Automated method and article of manufacture for fully insuring large bank deposits via a network of banks wherein depositor's bank retains a portion of the large bank deposit and the network distributes the remainder
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
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Oct 11, 2011
Grant Date -
Jul 7, 2011
app pub date -
Jul 23, 2010
filing date -
Jul 27, 2001
priority date (Note) -
In Force
status (Latency Note)
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Abstract
An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. For selected large deposits received at an unaffiliated bank, a first deposit portion that does not exceed the established deposit limit is retained at the unaffiliated bank that received the large deposit. An order is received from the unaffiliated bank that received the large deposit to process the remaining amount of the large deposit. The processor partitions each of the large deposits into a plurality of second deposit portions, each of which do not exceed the established deposit insurance limit. The processor then assigns at least some of the second deposit portions to at least some of the other unaffiliated banks for deposit therein.
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