Auditing and reconciling custodial accounts
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United States of America Patent
Stats
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May 29, 2012
Grant Date -
N/A
app pub date -
Dec 9, 2009
filing date -
Nov 3, 2006
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method, system and computer program product for auditing and reconciling custodial accounts. A tool is provided to allow a custodial agent to audit a custodial account at one or more depository institutions at which deposits are held by the custodial agent on behalf of one or more individuals and reconcile such accounts. According to one embodiment, the method includes comparing account balance data from a depository institution for a custodial account against account balance data from a second source for the custodial account, identifying discrepancies between the balance data from the depository institution and the balance data from the second source, identifying a prospective write-off in the amount of one or more of the discrepancies, and prompting the custodial agent to indicate whether the custodial agent accepts the prospective write-off. The prospective write-off may be offset against an account.
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