Patents by Inventor Bruce Bent, II

Bruce Bent, II has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Patent number: 9607335
    Abstract: A method, system, and program product, the method comprising: (1) aggregated account information FDIC aggregated deposit accounts held in a plurality of banks; (2) client account information: (1) obtaining a client available deposit amount, Di; (2) determining, a bank number tier, Ti, for the client account, from among a plurality of tiers based, at least in part, on a level of funds associated with the respective client or relative to tier ranges, wherein each tier has a number of banks associated therewith or a function for computing the number of banks associated therewith; (3) allocating the client available deposit amount, Di, across a number of banks, NT, equal to the number associated electronically with the tier, Ti; and generating data to transfer funds to or from one or more of the banks.
    Type: Grant
    Filed: August 19, 2016
    Date of Patent: March 28, 2017
    Assignee: ISLAND INTELLECTUAL PROPERTY, LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 9430798
    Abstract: A method, system, and program product, the method comprising: (1) aggregated account information FDIC aggregated deposit accounts held in a plurality of banks; (2) client account information: (1) obtaining a client available deposit amount, Di; (2) determining, a bank number tier, Ti, for the client account, from among a plurality of tiers based, at least in part, on a level of funds associated with the respective client or relative to tier ranges, wherein each tier has a number of banks associated therewith or a function for computing the number of banks associated therewith; (3) allocating the client available deposit amount, Di, across a number of banks, NT, equal to the number associated electronically with the tier, Ti; and generating data to transfer funds to or from one or more of the banks.
    Type: Grant
    Filed: March 13, 2013
    Date of Patent: August 30, 2016
    Assignee: ISLAND INTELLECTUAL PROPERY LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8781931
    Abstract: A computer system, computer-implemented method, and program product for managing a plurality of client transaction accounts associated with a plurality of respective clients for a plurality of transactions, the system comprising: one or more configured to perform the steps: administering clients' deposits/transfers to and withdrawals/transfers from client transaction accounts; performing the following steps for each client transaction account, i, of a plurality of client transaction accounts: determining a client available deposit amount, Di, comprising funds to be distributed over Ni respective banks in the program; determining, for Di, a value of Ni banks for the respective client transaction account, wherein Ni is a whole number and (X) times (Ni) is equal to or less than 100, where X is a distribution percent value to be distributed to each of the Ni banks; allocating, the percentage, X, multiplied by the respective client available deposit amount, Di, calculating, for each bank of a plurality of the bank
    Type: Grant
    Filed: December 15, 2009
    Date of Patent: July 15, 2014
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8719157
    Abstract: A method, system and program product for operating an exchange method for municipal and/or state funds from banking institutions, comprising: accessing, one or more electronic databases holding data on client transaction accounts and funds in aggregated accounts and banking institutions holding Federal government securities; obtaining transaction data; generating instructions to deposit/transfer funds to or withdraw/transfer funds; receiving data for a first deposit from a first one of the banking institutions, where the first deposit comprises municipal funds and/or state funds; selecting, at least another of the banking institutions holding government securities to receive at least a portion of the first deposit of municipal funds and/or state funds; selecting, a plurality of client transaction accounts from one or more of the other banking institutions for the transfer of funds to the first banking institution; generating instructions to deposit/transfer funds.
    Type: Grant
    Filed: December 14, 2012
    Date of Patent: May 6, 2014
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Arthur T. Bent, III
  • Patent number: 8719062
    Abstract: A method, system and program product, the method in one embodiment comprising: A method, comprising: accessing databases comprising: client information for each of a plurality of respective clients, comprising a balance of funds of the client; a distribution percent value, Xi, for tranches; information for each of multiple government backed-insured aggregated time deposit instruments holding a tranche of client funds, comprising: a rate; an identification of the depository institution; a term; and determining a given client available distribution amount, Di; determining an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, in order that the client tranches are approximately equal and are insured; determining Ni depository institutions to distribute the client tranches; allocating substantially equally respective client tranches to the Ni depository institutions; generating data for instructions to transfer the respective client tranch
    Type: Grant
    Filed: March 15, 2013
    Date of Patent: May 6, 2014
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8712911
    Abstract: A method, system and program product for operating an exchange method for municipal and/or state funds from banking institutions, comprising: accessing, one or more electronic databases holding data on client transaction accounts and funds in aggregated accounts and banking institutions holding Federal government securities; obtaining transaction data; generating instructions to deposit/transfer funds to or withdraw/transfer funds; receiving data for a first deposit from a first one of the banking institutions, where the first deposit comprises municipal funds and/or state funds; selecting, at least another of the banking institutions holding government securities to receive at least a portion of the first deposit of municipal funds and/or state funds; selecting, a plurality of client transaction accounts from one or more of the other banking institutions for the transfer of funds to the first banking institution; generating instructions to deposit/transfer funds.
    Type: Grant
    Filed: March 15, 2013
    Date of Patent: April 29, 2014
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Arthur T. Bent, III
  • Patent number: 8688577
    Abstract: Method, system and program product, the system comprising: computer programmed for accessing databases comprising: aggregated deposit account information for plurality of FDIC-insured aggregated deposit accounts held in plurality of depository institutions; and client account information; obtaining fund transfer instructions; allocating fund amounts for other depository institutions; generating data for depositing funds to or withdrawing funds from at least one aggregated deposit account multiple times in a month period, comprising generating data for instructions for making a withdrawal from one depository institution more than six times during the month period, using methods: in person, by mail, messenger, telephone, automated teller machine, for withdrawals except for a set of at least 1-6 withdrawals within last six business days of the month period, and presenting instructions to depository institution using method that counts against a 6 withdrawal limit for this set of the withdrawals during the last s
    Type: Grant
    Filed: July 31, 2012
    Date of Patent: April 1, 2014
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, David Edgar Gareis, Thomas J. O'Donnell
  • Patent number: 8626649
    Abstract: A method, system and program product implemented at least in part by computer for facilitating provision of loans to a plurality of participants of one or more benefit plan accounts associated with one or more record keepers, each participant having participant assets in one or more of the benefit plan accounts, each of the benefit plan accounts comprising a plurality of investment vehicles, each of the one or more record keepers providing record keeping services for at least one of the benefit plan accounts, the method comprising: administering a first plurality of loan fund accounts; maintaining an association of each different one of the first plurality of loan fund accounts with a different investment vehicle that is part of the respective one or more benefit plan accounts; receiving a selection from a selecting entity of one or more of the loan fund accounts from among the first plurality of loan fund accounts; investing or having invested or maintaining loan fund assets comprising participant assets ass
    Type: Grant
    Filed: October 30, 2007
    Date of Patent: January 7, 2014
    Assignee: Access Control Advantage, Inc.
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8612324
    Abstract: A method, system, and program product, the method comprising: allocating client funds of respective client accounts among aggregated deposit accounts, determining client funds to be withdrawn from the aggregated deposit account held at one of the depository institutions more than six (6) times during a month while preserving an insured and interest-bearing status of the aggregated deposit account; generating instructions to transfer funds to or from one or more of the respective aggregated deposit accounts in the program through an aggregated demand deposit and making a withdrawal and/or transfer from the one aggregated deposit account more than six (6) times during the month period; and updating databases.
    Type: Grant
    Filed: October 15, 2012
    Date of Patent: December 17, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8606676
    Abstract: A method, program product and system, the comprising: one or more computers, configured for accessing databases comprising: aggregated deposit account information for a plurality of FDIC-insured interest-bearing aggregated deposit accounts held in depository institutions participating in program, and client account information; obtaining via an internet interface transfer data; allocating first amount to and/or from one depository institution, comprising: selecting sub-set of aggregated deposit accounts to deposit or to withdraw funds, while avoiding withdrawing funds for a respective sub-period one or more of other aggregated deposit accounts based on criteria; allocating funds to an aggregated deposit account held in one or more other depository institutions; allocating second fund amount from client accounts among the aggregated deposit accounts to substantially match the first amount; generating data for instructions to transfer funds to or from the sub-set of depository institutions.
    Type: Grant
    Filed: March 15, 2013
    Date of Patent: December 10, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8583545
    Abstract: A method, system and program product, the method comprising: accessing, electronic databases, comprising: (i) aggregated account information for a plurality of government backed-insured and interest-bearing aggregated deposit accounts held in a plurality of program institutions; and (ii) source institution deposit information; obtaining transfer data, by a source institution; obtaining time dimension interest rate data, wherein the time dimension interest rate varies depending on how long the deposit has been held in one or more other of the recipient institutions participating in the program; allocating the deposit funds to one or more other of the recipient institutions; generating data for instructions to deposit/transfer funds and/or to withdraw/transfer funds; calculating a respective interest amount for funds of the respective source institutions, based on time dimension interest rate for the period of time; and generating data for allocating interest.
    Type: Grant
    Filed: September 20, 2011
    Date of Patent: November 12, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, David Edgar Gareis
  • Patent number: 8571984
    Abstract: Method, system and program product, the method , comprising: generating by first banking institution file comprising transaction information for funds of client transaction accounts to be transferred to or from aggregated accounts in other banking institutions in an interchange program comprising plurality of FDIC-insured and interest-bearing aggregated deposit accounts; determining/receiving a total amount of funds to be held in first banking institution in its aggregated deposit account; generating transaction information for funds to be transferred to or from the aggregated accounts in other banking institutions; determining difference between an amount comprising total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions and total of funds held in the aggregated deposit account in the first banking institution; determining transfer information to deposit or to withdraw funds, based at least in part on the d
    Type: Grant
    Filed: March 13, 2013
    Date of Patent: October 29, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8571960
    Abstract: A method, program product and system, the comprising: one or more computers, configured for accessing databases comprising: aggregated deposit account information for a plurality of FDIC-insured interest-bearing aggregated deposit accounts held in depository institutions participating in program, and client account information; obtaining via an internet interface transfer data; allocating first amount to and/or from one depository institution, comprising: selecting sub-set of aggregated deposit accounts to deposit or to withdraw funds, while avoiding withdrawing funds for a respective sub-period one or more of other aggregated deposit accounts based on criteria; allocating funds to an aggregated deposit account held in one or more other depository institutions; allocating second fund amount from client accounts among the aggregated deposit accounts to substantially match the first amount; generating data for instructions to transfer funds to or from the sub-set of depository institutions.
    Type: Grant
    Filed: February 5, 2013
    Date of Patent: October 29, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8566201
    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.
    Type: Grant
    Filed: August 22, 2012
    Date of Patent: October 22, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8566200
    Abstract: Method, system and program product, the method comprising: accessing databases comprising: aggregated account information FDIC-insured and interest-bearing aggregated deposit accounts held in banks in a program, wherein funds from a first plurality client accounts are associated with broker dealers, and client account information, obtaining fund transfer data for broker-dealer client accounts; allocating amounts to banks in the program; determining funds to be transferred to or from the banks based on the allocating step; updating databases; determining a respective interest rate from among at least three different interest rates based at least in part on criteria so that funds of some client accounts held in a respective one of the aggregated deposit accounts earns interest at a different interest rate from the funds of other client accounts held in the respective one aggregated deposit account; calculating for client accounts respective interest amounts.
    Type: Grant
    Filed: August 22, 2012
    Date of Patent: October 22, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8560442
    Abstract: A method, system and program product, the method comprising: accessing databases comprising: aggregated accounts held at a first banking institution participating in an interchange program, the interchange program comprising a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions; and client account information obtaining transfer data for client accounts; receiving aggregated account transfer information for aggregated deposit accounts held in the first banking institution, based at least in part on a difference between the amount comprising a total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions participating in the interchange program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution; receiving a transfer of funds; updating the databases.
    Type: Grant
    Filed: May 8, 2009
    Date of Patent: October 15, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8521569
    Abstract: A method, system and program product, the method in one embodiment comprising: A method, comprising: accessing databases comprising: client information for each of a plurality of respective clients, comprising a balance of funds of the client; a distribution percent value, Xi, for tranches; information for each of multiple government backed-insured aggregated time deposit instruments holding a tranche of client funds, comprising: a rate; an identification of the depository institution; a term; and determining a given client available distribution amount, Di; determining an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, in order that the client tranches are approximately equal and are insured; determining Ni depository institutions to distribute the client tranches; allocating substantially equally respective client tranches to the Ni depository institutions; generating data for instructions to transfer the respective client tranch
    Type: Grant
    Filed: January 7, 2013
    Date of Patent: August 27, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8498933
    Abstract: A method, system and program product, the system computers configured to perform the steps: accessing databases comprising: aggregated accounts held at a first banking institution participating in an interchange program, the interchange program comprising a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions; and client account information obtaining transfer data for client accounts; receiving aggregated account transfer information for aggregated deposit accounts held in the first banking institution, based at least in part on a difference between the amount comprising a total of funds from the client transaction accounts of the first banking institution held in the aggregated deposit accounts in the other banking institutions participating in the interchange program and the total of funds held in the one or more aggregated deposit accounts held in the first banking institution; receiving a transfer of funds; updating the databases.
    Type: Grant
    Filed: May 8, 2009
    Date of Patent: July 30, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8401962
    Abstract: A deposit interchange system, method and program product for managing deposits and withdrawals among a plurality of financial institutions participating in a program, the system comprising: electronic databases, storing aggregated transaction account information; and client transaction account information for the respective client transaction accounts; computers with instructions: (a) receiving respective excess amount data, (b) allocating excess amounts between the financial institutions, comprising: (1) determining a respective primary client transaction account sum for the financial institutions; (2) comparing the primary client transaction account sum for the respective financial institution to fund balance in aggregated accounts of the financial institution to determine a surplus or a deficit for the financial institution; (3) allocating funds among the aggregated accounts in financial institutions to bring the balance of funds in the aggregated accounts in the financial institution into substantial equa
    Type: Grant
    Filed: May 8, 2009
    Date of Patent: March 19, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8386383
    Abstract: A method, system and program product for managing a plurality of individual client deposits for multiple clients, the method comprising: accessing, an electronic database, comprising: aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions, and client information for each of a plurality of the respective clients, i, comprising (i) a total of a respective client's funds deposited across a plurality of the FDIC-insured interest-bearing aggregated accounts held in a plurality of the banking institutions; and (ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions; maintaining funds for said individual clients in a plurality of the FDIC-insured, interest-bearing aggregated deposit accounts at a plurality of banking institutions, wherein each of the banking institutions has at least one of the aggregated deposit a
    Type: Grant
    Filed: November 20, 2009
    Date of Patent: February 26, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II