Claims
- 1. A method for managing a plurality of client demand accounts including the steps of:
(a) establishing an FDIC-insurable, pooled deposit account at a client's bank or savings institution; (b) transferring client funds from each of a plurality of client demand accounts to the pooled deposit account at the client's bank or savings institution, and (c) distributing all or a portion of the interest accrued from the pooled deposit account among a plurality of clients; wherein the client funds are retained by the bank or savings institution, and the client may implement up to an unlimited number of transactions per month.
- 2. The method of claim 1 wherein step (c) further includes the step of distributing the interest according to the relative proportions of each client's funds in the pooled deposit account.
- 3. The method of claim 1 wherein step (b) further includes the step of keeping track of deposits to, and withdrawals from, each of the client demand accounts, as well as each client's proportionate and/or monetary share in the pooled deposit account.
- 4. The method of claim 3 further including the step of, on a regular, periodic, or recurring basis, calculating a net transaction as the sum of individual client deposits and withdrawals from each of the plurality of client demand accounts.
- 5. The method of claim 4 further including the step of utilizing the net transaction calculation to determine an amount of funds that need to be deposited into the pooled deposit account to cover client deposits, or an amount of funds that needs to be withdrawn from the pooled deposit account to cover client withdrawals.
- 6. The method of claim 5 further including the step of performing individual account management calculations so as to determine whether to: (a) deposit funds from the pooled deposit accounts to any of a plurality of client demand accounts, and/or (b) withdraw funds from the pooled deposit account to any of the plurality of client demand accounts.
- 7. The method of claim 6 further including the step of updating a database for each client's deposit and withdrawal activities.
- 8. The method of claim 7 further including the step of accepting client funds for deposit from each of a plurality of clients and from each of a plurality of sources, without limitation as to the number of transfers, and with accrual of interest on the deposited funds.
- 9. The method of claim 7 further including the step of providing for the tendering of payments from each of the client demand accounts via any of a plurality of different financial instruments, without limitation as to the number of transfers, and with accrual of interest on the deposited funds.
- 10. The method of claim 7 further including the steps of: (a) accepting client funds for deposit from each of a plurality of clients and from each of a plurality of sources, and (b) providing for the tendering of payments from each of the client demand accounts via any of a plurality of different financial instruments,
wherein steps (a) and (b) are performed without limitation as to the number of transfers, and with accrual of interest on the deposited funds.
- 11. The method of claim 10 further including the steps of: (a) monitoring requested debits of funds from each of the client demand accounts, and (b) selectively authorizing or rejecting each of the requested debits based upon the account balance in a client demand account and/or a client's proportionate and/or monetary share in the pooled deposit account.
- 12. The method of claim 11 further including the step of debiting and crediting a plurality of deposit accounts at a plurality of banks and/or savings institutions on the client's behalf.
- 13. The method of claim 10 further including the step of, on a periodic, repeated, or regular basis, generating a client report that refers to all of the assets and transactions in each of a plurality of client demand accounts.
- 14. A method for managing a plurality of demand accounts for each of a plurality of clients whose funds are held at a banking institution in one or more deposit accounts, the method comprising the steps of:
(a) accepting client funds; and (b) the banking institution retaining client funds while, at the same time, providing the client with up to an unlimited number of transactions per month, and also providing the client with interest on account balances.
- 15. The method of claim 14 further comprising the steps of:
providing a database having client information for each account; administering clients' deposits to and withdrawals from each of their demand accounts; authorizing or rejecting the use of funds in a particular client's demand account for each demand payment requested from that client's account; determining the net transaction of the sum of the demand account deposits and withdrawals on a regular basis; using the determination of the net transaction to deposit funds to or withdraw funds from said one or more deposit accounts in which said client's funds are held to said clients' demand accounts; and updating the database for each clients' deposit and authorized demand payment.
- 16. The method of claim 15, further comprising the steps of:
determining whether each client's insured deposit account contains more than a specified amount; and distributing any amounts over said specified amount into another deposit account at a preselected banking institution.
- 17. The method of claim 16, wherein client's funds are deposited by at least one method selected from the group consisting of check, wire or electronic transfer, ACH, third party credits, and a sweep from one of the client's other accounts.
- 18. A system for managing a plurality of demand accounts for multiple clients whose funds are held at a banking institution in one or more deposit accounts, the system comprising:
a database having client information for each demand account; a device for administering clients' deposits to and withdrawals from their demand accounts; a device for authorizing or rejecting the use of funds in a particular client's demand account to be used for each demand payment requested to be paid drawn on funds from that client's demand account; a device for determining the net transaction of the sum of the demand account deposits and withdrawals on a regular periodic basis; a comparison device for determining from the net transaction whether to deposit funds to or withdraw funds from said one or more insured deposit accounts; a device for distributing interested earned on said deposit account among the clients; and a device for updating the database for each client's deposits and authorized demand payments, wherein the banking institution retains client funds while, at the same time, providing the client with up to an unlimited number of transactions per month and interest on their account balances.
- 19. The system of claim 18, wherein withdrawals are in the form of at least one type selected from the group consisting of drafts (checks), credit card, debit card, sweeps, electronic transfers, and combinations thereof.
- 20. The system of claim 19, wherein deposits are in the form of least one type selected from the group consisting of drafts (checks), sweeps, electronic transfers, and combinations thereof.
RELATED CASES
[0001] This is a Continuation-in-Part of patent application Ser. No. 09/176,340, filed on Oct. 21, 1998, and patent application Ser. No. 09/677,535, filed on Oct. 2, 2000, the disclosures of which are both incorporated by reference herein.
Continuation in Parts (2)
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Number |
Date |
Country |
Parent |
09176340 |
Oct 1998 |
US |
Child |
10071053 |
Feb 2002 |
US |
Parent |
09677535 |
Oct 2000 |
US |
Child |
10071053 |
Feb 2002 |
US |