Virtual Banking Licenses Auction begins with VU 8.9

[Dom_sufc]

Originally Posted by ColonelBowles

i think this is great!
MA are sorting out the men from the boys

You mean the rich from the poor?

[black_rain13]

This simply is not BANKING... this is PAWN-SHOPPING!

I don't know a bank in the world that gives you a home mortgage or an auto-loan and then says, "before you can get the money for your new car, we want the title to your old car that secures the value of the loan." and then to tell you, "oh, did we mention we are going to take your car and put it in a secured lot where no one can get to it? It will be there for you when you repay the loan, but in the meantime it will just collect dust."

WTF is this crap???

We want banks. Not pawn-shops! Give me the ability to lend money to someone to buy that uber rifle. Give me the right to reposses the uber rifle if they loan is defaulted on, but for the love of God, let the player use it to make some money. Let the player make routine payments.

I'm utterly shocked... I mean, practically speechless, that this was so lamely put together.

Why in the hell would anyone buy a bank license, then deposit a liquid $100,000 USD and leave it all in MA's trust when they can simply do what Tielk did and open up a private service, advertise on the ad screens, have a "regular place of business" and actually hold onto the items themselves? ALL WITHOUT THE HUGE PILE OF CASH GOING INTO MA'S POCKETS!!!

[SB2]

.... And what type of regulations will be put in place and enforced to prohibit collusion amongst the license holders to manipulate interest rates?

Given MA's history of communication with the players, how transparent will it be?

[ColonelBowles]

Originally Posted by Dom_sufc

You mean the rich from the poor?

lol no, i mean the stupid ppl who put the money in (guilty ) from the cleaver people who dont

[spod]

Originally Posted by black_rain13

This simply is not BANKING... this is PAWN-SHOPPING!

I don't know a bank in the world that gives you a home mortgage or an auto-loan and then says, "before you can get the money for your new car, we want the title to your old car that secures the value of the loan." and then to tell you, "oh, did we mention we are going to take your car and put it in a secured lot where no one can get to it? It will be there for you when you repay the loan, but in the meantime it will just collect dust."

WTF is this crap???

We want banks. Not pawn-shops! Give me the ability to lend money to someone to buy that uber rifle. Give me the right to reposses the uber rifle if they loan is defaulted on, but for the love of God, let the player use it to make some money. Let the player make routine payments.

I'm utterly shocked... I mean, practically speechless, that this was so lamely put together.

Why in the hell would anyone buy a bank license, then deposit a liquid $100,000 USD and leave it all in MA's trust when they can simply do what Tielk did and open up a private service, advertise on the ad screens, have a "regular place of business" and actually hold onto the items themselves? ALL WITHOUT THE HUGE PILE OF CASH GOING INTO MA'S POCKETS!!!

i tend to agreem, the pawn shop thing is a bit weak, the no use the item clause is a bit of a let down.

however, there is one thing in the preview that is interesting, the bit about - if you hold a real world banking license, I very much doubt MA put this in for fun, or developed teh code to allow RL banks to be involved , on he off chance that some bank heard about it. My guess is that some RL banks will come , and be offering RL banking or some sort, and some license will go to players. we may have pawn shops and banks.

[Vap0r]

This should be interesting, I wonder if there any insurance from Mindark in the event of a failure, error or bug since you took out monies and used a item you dont own as your collateral.
On the other hand, people get so desperate here, there is a chance for someone to make a rather larger profit, not from interest but from items that were in forfeit.

[Vedder]

I think it sounds like a great idea. I'm not sure how busy the banks will be, but time will tell ofc.

A really interesting aspect imo, is this:

Originally Posted by MA

Important Note:
The features described below are considered the base features available. Should an interested party hold a real banking license in the real world, many more services and features can be added. Please contact MindArk PE AB's Business Development Director David Simmonds at david.simmonds@mindark.com

Now... What possibilities does this open...?

• - A new way to deposit, Maybe with possible lower fees?
• - New ways to withdraw? Faster? Lower fees?
• - Investing PED in RL stock/bonds or currency?
• - Invest PEDs in Virtual items... The bank buys a rare item, or huge amount of commodities, and let PED investors buy shares of the stuff, expecting the value to increase. (It's a gamble, but same is true for RL stocks etc)
• - PED bank account with interests? (Put your peds in the bank, and get 3% extra PA?)
• - Insurance? (Dunno how that would work)

Any other ideas for extra features?

Originally Posted by AJack10600

1,000,000 Ped ingame... wtf... When is MA gonna start producing some business opportunities for the little people who are willing to invest time and money in the game and not just f*** millionaires ????...

Is it a surprise for you that starting a banking business takes a lot of money?
EU is supposed to be a (virtual) universe... Not evereything in the RL universe is available for everybody either.
If you're too poor to buy a banking licence (like me), maybe you will like one of the services the bank will provide in the future. (Or maybe not... Then just participate in the egg adventure part 2)

[Sirhc]

The one value I could see in this and this is only if they don't offer some type of mortgage option is when people need RL funds right away and do not want to sell their items on the open market. So they can either repay overtime what they owe or just forfeit the items.

I am hoping they offer a mortgage type option this would make the banks more money since more people would be likely to use that service rather that what I listed above. A mortgage system might also have some issues in RL if you default on a mortgaged item and that item does not cover the existing loan amount they can go after your other assests to make up the difference.

For the time being I think these banks will be a work in progress and if RL financial institutions do take hold in EU and get MA to change certain parameters in the system like allowing mortgage options and easier deposits and withdrawls they could become quite useful. For now though I think MA is just putting in one system to make sure it works and then like everything else in EU it will be updated along the way. Its MA's pattern in the past with TI and CND that makes me think the Malls and Banks will probably not be fully functional for a while. I am sure it will be learning experience for MA and the Bank owners as time goes by.

As with all new additions to the EU its a wait and see type of thing.

[NetStalker]

Idea

Most banks have safety deposit boxes...

I have heard many folks wishing they had a second secured storage in game for special items.

Maybe this can be a way to introduce this feature.

original avatar has a key, and second avatar has a key.

substute key for passcode, deed, etc, anything that can be electronically submitted to the system to identify the owner. The second person would hold the duplicate other key for two person verification to access the item.

Just a random thought...

[Van Shazam Zoom]

Originally Posted by JohnCapital

First scam I can envision:

Take out the hugest loan you can on everything you can afford to lose. Looted pixie, wool, M2100, etc.

Find a n00b and offer to sell him tons of BPs dirt cheap. (Just say you're selling out your crafting business and want to give some lucky new guy a head start.)

Start loading the trade window with tons of 0.01 QR BPs

Somewhere in the middle, guess what else you put in there. Yep. Loan voucher.

N00b suddenly has debt, and you have money.

Buy/loot more stuff. Rinse. Repeat.

Hopefully I'm misunderstanding the rules and this situation can't happen.

Let me put a twist to this. We have scammers and you all know it. What stops someone from stealing items from another avatar be it any which way possible and they go to the bank and take out a loan on the items (making it real easy for someone to cash out without the bother of selling it on the auction house.) They can then do the above just give someone the Loan Voucher what will MA do then? are they making it easier for Scammers to get away with stuff?