Automated method and article of manufacture for fully insuring large bank deposits via a network of banks with limits on amount of orders that a bank and/or customer can place with the network
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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Nov 1, 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 from a plurality of unaffiliated banks from their respective depositors. Orders are received at a processor from the plurality of banks to process large deposits. The processor automatically compares each order to a preset maximum order amount. Each of the large deposits for each order are partitioned using the processor into a plurality of deposit portions if the order does not exceed a preset maximum order amount. The partitioning is performed in a manner so that each deposit portion does not exceed the established deposit insurance limit. The processor assigns at least some of the deposit portions for each of the large deposits for each order to at least some banks that are unaffiliated with the bank that received the large deposit for deposit therein if the order does not exceed the preset maximum order amount.
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