Money fund banking system with multiple banks and/or rates
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
May 11, 2010
Grant Date -
May 22, 2008
app pub date -
Oct 31, 2007
filing date -
Oct 21, 1998
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
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the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from one or more deposit accounts in which all clients' deposit funds are kept.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).
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