METHOD AND APPARTUS FOR FULLY INSURING LARGE BANK DEPOSITS
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United States of America Patent
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Issued Date -
Jul 7, 2011
app pub date -
Feb 28, 2011
filing date -
Jul 27, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
An automated method is provided of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured. The funds are assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds. A plurality of orders to process the funds are received at the processor. The processor prioritizes the plurality of orders for order filling based on various different factors. The processor then partitions each of the fund amounts associated with the order being filled into a plurality of deposit portions in a manner such that each deposit portion does not exceed the established deposit insurance limit. The processor allocates each of the deposit portions associated with the order being filled to a specific one of the banks. In this manner, a deposit is established via the processor at the bank to which the deposit portion was allocated.
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