Importance

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Abstract

The method and system for electronically processing transactional data and monitoring annuity funds includes identifying and storing annuity fund data, customer data, annuity beneficiary data, and banking institution data. Banking institutions which hold non-annuity funds for a particular annuity beneficiary are classified as non-available banking institutions for that beneficiary. The system sums all annuity funds identified with a single annuity beneficiary and designated for certificates of deposits issued by one of the banking institutions that is not classified as a non-available banking institution. If the sum exceeds the predetermined fund limit, that identified banking institution is classified as a non-available banking institution for that particular annuity beneficiary. The system then commands the transfer of all additional annuity funds identified with that single annuity beneficiary to another banking institution that is an available institution. In a preferred embodiment, the system generates various reports showing available banking institutions for each annuity beneficiary, non-available banking institutions for each annuity beneficiary, and the sum of all annuity funds for each respective annuity beneficiary that are provided by a corresponding customer. The method and system also stores and processes information regarding purchased certificates of deposit (CDs) and the due dates of those CDs such that when a particular CD becomes due and the principal is returned to the annuity company, the system declassifies the issuing banking institution from non-available to available for a particular annuity beneficiary or group of beneficiaries.

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First Claim