Systems and methods for administering return sweep accounts
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United States of America Patent
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Nov 13, 2012
Grant Date -
N/A
app pub date -
Mar 21, 2011
filing date -
Oct 21, 1998
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A method, system, and program product, the method comprising: accessing one or more electronic databases, comprising: (i) aggregated transaction account information; and (ii) client account information; allocating client funds of respective client accounts among more than one of aggregated deposit accounts, so that at least a portion of these client funds are maintained in the aggregated deposit account in a first depository institution and at least a portion of the client funds are maintained in an aggregated deposit account held in a second depository institution in a different financial institution; determining client funds to be withdrawn from the aggregated deposit account held at one of the depository institutions more than six (6) times during a month while preserving an insured and interest-bearing status of the aggregated deposit account; generating one or more instructions to transfer funds to or from one or more of the respective aggregated deposit accounts in the respective depository institutions in the program through an aggregated demand deposit and making a withdrawal and/or transfer from the one aggregated deposit account more than six (6) times during the month period; and updating the one or more electronic databases.
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