Introducing Point Bank
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by Tosh O'Point
Today I would like to welcome you to join Point Bank, the newest and safest bank in the New World. The rules of deposit are very simple, and the rewards are profitable for the both of us. I understand that most people are unlikely to deposit money with someone they do not know, so I’d like to introduce myself for a minute. I am a 19 year old college student in southeastern Virginia who started playing this game a little over one month ago. My hobbies include hiking, playing basketball, and studying for a degree in communications with a business administration minor. I’ve spent a good deal of my time in the game so far looking at the marketplace and the currency market and have started making a respectable profit for myself (in my opinion). My hope is that I can do the same for you.
Savings accounts are available to all eRepublik citizens at no charge and a 100 USD minimum deposit. Accounts will earn interest at an impressive 52% APY (compounding weekly at 1% per week). Anyone can create an account simply by sending me a personal message here in-game requesting the account and estimating their initial deposit. Once I reply, just donate the money and you’re all done.
Withdrawing the money is just as simple. All an account holder has to do is send me a PM with the amount they wish to withdraw. It will be sent to them as soon as I log in (guaranteed to be less than 24 hours, though usually won’t be more than 12) along with a confirmation message. I understand that some people may need the cash faster, or still have a low amount of trust, so I will provide all depositors with my email address and a link to my cell phone. There is no charge for sending an email asking for a rush job. There is no minimum withdrawal, and as of now, no maximum so long as the account balance stays above the 100 USD minimum.
If you have more questions about Point Bank please feel free to comment below or shoot me a PM.
Thanks,
Tosh O’Point
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Comments
I may be interested.
How are you going to keep up with everyone's account? Will there be weekly bank statements?
I have a spreadsheet where I will be keeping track of all deposits, there is one line for each action (not just a "total" space). I suppose sending out a monthly statement wouldn't be a bad idea.
"I am a 19 year old college student in southeastern Virginia who started playing this game a little over one month ago. My hobbies include hiking, playing basketball, and studying for a degree in communications with a business administration minor. I’ve spent a good deal of my time in the game so far looking at the marketplace and the currency market and have started making a respectable profit for myself (in my opinion). My hope is that I can do the same for you."
I bet your cat...
So if I put in $10,000 you will add $100 every week? How do I know I won't see my money again?
Sorry for all the questions. haha
Yes, that's basically it Mike. As with anything on the internet I suppose you have no real guarantee beyond my word, but as I said I provide all depositors with my personal contact information. You'll even have a way to text me if you have an urgent need, and I always have my phone so you're sure to get a reply within five minutes unless I'm in class or asleep.
Gunnis99 - sorry, I don't have a cat. I do have a really nice dog though.
1% per week? ok how about this: you get whatever money you can and you use them to buy 2Ds bonds from me. The maturity of the bonds is:
- 1 week, with 2% interest
- 10 days, with 3% interest
If you choose to liquidate your bonds before maturity date, you'll be able to do it at nominal price (you get your money back at the same day, without interest).
I am serious.
I've opened a savings account at Point Bank. I'm constantly saving money anyways.
v+s and shout
Dodona - If you're serious make your own article. I promise I will read it.
52% APY (compounding weekly at 1% per week
That is not quite how APY works
Deriachai - I'm sure I didn't get all the wording right for the FDIC or SEC. The point is that I am compounding the interest once per week at 1%. With 52 weeks in the year, that's roughly 52% annually.
Actually its more like 68% annually if you are earning interest on your interest as well as your principle investment.
pretty sure eRep has outlawed banks, after the many bummer experiences with previous banks and investment groups.
I'd recommend you go look up Aiden Astrup
Seems interesting. I will send you a pm soon asking a few questions.
George and Israel:
Thank you for your concerns. I looked into the eRepublik Laws and the TOS and did not find any prohibitions about banks. I understand that Aiden Astrup ran a bank and then some kind of eStock market that went sour. I believe the problem with his model was too much investment in nonliquid assets. I plan to keep a vast majority of depositors capital very liquid, because I would hate to destroy the confidence of my customers by telling them I don't have their money on hand.
Good luck. Not with my money....but good luck!
v+s from an old detractor of the ERX with a couple of comments:
1) 1% is a reasonable goal, the ERX's main issue was Aiden's Greed; this endeavor as presented seems little more than a way leverage MM transactions which presently hover from 2-5% per cycle.
2) Before attempting such endeavor's I'd recommend you build up 100k in any specific local currency before offering such a service.
3) There is truth in the old expression 'The road to hell is paved with good intentions.' as you will need to be mindful of not only those seeking their interest, but those seeking their principle + interest.
what will be the fractional reserve?
V + S... I'm going to send you 200 bucks as an initial "test" investment, don't care too much if this were a scam or you made bad investments and lost my money.
I was going to actually start my own bank in a month or two. I just have to get all my stuff together, spreadsheets and website together. It'll be nice to have competing banks once again in the eRepublik.
Tosh told me he plans on keeping 80% of deposits on hand the first month or so while he is building trust and the deposit pool. I had a pm conversation with him and i'm convinced he's not going to take any risks with an account holders money.
v + s
Tiamati.MagickDay - Thank you for the advice.
Farmer Harvey - I will be keeping nearly all of the deposits entirely liquid for at least a month. After that, it will still be far greater than half. In the future I will plan to invest in both loans to players and in companies, but my first goal will always be sustaining an ability to meet my obligations to depositors.
Mr Andrews - Thanks for your buisness, and I'll be looking forward to the competition.
I commend you for thinking like a banker/capitalist... at least someone here is (looks at game admin). but how do we know if this isn't a scam or that you'll be playing the game next month? You could have great intentions but who knows for how long you'll be actively playing the game in the future.
had time to start a bank... so here's your competition...
http://ecitizensbank.webstarts.com/index.html