Money fund banking system
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United States of America Patent
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-
Oct 5, 2010
Grant Date -
N/A
app pub date -
Aug 16, 2007
filing date -
Oct 21, 1998
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
Providing interest to clients' deposited funds without the legal 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the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from a single deposit account in which all clients' deposit funds are kept.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 a single account, legal exemptions to the limitation on earning interest in demand accounts is facilitated.
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