An extended coverage monetary regulation system for automatically distributing customer deposits to multiple financial institutions so as to obtain F.D.I.C. or F.S.L.I.C. coverage for the full amount of the deposits regardless of the amount. The system of the present invention enables depositors to deal with a single financial institution regardless of the amount of funds deposited and still obtain federal insurance for their funds. Further, the invention provides immediate access to these funds and unlimited withdrawals. A central transaction control center monitors deposits and assigns them, in co-mingled form, to institutions not excluded by the terms of the agreement between the depositor and the control center. The depository institutions receive the funds in co-mingled form and handle them in lump sum. Because the control center maintains accurate records of the identity and the amounts of funds distributed to selected insured depositories, the depositors funds can be divided among depositories so as to obtain full insurance coverage. Further, the depositories have no need to know, and are unware of, the identity of the individual depositors. When one less than the maximum number of withdrawals have been made from any selected depository during a month's time, the central transaction control center withdraws the entire sum and distributes it through other selected insured depositories that have the capacity for more than one withdrawal during the remainder of the month.
The method and system for electronically processing transactional data and monitoring annuity funds includes identifying and storing annuity fund data, customer data, annuity beneficiary data, and banking institution data. Banking institutions which hold non-annuity funds for a particular annuity beneficiary are classified as non-available banking institutions for that beneficiary. The system sums all annuity funds identified with a single annuity beneficiary and designated for certificates of deposits issued by one of the banking institutions that is not classified as a non-available banking institution. If the sum exceeds the predetermined fund limit, that identified banking institution is classified as a non-available banking institution for that particular annuity beneficiary. The system then commands the transfer of all additional annuity funds identified with that single annuity beneficiary to another banking institution that is an available institution. In a preferred embodiment, the system generates various reports showing available banking institutions for each annuity beneficiary, non-available banking institutions for each annuity beneficiary, and the sum of all annuity funds for each respective annuity beneficiary that are provided by a corresponding customer. The method and system also stores and processes information regarding purchased certificates of deposit (CDs) and the due dates of those CDs such that when a particular CD becomes due and the principal is returned to the annuity company, the system declassifies the issuing banking institution from non-available to available for a particular annuity beneficiary or group of beneficiaries.
The method and computer-based system for electronically processing transactional data and monitoring annuity or life insurance funds includes identifying and storing fund data, customer data, beneficiary data, and banking institution data. In one embodiment, banking institutions which hold non-annuity or non-life insurance funds for a particular beneficiary over a pre-determined initial amount are monitored. The system sums all funds, whether qualified or unqualified or annuity or life insurance funds, identified with a single beneficiary and held by the banking institutions. If the sum exceeds the predetermined fund limit, the system either commands the transfer of all additional or excess funds identified with that single beneficiary to another banking institution or transfers the excess funds into an account established for another annuity beneficiary which is a pre-approved beneficiary from a group initially identified by the customer. In a further embodiment, the system generates various reports showing banking institutions for each beneficiary, banking institutions for each beneficiary in the subset of approved beneficiaries, and the sum of all funds for each respective beneficiary. There are generally three methods employed by one or more aspects of the present system which ensure that the beneficiary's invested funds are protected with depositor's insurance. The system may continually monitor the qualified, unqualified and non-annuity or life insurance funds (e.g. daily or at least every two weeks), may periodically monitor these funds (e.g. quarterly) or may not directly and electronically monitor the funds (i.e. shift the reporting requirement and monitoring function to the customer or beneficiary).
This invention relates to a data processing system and computer-based data processing method for managing an investment account structure. According to some of the preferred embodiments, the account structure is made up of one or more annuity contracts or life insurance contracts, each of the contracts being owned by one or more individual subscribers. Premiums are paid for the contracts being invested in one or more depository accounts, insured by deposit insurance, at one or more financial institutions. According to another preferred embodiment, annuity contracts are structured in one or more irrevocable trusts, with each subscriber's principal and/or income placed in a trust corpus of one of the irrevocable trusts. Each subscriber has a primary beneficiary (usually the subscriber) and a secondary beneficiary. When a subscriber dies, the trust income is distributed to the remaining primary beneficiaries. When the last subscriber dies, the entire trust is distributed proportionally to the secondary beneficiaries.
A system and method for isolating and automating the transfer of tax withholdings to the appropriate tax withholding accounts. A check is provided which on its face indicates the withholding accounts and amounts withheld for each withholding account. The Payroll Trust Check (PTC) is unique in that it clears the banking system with multiple payees. Other than the employee portion (net amount), these payee amounts are accumulated in trust accounts and forwarded to the U.S. Treasury and/or other collection agencies on a daily basis. A sequence of bar codes are also printed on the check to identify the particular withholding accounts. When the check is presented for processing, the information on the front of the check is micro-coded, as is normally the case. The additional information related to the withholding accounts and amounts are also micro-coded. The check is optically scanned to read the micro-coded data and the bar code data. On the basis of the bar code data, which includes the employer's account number, a processing computer determines the actual destination to which the withholding amounts are to be electronically transferred into the proper withholding account.
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.
