Method, system and computer program product for managing funds in custodial deposit accounts
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United States of America Patent
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Apr 29, 2014
Grant Date -
N/A
app pub date -
Jul 27, 2012
filing date -
Apr 7, 2009
priority date (Note) -
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status (Latency Note)
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Abstract
A method, system and computer program product for managing aggregate funds held in a custodial deposit accounts by a custodial agent on behalf of a plurality of individuals. According to the present invention, the custodial deposit accounts comprises an omnibus transaction account (“Omnibus TA”) and a Omnibus money market deposit account (“Omnibus MMDA”). A corresponding individual transaction account (“Individual TA”) and individual money market deposit account (“Individual MMDA”) are kept on the books and records of the custodial agent for each individual, representing the amount of the individual's funds deposited in the Omnibus TA and Omnibus MMDA, respectively. According to the present invention, limitations on transfers from the Omnibus MMDA to the Omnibus TA and limitations on transfers from the corresponding Individual MMDAs to the Individual TAs are managed by daily allocation of the funds in the Individual TAs and Individual MMDAs.
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