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).

  • 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: 8386382
    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: June 21, 2012
    Date of Patent: February 26, 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
  • Patent number: 8380621
    Abstract: A method, system and program product, the method comprising: accessing in the performance of steps databases, comprising: aggregated deposit account information for a plurality of FDIC-insured and interest-bearing aggregated deposit accounts in first plurality of banks; client account information; accessing first client transaction data; determining total amounts of funds for a second plurality of banks; determining a set of client accounts having small balances; allocating funds of client accounts among the second plurality of the banks to match the respective total amounts set for the second plurality of banks, the allocating comprising allocating the small balance client accounts to force a distribution of respective of the client accounts; determining transfer information for funds from the one or more of the aggregated deposit accounts; receiving second transaction files; reallocating funds of client accounts among to match the respective total amounts set for the second plurality of the banks.
    Type: Grant
    Filed: February 4, 2008
    Date of Patent: February 19, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Arthur Bent
  • Patent number: 8370236
    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: November 23, 2010
    Date of Patent: February 5, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8359267
    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: September 29, 2011
    Date of Patent: January 22, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Arthur T. Bent, III
  • Patent number: 8355985
    Abstract: This invention includes methods for delivering account management services to multiple financial institutions that provide for customer deposit accounts without transaction but than nevertheless offer interest and receive enhanced deposit insurance. The methods apply at least one customer transaction to that customer's deposit account, and then re-allocate customer-deposited funds among the plurality of financial institutions in order that, for each customer, the risk of loss is not substantially increased, and that, for each financial institution, the amount of customer-deposited funds is not substantially decreased. Preferably, risk of loss is reduced by increasing the fraction of each customer's deposited funds covered by FDIC deposit insurance, and interest and enhanced insurance are available by innovative management of customer transactions and accounts. This invention also includes computer systems for practicing the methods and program products for accordingly configuring such computer systems.
    Type: Grant
    Filed: March 20, 2009
    Date of Patent: January 15, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8352342
    Abstract: A method, system and program product, the method accessing, one or more electronic databases, comprising: aggregated account information for one or more FDIC-insured and interest-bearing aggregated deposit accounts held in one or more deposit institutions, in a program; and client account information; determining or having determined or accessing a fee tier from among a plurality of fee tiers for the respective client account; allocating, funds of the client accounts to one or more of the aggregated deposit accounts based on one or more criteria, wherein some of the client accounts in a plurality of different fee tiers are allocated to the same aggregated deposit account; determining or having determined a total interest amount for the respective client account for a period, based, at least in part, on interest earned by the one or more amounts, Ani, of the respective client account held in each of the one or more aggregated deposit accounts holding funds of the respective client account; calculating or havin
    Type: Grant
    Filed: June 15, 2010
    Date of Patent: January 8, 2013
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, II, David Gareis
  • Patent number: 8311939
    Abstract: Method, system and program product, the method comprising: accessing databases, comprising: information for a plurality of FDIC-insured and interest-bearing aggregated deposit accounts held in a plurality of banks, and client account information; obtaining a deposit amount, Di; calculating a client first amount, FAi, comprising a first percentage X, multiplied by the deposit amount, Di, to be distributed approximately equally among a client Ni banks; calculating a client second amount, SAi, comprising a second percentage, Y, multiplied by the client amount, Di, to be distributed approximately equally among client Mi banks in the program; allocating a respective portion of the client first amount, FAi, to each of the respective client Ni banks in the program, and allocating a respective portion of the client second amount, SAi, to each of the respective client Mi banks in the program; generating data for transferring funds; and updating the electronic databases.
    Type: Grant
    Filed: June 4, 2010
    Date of Patent: November 13, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Rebecca Gareis Bent, David Edgar Gareis
  • Patent number: 8311916
    Abstract: A method, system, and program product, the method comprising: accessing one or more electronic databases, comprising: (i) aggregated transaction account information; and (ii) client account information; allocating client funds of respective client accounts among more than one of aggregated deposit accounts, so that at least a portion of these client funds are maintained in the aggregated deposit account in a first depository institution and at least a portion of the client funds are maintained in an aggregated deposit account held in a second depository institution in a different financial institution; 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 one or more instructions to transfer funds to or from one or more of the respective aggregated deposit accounts in the respective depository institutions
    Type: Grant
    Filed: March 21, 2011
    Date of Patent: November 13, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8290859
    Abstract: This invention includes methods for delivering account management services to multiple financial institutions that provide for customer deposit accounts without transaction but than nevertheless offer interest and receive enhanced deposit insurance. The methods apply at least one customer transaction to that customer's deposit account, and then re-allocate customer-deposited funds among the plurality of financial institutions in order that, for each customer, the risk of loss is not substantially increased, and that, for each financial institution, the amount of customer-deposited funds is not substantially decreased. Preferably, risk of loss is reduced by increasing the fraction of each customer's deposited funds covered by FDIC deposit insurance, and interest and enhanced insurance are available by innovative management of customer transactions and accounts. This invention also includes computer systems for practicing the methods and program products for accordingly configuring such computer systems.
    Type: Grant
    Filed: March 20, 2009
    Date of Patent: October 16, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8290860
    Abstract: This invention includes methods for delivering account management services to multiple financial institutions that provide for customer deposit accounts without transaction but than nevertheless offer interest and receive enhanced deposit insurance. The methods apply at least one customer transaction to that customer's deposit account, and then re-allocate customer-deposited funds among the plurality of financial institutions in order that, for each customer, the risk of loss is not substantially increased, and that, for each financial institution, the amount of customer-deposited funds is not substantially decreased. Preferably, risk of loss is reduced by increasing the fraction of each customer's deposited funds covered by FDIC deposit insurance, and interest and enhanced insurance are available by innovative management of customer transactions and accounts. This invention also includes computer systems for practicing the methods and program products for accordingly configuring such computer systems.
    Type: Grant
    Filed: March 20, 2009
    Date of Patent: October 16, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8290861
    Abstract: A system, method and program product for managing funds, comprising: databases comprising: aggregated transaction account information for plurality of FDIC-insured and interest-bearing aggregated deposit accounts, and client transaction account information; first computation engine for computing respective excess amount by which a balance of funds from that client transaction account exceeds specified amount; first allocation engine allocating respective excess amounts to one or more aggregated deposit accounts in one or more other financial institutions; second computation engine for determining first amount comprising a sum of a plurality excess amounts to one or more aggregated deposit accounts; second allocation engine for allocating to the one financial institution second amount based on a difference between a sum of funds deposited in the one or more aggregated deposit accounts and sum of current balances from the primary client transaction accounts associated with the one financial institution; update
    Type: Grant
    Filed: May 8, 2009
    Date of Patent: October 16, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8260697
    Abstract: 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: Grant
    Filed: July 12, 2011
    Date of Patent: September 4, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8260705
    Abstract: A method, system and program product, the method comprising: obtaining a plurality of net credit/debit amounts during a month period; generating data for depositing/transferring funds to or withdrawing/transferring funds from at least one of one or more aggregated deposit accounts multiple times in a month period, the data generating step comprising generating data for instructions for making a withdrawal/transfer from funds held at one of the one or more depository institutions more than six (6) times during the month period, comprising presenting instructions to the respective one depository institution using one or more of the methods: in person, or by mail, or, by messenger, or by telephone and distributed by mail, or by automated teller machine, or a combination thereof for substantially all of the withdrawals/transfers except for a set of at least one but not more than six withdrawals within the month period.
    Type: Grant
    Filed: December 21, 2010
    Date of Patent: September 4, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, David Edgar Gareis, Thomas J. O'Donnell
  • Patent number: 8239321
    Abstract: 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: Grant
    Filed: July 12, 2011
    Date of Patent: August 7, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: 8150766
    Abstract: 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 least
    Type: Grant
    Filed: December 19, 2006
    Date of Patent: April 3, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II, Arthur T. Bent, III
  • Patent number: 8032456
    Abstract: 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 addi
    Type: Grant
    Filed: December 19, 2008
    Date of Patent: October 4, 2011
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II
  • Patent number: RE43246
    Abstract: 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: Grant
    Filed: April 14, 2004
    Date of Patent: March 13, 2012
    Assignee: Island Intellectual Property LLC
    Inventors: Bruce Bent, Bruce Bent, II