Systems and methods for money fund banking with flexible interest allocation
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United States of America Patent
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Oct 22, 2013
Grant Date -
N/A
app pub date -
Aug 22, 2012
filing date -
Oct 21, 1998
priority date (Note) -
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Abstract
Method, system and program product, the method comprising: accessing databases, comprising: aggregated account information for FDIC-insured aggregated deposit accounts in banks in a program, client account information; receiving via the Internet fund transfer data for client accounts; allocating amounts to banks participating in the program to be held in aggregated deposit accounts based at least in part on the fund transfer data; determining an amount of funds to be transferred to or from banks based on the allocating step; determining for plurality of client accounts a respective interest rate from among at least three different interest rates; calculating for each client account determined to have first interest rate a respective interest for funds of the client account; calculating for each client account have second interest rate interest for the client account; determining for respective client accounts interest earned.
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