Merrill, Lynch, Pierce, Fenner & Smith

Merrill Lynch, Co., Inc

Other

Thomas E Musmanno

Kelly Ur

Janine S Kenna

Patrick B Butler

Laura Carey

Robert Fong

Joseph A Marrone

Patrick K Kane

Stephen C Leftly

Carlos F Bilbao

A computer system for managing a plurality of accounts, each the accounts being separated into a master account and at least one subaccount associated therewith, and at least one of the subaccount being a medical saving account (MSA). Each subaccount incorporates a subset of features available for the master account, the features corresponding to the specific needs dictated by the purpose of the subaccount. The purpose of a subaccount, in addition to being an MSA, can include regular payments (e.g., mortgage and other loans), credit/debit card, retirement account, and the like.

Integrated nested account financial system with medical savings subaccount

A computer system for managing a plurality of accounts, each of the accounts being separated into a master account and at least one subaccount associated therewith, and at least one subaccount being a medical savings account (MSA). Each subaccount incorporates a subset of features available for the master account, the features corresponding to the specific needs dictated by the purpose of the subaccount. The purpose of a subaccount, in addition to being an MSA, can include regular payments (e.g., mortgage and other loans), credit/debit card, retirement account, and the like.

Integrated nested account financial system with medical savings

A central asset management system is provided having a central reference facility for coordination of all transaction processing. For each customer, a unique identifier (UID) is assigned as a stable, semi-permanent tag. The UID is then used for subsequent processing relating to that customer, even with multiple customer accounts, rather than individual transaction numbers for each process. Use of the UID is facilitated through a front end processor that handles all incoming external transaction data and converts it into a usable format, cross-referenced with the appropriate UID. Use of the UID reduces the overall variability and number of transaction identifiers, thus increasing efficiency and simplifying all aspects of the system. The system makes other simplifying uses of the UID, for example, as a key for segregating the transaction processes into different processing areas to be performed simultaneously. Once processed, transactions are converted back into the necessary formats usable by various external systems by a back end processor.

Securities brokerage-asset management system

Data processing for an improved securities brokerage/cash management system which supervises, implements and coordinates a composite account having a master account and one or more subaccount(s). The nested subaccounts incorporate a subset of features corresponding to the specific needs dictated by the purpose of the subaccount and thus streamline system operation for the recordkeeper.

Integrated system for controlling master account and nested subaccount(s)

Data processing for an improved securities brokerage-cash management system supervises, implements and coordinates a margin securities brokerage account; participation in one or more short term investments; and subscriber unilaterally initiated use of charge, debit or checking instruments. Subscriber expenditures, effected as by charge card use, check and/or cash advance are applied on a hierarchal basis, seriatim, against the subscriber's free credit balance, short term investment and the lendable equity in his securities account. On a periodic basis, e.g., daily, received card charges, check, securities and deposit transactions for the ensemble of account participants are verified and employed to compute an updated credit limit for each subscriber. In accordance with one aspect of the present invention, the short term investments available to subscribers include an ordered ensemble of insured savings accounts.

Securities brokerage-cash management system with short term investment

Data processing for an improved securities brokerage/cash management system supervises, implements and coordinates a margin securities brokerage account; a participation in one or more short term money market or comparable funds; and subscriber-initiated use of electronically responsive subscriber identity credit/debit media and/or checking systems. Subscriber expenditures, effected as by 'charge card' check and/or cash advance are applied on a hierarchal basis, seriatim, against the subscriber's free credit balance, short term investment and the lendable equity in his securities account. On a periodic basis, e.g., daily, received card charges, check, securities and deposit transactions for the ensemble of account participants are verified and employed to compute an updated credit limit for each subscriber. The short term investment position of each account is modified as necessary to permit money market or comparable earned yields on the account free credit cash balance. In accordance with one aspect of the present invention, daily funds demands for the totality of subscribers are satisfied by predicting and executing money funds sales requirements prior to completing individual account data processing before definitive per-account information becomes available. This substantially eliminates the time-interest cost of system float, i.e., money paid by the system proprietor to satisfy customer expenditures while subscriber accounts continue to earn unwarranted interest.

Securities brokerage-cash management system obviating float costs by

Data processing for an improved securities brokerage/cash management system supervises, implements and coordinates a margin securities brokerage account; participation in one or more short term money market or comparable funds; and subscriber-initiated use of electronically responsive subscriber identity credit/debit media and/or checking systems. Subscriber expenditures, effected as by 'charge card' use, check and/or cash advance are applied on a hierarchal basis, seriatim, against the subscriber's free credit balance, short term investment and the lendable equity in his securities account. On a periodic basis, e.g., daily, received card charges, check, securities and deposit transactions for the ensemble of account participants are verified and employed to compute an updated credit limit for each subscriber. The transactional data is reviewed against predetermined norms to detect abuses such as check kiting. The short term investment position of each account is modified as necessary to permit money market or comparable earned yields on the account free credit cash balance.

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Warren, NJ, United States of America

Thomas E Musmanno