Account transfer using a single financial account
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United States of America Patent
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N/A
Issued Date -
May 18, 2006
app pub date -
Nov 12, 2004
filing date -
Nov 12, 2004
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
Provided is a method for transferring a single, integrated financial account from one financial institution. A balance of the integrated account is determined by withdrawals and deposits regardless of to which un-integrated account a particular withdrawal or deposit corresponds. When a customer transfers the account, a complete account history is transferred in addition to assets. Thus, the new financial institution can immediately ascertain the customer's financial track record. Using the complete account history, the new institution can determine such financial parameters as credit rating and interest rates according to the new institution's own criteria. All pending transactions are completed and cleared from the old account. Automatic deposits and withdrawals are also transferred. The new bank sends an address correction to the party that submitted the automatic transaction, identifying both the old and new account destinations.
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