357, wherein one or more of said
withdrawals/transfers from at least one of said one or more deposit
accounts are requested by automated teller machine.
Description
Detailed Description of the Invention
[0001] This application is a continuation-in-part of application
serial no. 09/176,340, filed 21 October 1998, the entirety of which
disclosure is incorporated herein by reference.
Background of the Invention
[0002] 1. Field of the Invention: This invention generally relates
to the field of account transaction processing, and more
specifically, an improved system for processing and administering a
demand account or money market account in combination with an
insured deposit account, and optionally where the accounts are
distributed over a plurality of banking institutions.
[0003] 2. The State of the Art: The Federal Deposit Insurance
Corporation ("FDIC") is a federal governmental entity that provides
insurance for deposits in most banks and savings institutions in
the United States Bank deposits are insured by the FDIC`s Bank
Insurance Fund ("BIF") and savings institutions` deposits are
insured by the FDIC`s Savings Association Insurance Fund ("SAIF").
The rules governing insurance of deposits of institutions insured
by the BIF and the SAIF are the same. The FDIC bases insurance
coverage on the concept of ownership rights and capacities:funds
held in different ownership categories are insured separately from
each other; and funds owned by the same entity but held in
different accounts are subsumed under the same insurance coverage.
The amount of insurance coverage provided to depositors of each
institution insured by BIF and SAIF is the same:$100,000.00 to the
owners(s) of the funds in the account(s), including principal and
interest.
[0004] As disclosed in our prior application serial no. 09/176,340
referenced above, a system is provided for managing a plurality of
demand accounts for multiple clients whose funds are held at a
banking institution in a single insured deposit account. That
system provides an entity with the ability to deposit funds into a
demand account from various sources, and to make payments from the
demand account via different instruments, without the limitation as
to the number of transfers, and still earn interest on the funds in
the clients` accounts because the funds are effectively maintained
in a deposit account. Even with the above-mentioned innovative
system, investors carrying amounts in excess of $100,000 in their
accounts are disadvantaged because the FDIC insurance is limited to
$100,000, so any amount over $100,000 is not protected by FDIC
insurance. It was with this realization that the present invention
was made.
Objects and Summary of the Invention
[0005] One object of the present invention is to provide a system
for managing a plurality of demand accounts for multiple clients
whose funds are held at a banking institution in a single insured
deposit account.
[0006] Another object of the present invention to is provide a
system for managing a plurality of demand accounts for multiple
clients whose funds are held at one or more banking institutions in
one or more single insured deposit accounts that, from the
viewpoint of the investor, removes the $100,000 limitation of FDIC
insurance for that individual investor.
[0007] Still a further object of the present invention is to
provide a system for administering a plurality of accounts
containing in excess of $100,000 and continue to qualify for FDIC
insurance.
[0008] These and other objects are achieved by providing a system
that administers individual client deposits to and withdrawals from
each of their demand accounts. The system includes a database
having each client`s information for each account administered. The
system monitors the use of the funds from each account by
selectively authorizing or rejecting each demand payment request
for each account of a particular client. Periodically, net
transaction information is determined from the sum of the demand
account deposits and withdrawals. The net transaction information
is used to determine whether to deposit funds or to withdraw funds
from a single deposit account to a client`s demand account(s) while
updating the database for each client`s deposit and authorized
demand payment. The system then determines whether each client`s
account contains more than a specified amount
[0009] (e.g., $90,000) and distributes any amounts over the
specified amount into another account at a preselected banking
institution.
[0010] In practice, when an investor`s account balance exceeds
$90,000 in any one account, the excess funds are automatically
moved to a second deposit account at at another preselected bank.
The client will maintain one insured deposit clearance account
while the multiple deposit accounts will be transparent to the
investor. All transactions to and from the accounts will post to
the investor`s insured deposit account, although they may be
debited from multiple deposit accounts held at various banks. At
the time an Insured Deposit Account is opened, the investor is
given the option to choose a preferred bank, to chose a list of
preferred banks in a desired (or random) order of preference, and
to exclude one or more banks. The system will debit and credit the
multiple deposit accounts on the investor`s behalf, and in the
event that the investor does not preselect a bank, the system will
automatically designate a bank or banks. The client may also select
the order of preference for deposits and withdrawals. For example,
if the investor opened his Insured Deposit Account with $170,000,
he could also indicate that his assets should be invested in Bank A
and Bank C. He may also indicate that bank C is preferred. In this
example, $90,000 would be deposited into Bank C and $80,000 into
Bank A. If a check were written or the investor chose to redeem
funds directly, the withdrawals would be made from Bank A.
Withdrawals would not be made from Bank C until all funds had been
redeemed from Bank A. Similarly, if the investor chose Bank C as
preferred and chose to exclude Bank B, then $90,000 would be
deposited into Bank C and $80,000 into Bank A. The investor also
can choose the deposit cap for each of multiple banks selected, or
can specify deposit caps for default banks chosen by the system
(e.g., no bank to hold more than 40% of the inventor`s funds). Of
course, the investor can also specify that all funds be held in a
single bank, even if the amount exceeds $100,000. The report the
investor receives may refer to all of the assets and transactions
in the investor`s Insured Clearance Account (a single account), or
the investor may be shown a report listing all of the sub-accounts
(if any) where the funds are held and in which transactions
occurred.
[0011] The choice of Banks is held on the investor`s account and
the system will read the Bank indicator and determine which bank
deposit account should be debited or credited. The system will
automatically group together all transactions for each bank. At the
end of the business day the deposit accounts at the various banks
with be either debited or credited. The debit or credit to the
deposit account is the net transaction for all activity that
occurred that day.
[0012] As a result of the present invention the investor earns
interest on the balance in his Insured Deposit Account where the
interest rate earned can be the same regardless of the bank(s)
selected, or may vary depending on the banks selected, while
continuing to qualify his account funds for FDIC insurance.
Brief Description of the Drawings
[0013] In the drawings, in which like references characters
designate like or corresponding parts throughout the several views,
the view are:
[0014] FIG. 1A is a flowchart depicting processing steps the system
follows at the administrator`s end.
[0015] FIG. 1B is a flow chart depicting additional processing
steps according to the present invention.
[0016] FIG. 2 is a flowchart depicting processing steps regarding
the determination of a available funds according to the present
invention.
[0017] FIG. 3 is a flow chart depicting processing steps associated
with the completion of the banking system process according to the
present invention.
Detailed Description of Specific Embodiments
[0018] The present invention will be described with reference to an
administrator, which can be a brokerage firm, a bank, or another
financial entity with which clients can institute financial
transactions such as deposits and demand payments. The
administrator appears to each client as if it were, at least in
part, a bank, by accepting deposits for the client`s accounts and
by authorizing (and then making) payments demanded by the client
from his or her account. The funds for all of the clients are
pooled into a single deposit account that is maintained as an
insured deposit account at a licensed banking institution.
[0019] Referring to FIG. 1A, the financial entity 100, which may be
a bank, a brokerage or another entity where financial transactions
take place or can be facilitated, creates transaction files 101
which are transmitted to Reserve 105; Reserve (or the Reserve
System) is the administrator or other entity in charge of
administering at least one of the deposit accounts. New account
files 102 can be transmitted to Reserve; a new investor account may
need to be opened; a new account means organizing and coordinating
information to service a new investor for the present system, even
though that investor may already be a client of a financial entity
100 for other investment vehicles. A new account 102 becomes part
of an existing bank deposit account 129 that collects earned income
130 which transfers the client`s income to the client`s accounts
131; of course at some time the deposit account must be established
with clients` funds. The transaction files represent the addition
of funds by check (such as drawn on another institution, or a
different demand account from the same institution), wire or
electronic transfer, ACH, credits (such as from a debit or credit
card merchant), or a sweep from one of the client`s other accounts.
Accordingly, encompassed in the transaction file are deposits 103
and withdrawals 104.A "sweep" includes the automatic transfer of
funds, such as the automated transfer of interest from one account
into the client`s account, as well as the automated transfer of
funds out of the client`s account (such as for payment of a
securities trade); thus, a sweep may be from one of the client`s
accounts to another. The responsibility for maintaining the deposit
account can be assigned by the administrator to a third party.
[0020] Referring now to FIG. lB, the Reserve System 50 contains an
insured deposit database 75 where a position file for debit/credit
card users is created 132 and transmitted to a bank for a
debit/credit card network 133 where the bank then updates the
network 134. The system updates the data base 75 and processes
transactions 106 (from 105, FIG. 1A) and opens a new account 107
where application and check deposits are processed 110. The bank
preference 107A is the list of banks and the order of preference
for deposits and withdrawals held on the account, including a list
of banks to be excluded (if any), and the maximum percentage and/or
amount of funds to be held in each bank. The client`s bank
preference data is added to the account at 107B. If the client does
not select values for any of these variables, the system can
provide default values for the banks and their order at 107C
sufficient for all of the client`s funds. When possible the system
will not assign a bank that is in the same state in which the
client resides.
[0021] Referring to FIG. 2 it can be seen that when a deposit,
either a check deposit 111, federal wire deposit 112, ACH deposit,
sweep, or other deposit is credited to the client`s account 108,
the system will review where the existing funds of the accounts are
deposited 108A. If the client`s balance has reached the maximum
allowable balance for the existing bank 108B, as shown in FIG. 3,
the system will then select the next bank on the preference list
attached to the account 108C. If the maximum allowable balance has
not been reached in the existing bank, the system will credit the
additional funds to that bank 108D.
[0022] Still referring to FIG. 2, the procedure for processing
withdrawals can be seen. Various methods of withdrawing funds are
debit withdrawal 109, processing debit or credit card transactions
such as debit/credit card files 115, direct debit accounts 215, and
processing of files 121. Processing of a debit/credit card file 115
utilizes data accumulated from debit/credit card transactions
received from the banks 114. The processing of file 121 procedure
utilizes one of various sources of data such as a check presented
for payment 116, ACH debits 117, touch tone bill paying 118, and/or
internet bill paying 119.
[0023] After processing the debit procedure, the system will review
the bank preference list and select the appropriate bank to debit
125A. The system will sort all the daily transactions by the bank
125B (see FIG. 3).The activity for each bank will then be netted
126 and the appropriate deposit or withdrawals made.
[0024] The system will then determine whether funds are available
122, which function is also associated with other participant
withdrawals 120. If the funds are available, the account is debited
225. If the funds are not available, however, the system determines
whether a credit line is available 123. If a credit line is
available, then funds are advanced 230 to cover the debit; if not
the transaction is rejected 124.
[0025] Referring to FIG. 3, as previously stated the system
determines whether the client`s balance reaches its maximum 108B
and if so the next bank on the list selected by the client is
credited 108C. If the maximum is not reached the existing bank is
credited 108D. Information and activities associated with processed
debits and credits of the client`s accounts from 125A are sorted by
the bank 125B and the net activity by the bank is determined 126.
The system then determines whether the deposits and credits were
greater than the withdrawals and debits 240 and if so, the excess
funds are deposited into a deposit account 127. If the debits and
withdrawals were greater than the credits the difference is
redeemed from the deposit account 128.
[0026] Thus, by practicing this invention, the client is provided
with FDIC insurance in excess of $100,000.00 because the client`s
holdings are maintained in multiple insured deposit accounts, which
may be in multiple banks.
[0027] The foregoing description is meant to be illustrative and
not limiting. Various changes, modifications, and additions may
become apparent to the skilled artisan upon a perusal of this
specification, and as such are meant to be within the scope and
spirit of the invention as defined by the Claims.
* * * * *