Patents by Inventor Bruce Bent
Bruce Bent 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).
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Patent number: 8239321Abstract: A method, program product and system, the method comprising: accessing one or more databases comprising: aggregated deposit account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of depository institutions, obtaining transfer data; allocating one or more first amounts. The allocating comprising: selecting a sub-set of one or more aggregated deposit accounts held in one or more of the depository institutions to which to deposit/transfer or to withdraw/transfer funds, while avoiding withdrawing funds for a respective sub-period of time from each of one or more of other aggregated deposit accounts based at least in part on one or more criteria; and allocating a first amount(s) of funds to the aggregated deposit accounts based at least in part on the transfer data and the sub-set selected to receive a deposit/transfer of funds or from which to withdraw/transfer funds.Type: GrantFiled: July 12, 2011Date of Patent: August 7, 2012Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 8150766Abstract: A method, system and program product for operating an exchange method for municipal and/or state funds from banking institutions, comprising: (A) accessing, by one or more computers, one or more electronic databases holding data on client transaction accounts and funds in aggregated accounts and banking institutions holding Federal government securities; (B) obtaining transaction data for clients' deposits/transfers to and withdrawals/transfers from a plurality of said client transaction accounts; (C) generating instructions, to deposit/transfer funds to or withdraw/transfer funds from one or more of the aggregated accounts to satisfy the clients' deposits/transfers to and withdrawals/transfers from a plurality of said client transaction accounts; (D) 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; (E) selecting, at least another of the banking institutions holding government securities to receive at leastType: GrantFiled: December 19, 2006Date of Patent: April 3, 2012Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II, Arthur T. Bent, III
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Patent number: 8032456Abstract: A computer-implemented method, system and program product for managing funds for a plurality of broker dealers, the method comprising: maintaining or having maintained a separate account for each of a plurality of customers of a plurality of broker dealers; receiving by a self clearing broker dealer deposit sweep data; maintaining a plurality of FDIC-insured and interest-bearing aggregated accounts, with aggregated accounts held at a plurality of different program banks, with at least one of the aggregated accounts at one of the program banks holding funds of a plurality of broker dealers; accessing an aggregated account electronic database, containing information on funds of each of a plurality of the customers in the plurality of aggregated deposit accounts; accessing an accounting electronic database, containing information on one or more accounting parameters to be applied when performing accounting functions relating to funds of a plurality of the customers of a plurality of the broker dealers; plus addiType: GrantFiled: December 19, 2008Date of Patent: October 4, 2011Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 8019667Abstract: This invention provides system and methods for managing accounts of clients at customer financial entities so that deposits of up to $100,000 or greater are insured, so that interest income earned on a portion of all of the account balances may be flexibly allocated according to customer instructions, and so that withdrawals are not limited. These objects are satisfied by holding client funds at interest-earning money market deposit accounts at one or more banks of savings institutions. More particularly, this invention provides methods for receiving client transaction information, determining a net transfer of funds into or out of each client account from transaction information, causing transfer of funds from the insured, interest-bearing deposit accounts to match the net transfer of funds into or out of each client account, and allocating interest earned by the deposit accounts to clients according to customer instructions.Type: GrantFiled: January 7, 2010Date of Patent: September 13, 2011Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 8019668Abstract: A method, system and program product, the method comprising: accessing one or more databases comprising: aggregated deposit account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of deposit institutions, and client information; determining at least one aggregated deposit account to which to deposit/transfer or to withdraw/transfer funds based at least in part on one or more selection rules; obtaining transfer data; allocating funds to one or more of the aggregated deposit accounts based on the transfer data and on one or more allocation rules; allocating fund amounts of client accounts to substantially match the respective amounts allocated; generating and communicating data for one or more instructions to transfer funds based at least in part on one or more of the allocating steps; and updating the one or more databases.Type: GrantFiled: January 13, 2010Date of Patent: September 13, 2011Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7996308Abstract: A method and system for minimizing fund transfers to and/or from a plurality of government-backed, interest-bearing aggregated deposit accounts.Type: GrantFiled: July 2, 2010Date of Patent: August 9, 2011Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7933821Abstract: A method, system, and program product for managing funds for a plurality of client accounts at a first banking institution, the system comprising: one or more electronic databases, comprising: (i) client account information; (ii) aggregated transaction account information for a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banks in a program including the first banking institution; and (iii) subaccount information; and one or more computers configured for (a) accessing the electronic database and administering clients' deposits and withdrawals from the client accounts, comprising processing transaction data for more than six (6) withdrawals and/or transfers from each of at least two of the client accounts; (b) determining, whether the balance of funds for the respective client in the aggregated deposit account at the first bank equals or exceeds a specified amount, and if not, then designating the first bank to receive the deposit, and if it does, determininType: GrantFiled: April 10, 2009Date of Patent: April 26, 2011Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7809640Abstract: Providing interest to clients' deposited funds without the legal limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from a single deposit account in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of a single account, legal exemptions to the limitation on earning interest in demand accounts is facilitated.Type: GrantFiled: August 16, 2007Date of Patent: October 5, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7769688Abstract: Providing interest to clients' deposited funds without the legal limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from a single deposit account in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of a single account, legal exemptions to the limitation on earning interest in demand accounts is facilitated.Type: GrantFiled: August 16, 2007Date of Patent: August 3, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7752107Abstract: A method, program product and system for managing a group of aggregated accounts, each aggregated account held in a different one of a plurality of deposit institutions, each of the aggregated accounts associated with at least one financial entity and holding funds of a plurality of clients of the at least one financial entity, each of the clients having a client asset balance in a respective client account associated with the at least one financial entity, the method comprising: (1) allocating fund deposits to and fund withdrawals from the aggregated accounts, the step of allocating comprising: (a) calculating an aggregated transaction amount based on a total net transaction from among the plurality of the client accounts during a period of time; (b) selecting at least one aggregated account from among the group of aggregated accounts associated with the at least one of the financial entities in the different deposit institutions to which to deposit or to withdraw funds based, at least in part, on determininType: GrantFiled: March 21, 2007Date of Patent: July 6, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7752129Abstract: Providing interest to clients' deposited funds without limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from one or more deposit accounts in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of the deposit account(s), exemptions to the limitation on earning interest in demand accounts is facilitated; additionally, dispersing the deposit account funds among multiple banks allows the client to obtain FDIC insurance for all of the deposited funds, which may amount to insurance in excess of the statutory maximum allowed (presently $100,000.00).Type: GrantFiled: October 2, 2000Date of Patent: July 6, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7716131Abstract: Providing interest to clients' deposited funds without limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from one or more deposit accounts in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of the deposit account(s), exemptions to the limitation on earning interest in demand accounts is facilitated; additionally, dispersing the deposit account funds among multiple banks allows the client to obtain FDIC insurance for all of the deposited funds, which may amount to insurance in excess of the statutory maximum allowed (presently $100,000.00).Type: GrantFiled: October 31, 2007Date of Patent: May 11, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7680734Abstract: Providing interest to clients' deposited funds without the legal limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from a single deposit account in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of a single account, legal exemptions to the limitation on earning interest in demand accounts is facilitated.Type: GrantFiled: November 26, 2002Date of Patent: March 16, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7680716Abstract: A method, program product and system for interim allocation of excess funds in a control operating account in an intermediary bank prior to actual distribution to aggregated accounts, the method comprising: (a) monitoring the control operating account during an interim period prior to the distribution to determine for each of a plurality of the clients whether the funds held in the control operating account by that client exceeds a predetermined amount; (b) reallocating, for at least one of the clients that has been determined to have an amount of funds that exceed the predetermined amount in the control operating account, the amount of the funds listed in an electronic database for the one client in the control operating account by at least a second amount to reduce the funds held in the control operating account by the one client to at or below the predetermined amount; (c) allocating at least funds equal to or in excess of the second amount from the one or more destination aggregated accounts of the respecType: GrantFiled: June 25, 2007Date of Patent: March 16, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7672902Abstract: A method, program product and system for pre-funding interest in the process of managing a group of aggregated accounts, each aggregated account held in a different one of a plurality of deposit institutions, each of the aggregated accounts associated with at least one financial entity and holding funds of a plurality of clients of the at least one financial entity, each of the clients having a client asset balance in a respective client account associated with the at least one financial entity, the method comprising: (a) receiving or calculating a pre-funding amount for interest for one or more client accounts; (b) receiving access to or obtaining control over funds for the pre-funding amount; (c) receiving information about a termination of a given client account with funds held in the one or more aggregated accounts prior to an end of an interest period; (d) receiving or calculating an interest payment due to the client account for the client asset balance; and (e) transferring before the end of the intereType: GrantFiled: June 25, 2007Date of Patent: March 2, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7672886Abstract: Providing interest to clients' deposited funds without limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from one or more deposit accounts in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of the deposit account(s), exemptions to the limitation on earning interest in demand accounts is facilitated; additionally, dispersing the deposit account funds among multiple banks allows the client to obtain FDIC insurance for all of the deposited funds, which may amount to insurance in excess of the statutory maximum allowed (presently $100,000.00).Type: GrantFiled: June 10, 2005Date of Patent: March 2, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7672901Abstract: A method, program product and system for managing a group of aggregated accounts, each aggregated account held in a different one of a plurality of deposit institutions, each of the aggregated accounts associated with at least one financial entity and holding funds of a plurality of clients of the at least one financial entity, the method comprising: (a) conducting an allocation process to allocate net deposits of funds to and net withdrawals of funds from the aggregated accounts, the allocation process comprising: (1) determining for each request for a net withdrawal of funds from or a net deposit of funds to at least one of the aggregated accounts whether the request occurred after a cut-off time; (2) receiving or calculating for at least one request that occurred before the cutoff time a holdback amount from the net deposit to or net withdrawal from the one aggregated account relating to funds to be heldback that may be used in covering post cut-off time transactions; (3) holding back the holdback amount oType: GrantFiled: June 25, 2007Date of Patent: March 2, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7668772Abstract: This invention provides system and methods for managing accounts of clients at customer financial entities so that deposits of up to $100,000 or greater are insured, so that interest income earned on a portion of all of the account balances may be flexibly allocated according to customer instructions, and so that withdrawals are not limited. These objects are satisfied by holding client funds at interest-earning money market deposit accounts at one or more banks or savings institutions. More particularly, this invention provides methods for receiving client transaction information, determining a net transfer of funds into or out of each client account from transaction information, causing transfer of funds from the insured, interest-bearing deposit accounts to match the net transfer of funds into or out of each client account, and allocating interest earned by the deposit accounts to clients according to customer instructions.Type: GrantFiled: November 14, 2008Date of Patent: February 23, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: 7668771Abstract: A method, program product and system for managing a group of aggregated accounts, each aggregated account held in a different one of a plurality of deposit institutions, each of the aggregated accounts associated with at least one financial entity and holding funds of a plurality of clients of the at least one financial entity, each of the clients having a client asset balance in a respective client account associated with the at least one financial entity, the method comprising: (1) allocating fund deposits to and fund withdrawals from the aggregated accounts, the step of allocating comprising: (a) calculating an aggregated transaction amount based on a total net transaction from among the plurality of the client accounts during a period of time; (b) selecting at least one aggregated account from among the group of aggregated accounts in the different deposit institutions to which to deposit or to withdraw funds based, at least in part, so as to avoid withdrawing funds from or depositing funds to at least aType: GrantFiled: June 25, 2007Date of Patent: February 23, 2010Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II
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Patent number: RE43246Abstract: Providing interest to clients' deposited finds funds without the legal limitation on the number of demand withdrawals from deposit accounts is accomplished by an administration system that keeps all of the records for the clients' deposits and withdrawals, calculates the total of the deposits and withdrawals for all clients, and uses the calculation to determine whether funds are deposited to or withdrawn from a single deposit account in which all clients' deposit funds are kept. Clients can make unlimited withdrawals, such as by check, credit card, debit card, or electronic transfer, through the administrator. By placing the administrator as the holder of a single account, legal exemptions to the limitation on earning interest in demand accounts is effectively facilitated.Type: GrantFiled: April 14, 2004Date of Patent: March 13, 2012Assignee: Island Intellectual Property LLCInventors: Bruce Bent, Bruce Bent, II