Method and apparatus for fully insuring large bank deposits

Details Method and apparatus for fully insuring large bank deposits Method and apparatus for fully insuring large bank deposits

2008-05-20

2008-05-20

Kramer, James A. (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

10347128

ABSTRACT:
An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.

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PCT International Search Report for PCT/US02/23518, mailed May 27, 2003, 5 pages.

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