Automated process for fully insuring large bank deposits that provides compensating payments between banks that offer different deposit terms
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United States of America Patent
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Mar 29, 2011
Grant Date -
Feb 12, 2009
app pub date -
Oct 15, 2008
filing date -
Jul 27, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
An automated method and computer program product are provided for processing a large deposit that exceeds an established deposit insurance limit so that the large deposit is fully insured. The large deposit is received from a depositor by a first one of a plurality of unaffiliated banks. A processor receives an order placed by the first unaffiliated bank to process the large deposit. The first unaffiliated bank offers a first set of deposit terms to a first depositor. The processor assigns a portion of the large deposit not exceeding the established deposit insurance limit to a second one of the plurality of unaffiliated banks. The second unaffiliated bank offers a second set of deposit terms to a second depositor. The processor calculates the amount of a present value payment to be transferred between the first unaffiliated bank and the second unaffiliated bank to compensate for differences between the first and second sets of deposit terms.
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