Dismiss
InnovationQ will be updated on Sunday, Oct. 22, from 10am ET - noon. You may experience brief service interruptions during that time.
Browse Prior Art Database

Bank Account Funds Pooling System

IP.com Disclosure Number: IPCOM000243951D
Publication Date: 2015-Oct-30
Document File: 3 page(s) / 211K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is system that is integrated into the current banking system that allows a user to partition funds into multiple spending categories, thus facilitating budget monitoring.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 57% of the total text.

Page 01 of 3

Bank Account Funds Pooling System

Within online banking systems for the general consumer, the balance of a checking account is pooled into a single repository for the allocation of funds. Users cannot partition funds based on spending categories within the budget; therefore, the customer sometimes has difficulty monitoring a budget. A system and method is needed that allows online

banking customers to budget account (e.g., checking) funds and spending.

Current methods require the user to review the current bank statement (Figure 1) and manually calculate expenditures in each category (e.g., gas, groceries, restaurant, etc.). The user determines the appropriate budget by comparing expenditures to the overall income. This process is not automated nor is it done in real time.

Figure 1: Bank statement, current art

The novel contribution is a system that is integrated into the current banking system that allows a user to partition funds into multiple spending categories, thus facilitating budget monitoring. The system automatically recognizes and calculates real-time expenditures and reports spending under each corresponding category or partition.

The method is to add a new function to an existing online bank account that allows the user to create new fund partitions for each spending category (e.g., entertainment, fast food, gas, etc.). Users can specify a fixed or percentage amount of available funds to go into each partition at a user-specified time interval. The...