Method and system for specialized financial management
OwnerMelvin Takatainventor
Life of this patent
Estimating the term…
Abstract
System and method for augmenting standard financial services products (e.g., bank accounts) for specialized needs such as for children. This involves augmenting existing types of financial services accounts and adding new types of accounts not now offered by financial institutions such as banks. For instance in the present system, a parent can allow a child to access his actual bank account via the parent's actual bank account to support transactions between the parent and child such as paying an allowance, cash withdrawals and deposits, and paying additional interest on the child's account.
Claims40
A method of financial management, wherein a customer has an account at a financial institution and a third party has an account at the financial institution, the method comprising the acts of:
- establishing a relationship between the third party account and the customer account;
- performing a plurality of transactions between the third party account and the customer account at instigation of either of the customer or third party;
- and
- reporting the plurality of transactions to the customer, whereby the reporting to the customer is of a transaction differing from the actual transaction.
The set of software instructions of claim 21, suitable to be carried out by one of a personal computer as an application program or by a server.
A financial management system, where a customer has an account at a financial institution and a third party has an account at the financial institution, the system comprising:
- a third party module that accesses the third party account;
- a customer module that accesses the customer account;
- a financial institution module for access by the financial institution;
- and
- an accounts subsystem that operatively connects the third party module and customer module thereby permitting transactions between the third party account and the customer account, whereby reports of the transactions to the customer may be of a transaction differing from the actual transaction.
Dependencies are inferred from the claim text.