Updated List of Services Provided by DollaBank LLC.

[uncannierlink 225]

A while ago a made a post detailing some general rules for how I plan to run Dollabank. The purpose of this post is to go into greater detail and revise the list of services DollaBank LLC. will provide.

 

Business Model

The business model of DollaBank LLC. is simply to provide a method for currency to circulate in the economy, while also simultaneously making a profit. We will do this in almost the exact same way all other banks do. We will have clients who choose to open an account. These accounts will earn interest passively. In exchange, we will loan out the money in these accounts to people wanting to buy houses, cars, and of course, start businesses. To ensure that you will always be able to withdraw your money, whenever you please, we take the precaution to ensure that 10% of our net account transactions are in storage at all times. Now enough of how this business works,  Onto how you can essentially make money for free!

 

Account Storage

 

Savings accounts

• 2% Weekly interest rate (that is, you gain 2% of the money stored in this account Per Week!)
• $1000 minimum balance ($20 fee per day you are below this number)
• $100 Account cancellation fee (this only happens if you withdraw your entire savings)
• Limit to 4 transactions every 24 hours ($5 per extra transaction)

 

While this may seem like a lot of fees, they are actually there to protect your money. We have these rules because DollaBank, above all else, will be responsible with your savings. If you have a problem with these rules, you can always open a 

 

Checking accounts

• 0.2% Weekly interest rate
• $0 Minimum balance
• $0 Account Cancellation fee
• No Limit on transactions

 

As one can see, checking accounts are for storing money you want to spend, while savings accounts are for money you want to save.

 

Loans

At DollaBank LLC. We believe in the rights of individuality. As such, we do not offer blanket interest rates. We will use a simplified credit score formula (found below) assigned to our clients in order to assess the risk associated with them, and assign risk based off of this. Of course, we reserve the right to deny someone a loan, if we find this risk to be too much.

 

 % of Money paid back on time * net worth - amount of money owed * number of weeks payments were made late.

 

For example: I payed back 80% of all the money I borrowed on time, my net worth is 250k I owe 30k to the bank and I have previously paid back 2 loans 1 week late each. So plugging these numbers in

 

0.8 * 250,000 - 30,000 * 2 = 140k

 

My credit score in this case is 140k. Factoring in income, let's assume my job pays me 30k a week, Dollabank would feel safe offering me a loan of $200,000 to be payed back in 18 months at 7% interest compounding daily. Of course this money would be paid back over time, not all at once. Another thing to keep in mind when applying for a loan is that loan officers are highly trained in risk assessment and are free to form their own subjective opinion on the risk, and these numbers are just meant to guide them.

 

Also because people keep asking, banks cannot be robbed in Identity.

 

If you have any question feel free to ask below.

Edited April 16, 2017 by uncannierlink

[LoneWolf1557 12]

Out of RP: considering this is a game how are you going to enforce those loans?

[JaydenIV 6]

On 2/1/2017 at 11:54 AM, uncannierlink said:

A while ago a made a post detailing some general rules for how I plan to run Dollabank. The purpose of this post is to go into greater detail and revise the list of services DollaBank LLC. will provide.

 

Business Model

The business model of DollaBank LLC. is simply to provide a method for currency to circulate in the economy, while also simultaneously making a profit. We will do this in almost the exact same way all other banks do. We will have clients who choose to open an account. These accounts will earn interest passively. In exchange, we will loan out the money in these accounts to people wanting to buy houses, cars, and of course, start businesses. To ensure that you will always be able to withdraw your money, whenever you please, we take the precaution to ensure that 10% of our net account transactions are in storage at all times. Now enough of how this business works,  Onto how you can essentially make money for free!

 

Account Storage

 

Savings accounts

• 2% Weekly interest rate (that is, you gain 2% of the money stored in this account Per Week!)
• $1000 minimum balance ($20 fee per day you are below this number)
• $100 Account cancellation fee (this only happens if you withdraw your entire savings)
• Limit to 4 transactions every 24 hours ($5 per extra transaction)

 

While this may seem like a lot of fees, they are actually there to protect your money. We have these rules because DollaBank, above all else, will be responsible with your savings. If you have a problem with these rules, you can always open a 

 

Checking accounts

• 0.2% Weekly interest rate
• $0 Minimum balance
• $0 Account Cancellation fee
• No Limit on transactions

 

As one can see, checking accounts are for storing money you want to spend, while savings accounts are for money you want to save.

 

Loans

At DollaBank LLC. We believe in the rights of individuality. As such, we do not offer blanket interest rates. We will use a simplified credit score formula (found below) assigned to our clients in order to assess the risk associated with them, and assign risk based off of this. Of course, we reserve the right to deny someone a loan, if we find this risk to be too much.

 

 % of Money paid back on time * net worth - amount of money owed * number of weeks payments were made late.

 

For example: I payed back 80% of all the money I borrowed on time, my net worth is 250k I owe 30k to the bank and I have previously paid back 2 loans 1 week late each. So plugging these numbers in

 

0.8 * 250,000 - 30,000 * 2 = 140k

 

My credit score in this case is 140k. Factoring in income, let's assume my job pays me 30k a week, Dollabank would feel safe offering me a loan of $200,000 to be payed back in 18 months at 7% interest compounding daily. Of course this money would be paid back over time, not all at once. Another thing to keep in mind when applying for a loan is that loan officers are highly trained in risk assessment and are free to form their own subjective opinion on the risk, and these numbers are just meant to guide them.

 

 

 

If you have any question feel free to ask below.

Interested!  Pm me.

Edited March 23, 2017 by JaydenIV

[uncannierlink 225]

On 3/16/2017 at 6:59 PM, LoneWolf1557 said:

Out of RP: considering this is a game how are you going to enforce those loans?

If people refuse to pay, I would either have to either have the police ticket them with the payments they owe or have to contact their employer and extract it from their paycheck (with a court order of course)

[matteo023 2]

or get Bounty hunters  they arrest them and you do the rest

[uncannierlink 225]

I'd hope to avoid the use of vigilante justice.

[callsign 4]

The majority of businesses are banks I see in this game. This also is ridiculous as there isn't an FDIC insurance fallback. With a vast majority of people playing criminals or that will have a criminal tendency (ie. bankers siphoning funds) the ability to protect money is limited. Unless the game designers have some sort of insurance against loss this banking institute is a mute point in this game.

Unless these factors come into play:

Death is permanent

Jail is based on court rulings (ie real life 1 year, 6 month, 3 months of game time)

 

Otherwise, this game will just be about making drugs, selling drugs, hookers, murder and everything else second life is now.

Edited March 30, 2017 by callsign

[DaHzxrd 103]

Oh this can be very good for the start of the game because i will need quite a bit of money to invest in the business so i will be sure to go to you,

[Sasper 34]

On 1/2/2017 at 6:54 PM, uncannierlink said:

Savings accounts

• 2% Weekly interest rate (that is, you gain 2% of the money stored in this account Per Week!)
• $1000 minimum balance ($20 fee per day you are below this number)
• $100 Account cancellation fee (this only happens if you withdraw your entire savings)
• Limit to 4 transactions every 24 hours ($5 per extra transaction)

 

 

I've made a calculation to illustrate how much a 1000 dollars would make in just 1 year, with a interest rate of 2% every week.

This mean that if I open an account today, and deposit $1000, I will in one year have a profit of $1800!!!!

In two years it would look like this:

This is a very very high interest, on a very frequent basis!!! Other banks pay out interest p.a., or maybe once every 6th month. How will you ensure that you have enough capital to payout all your stakeholders?

As Einstein once should have said: “The most powerful force in the universe is compound interest”

[SupremeLeader 127]

On 2/1/2017 at 9:54 AM, uncannierlink said:

A while ago a made a post detailing some general rules for how I plan to run Dollabank. The purpose of this post is to go into greater detail and revise the list of services DollaBank LLC. will provide.

 

Business Model

The business model of DollaBank LLC. is simply to provide a method for currency to circulate in the economy, while also simultaneously making a profit. We will do this in almost the exact same way all other banks do. We will have clients who choose to open an account. These accounts will earn interest passively. In exchange, we will loan out the money in these accounts to people wanting to buy houses, cars, and of course, start businesses. To ensure that you will always be able to withdraw your money, whenever you please, we take the precaution to ensure that 10% of our net account transactions are in storage at all times. Now enough of how this business works,  Onto how you can essentially make money for free!

 

Account Storage

 

Savings accounts

• 2% Weekly interest rate (that is, you gain 2% of the money stored in this account Per Week!)
• $1000 minimum balance ($20 fee per day you are below this number)
• $100 Account cancellation fee (this only happens if you withdraw your entire savings)
• Limit to 4 transactions every 24 hours ($5 per extra transaction)

 

While this may seem like a lot of fees, they are actually there to protect your money. We have these rules because DollaBank, above all else, will be responsible with your savings. If you have a problem with these rules, you can always open a 

 

Checking accounts

• 0.2% Weekly interest rate
• $0 Minimum balance
• $0 Account Cancellation fee
• No Limit on transactions

 

As one can see, checking accounts are for storing money you want to spend, while savings accounts are for money you want to save.

 

Loans

At DollaBank LLC. We believe in the rights of individuality. As such, we do not offer blanket interest rates. We will use a simplified credit score formula (found below) assigned to our clients in order to assess the risk associated with them, and assign risk based off of this. Of course, we reserve the right to deny someone a loan, if we find this risk to be too much.

 

 % of Money paid back on time * net worth - amount of money owed * number of weeks payments were made late.

 

For example: I payed back 80% of all the money I borrowed on time, my net worth is 250k I owe 30k to the bank and I have previously paid back 2 loans 1 week late each. So plugging these numbers in

 

0.8 * 250,000 - 30,000 * 2 = 140k

 

My credit score in this case is 140k. Factoring in income, let's assume my job pays me 30k a week, Dollabank would feel safe offering me a loan of $200,000 to be payed back in 18 months at 7% interest compounding daily. Of course this money would be paid back over time, not all at once. Another thing to keep in mind when applying for a loan is that loan officers are highly trained in risk assessment and are free to form their own subjective opinion on the risk, and these numbers are just meant to guide them.

 

 

 

If you have any question feel free to ask below.

If your bank gets robbed, how will you give people back their money?

[uncannierlink 225]

16 hours ago, Sasper said:

I've made a calculation to illustrate how much a 1000 dollars would make in just 1 year, with a interest rate of 2% every week.

This mean that if I open an account today, and deposit $1000, I will in one year have a profit of $1800!!!!

In two years it would look like this:

This is a very very high interest, on a very frequent basis!!! Other banks pay out interest p.a., or maybe once every 6th month. How will you ensure that you have enough capital to payout all your stakeholders?

As Einstein once should have said: “The most powerful force in the universe is compound interest”

I predict that the economy in Identity will move at a much faster pace than that in the real world. As such, when we give out loans, the payments on these will also be much higher and expected to be paid out much sooner (You will be expected to pay out a home loan in say 6 months, as apposed to 10 years.

 

As people can just stop playing the game, I wish to insure that people are scheduled to pay back their money in a shorter amount of time. On the flip side of this, in order to attract people, the gains made on savings accounts must be much more "short term." 

 

As i can assure you people will not be playing this game in 30 or 40 years as well as the fact of inflation,  the potential of long term profit loss is not an issue.

 

(also a secret among bankers, you don't actually have to pay out to people's savings account until they withdraw.)

 

I hope this makes sense.

[uncannierlink 225]

9 hours ago, SupremeLeader said:

If your bank gets robbed, how will you give people back their money?

Short answer is that banks cannot be robbed as confirmed by devs.

 

 

 

Long answer is that my bank does not physically store money, only pays out digital interest payments and gives loans circulating money in the economy while also making a profit.

[Sasper 34]

41 minutes ago, uncannierlink said:

I predict that the economy in Identity will move at a much faster pace than that in the real world. As such, when we give out loans, the payments on these will also be much higher and expected to be paid out much sooner (You will be expected to pay out a home loan in say 6 months, as apposed to 10 years.

1

Since the economy is made through players (I produce, you consume), this wouldn't add up.

If I wanted to make a firm selling dots, there would also have to be a need for these, otherwise, no1 would want to buy = no profit in 6 month while I would gain (about) $450 dollars for sure, without any risk. Then why would I want to earn stakes in a company where my money is only about 50%?

[uncannierlink 225]

6 minutes ago, Sasper said:

Since the economy is made through players (I produce, you consume), this wouldn't add up.

If I wanted to make a firm selling dots, there would also have to be a need for these, otherwise, no1 would want to buy = no profit in 6 month while I would gain (about) $450 dollars for sure, without any risk. Then why would I want to earn stakes in a company where my money is only about 50%?

$450 in 6 months? That is not very much money.

I am not entirely sure what you are asking, but I believe you are saying that no one will start a business when they could just live off the interest payments my company gives? 

 

If this is the case, (again $450 is not very much money), my company can still administer housing and auto loans, ensuring we make a profit. I doubt this market will become saturated as people are always selling homes and buying cars.

[SupremeLeader 127]

3 hours ago, uncannierlink said:

Short answer is that banks cannot be robbed as confirmed by devs.

You sure about that?
 

 

[uncannierlink 225]

11 minutes ago, SupremeLeader said:

You sure about that?
 

 

You will not lose money from your account when banks are robbed. New currency will be created and given to the bank robbers should they succeed.

[Knagis 1]

Sounds interresting, but also very RISKY. What are you gonna do incase people get banned for lets say? use of cheats? Or what if people simple stops playing right after they borrowed 300k?

[uncannierlink 225]

On 4/25/2017 at 1:36 PM, Knagis said:

Sounds interresting, but also very RISKY. What are you gonna do incase people get banned for lets say? use of cheats? Or what if people simple stops playing right after they borrowed 300k?

 

 

 

The answer to that is to not loan to high-risk debtors. If someone has only played the game for 2 hours, We won't lend to them. We're only going to lend to people who have a lot of time invested in the game.

 

The question is not, "How can we avoid taking losses" but rather, "how can we minimize the inevitable losses"

Edited May 6, 2017 by uncannierlink

[uncannierlink 225]

On 3/30/2017 at 6:17 PM, callsign said:

The majority of businesses are banks I see in this game. This also is ridiculous as there isn't an FDIC insurance fallback. With a vast majority of people playing criminals or that will have a criminal tendency (ie. bankers siphoning funds) the ability to protect money is limited. Unless the game designers have some sort of insurance against loss this banking institute is a mute point in this game.

Unless these factors come into play:

Death is permanent

Jail is based on court rulings (ie real life 1 year, 6 month, 3 months of game time)

 

Otherwise, this game will just be about making drugs, selling drugs, hookers, murder and everything else second life is now.

 

Sorry for the late reply.

 

I am not sure where you see all the banks in Identity. I browse the forums daily and this is the only designated bank I know of (there are a few investment bureaus, but their business model is different from ours, they mostly make large-scale, high-risk high-reward investments, while we make many small-scale small reward investments. They give people funds to start mining corporations, we give people mortgages on houses and car loans.)

 

I am not sure how your point about most people being criminals comes into play. Even if they are criminals, they still will have a use for mortgages and car loans no?  Even then they will wish to collect interest on their money.

 

As far as the FDIC is concerned, you have a point. However, banks existed for hundreds of years before the FDIC was even an idea in people's minds. Yes, it is more risky, however, why would anyone just sit on their life savings and not collect interest?

[yellowhero12 89]

On 4/16/2017 at 10:28 PM, uncannierlink said:

Long answer is that my bank does not physically store money, only pays out digital interest payments and gives loans circulating money in the economy while also making a profit.

Essentially, you would be using another banking service(one created by the devs) to virtually transfer money? 

Wouldn't online banking fees cut into your profit?

[Frank_Reagan 0]

Good I cant wait to set up my Saving's and Checking Account with you 

[PhoenixFury 35]

On 3/24/2017 at 5:38 PM, uncannierlink said:

If people refuse to pay, I would either have to either have the police ticket them with the payments they owe or have to contact their employer and extract it from their paycheck (with a court order of course)

If you go onto an RP server, you could have them sign a contract, in which if they refuse to pay, bring them to court.

[Kronix 1]

You guys should just wait till the game comes out.

 

[uncannierlink 225]

On 4/25/2017 at 1:36 PM, Knagis said:

Sounds interresting, but also very RISKY. What are you gonna do incase people get banned for lets say? use of cheats? Or what if people simple stops playing right after they borrowed 300k?

Again, all risk will be factored in and, we won't give out loans that have the potential to bankrupt us. DollaBank will NEVER put all of it's eggs into one basket.

[uncannierlink 225]

On 7/6/2017 at 12:58 PM, yellowhero12 said:

Essentially, you would be using another banking service(one created by the devs) to virtually transfer money? 

Wouldn't online banking fees cut into your profit?

Cash transfers incur no banking fees. Security teams will be hired to ensure cash transfers have minimal risk.