Is a
Patent attributes
Patent Jurisdiction
Patent Number
Patent Inventor Names
Edward J. Wehmer0
Date of Patent
January 18, 2011
0Patent Application Number
104495560
Date Filed
May 30, 2003
0Patent Citations Received
Patent Primary Examiner
Patent abstract
The funds of a client of a brokerage, are automatically transferred into and retrieved from affiliated banks on an as-needed basis. Funds on deposit at banks are F.D.I.C. insured and earn interest. Multiple banks that are commonly owned and separately chartered and which receive brokerage account funds, enable the brokerage to multiply the F.D.I.C. insurance coverage for client funds. The aggregate amount of funds transferred into affiliated banks is limited to prevent runs on a bank. The funds of a client transferred into each bank is limited to multiply the amount of FDIC insurance that can be provided to each client of a brokerage.
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