Private Banking
(Player-owned Banks)
Interest
Players can also deposit cash in a private bank managed by another player. Due to competition between banks, private banks may offer higher interests rates than the government can provide. Interest rates are set by bank owners and may vary from one private bank to another. Players should do their research before depositing their funds in a private bank.
Loans
Private Banks may also offer loan services to fund your projects. The bank decides the interest rate of the loan and the date it must be paid back in full, with interest. Private banks have sole responsibility for determining players’ creditworthiness.
Fees, Rules, and Limits
Similar to real banks, private banks on BusinessCraft may have additional rules and limits regarding deposits, withdrawals, and limits. For example, a bank might limit how many withdrawals you can make per month in exchange for a higher interest rate. Private banks may also impose fees such as maintenance fees, overdraft fees, inactivity fees, and so forth.
It is up to players to take note of theses fees, rules, and limits and choose a private bank that suits their financial goals.
Risks and Insurance
Private banks, just like any other private company, risk insolvency. It is up to you to choose a reputable bank to store your funds. The Department of Economy inspects banks records periodically to prevent that situation. Nonetheless, to guarantee further protection, the government of Stratham will insure your funds up to a certain point should a private bank fail, through the Central Insurance Agency. Customers who store their funds in verified private banks benefit from government insurance. Banks can apply for verification at the Central Insurance Agency here.
Starting a Private Bank
Players can submit a Business Registration application to the Department of Economy, for their company to be approved.
Afterwards, players will be able to submit an application to request a no-interest starter loan (up to 50,000kr) to start a private bank.
No-Interest Starter Loans
No-interest starter loans must be paid back to the government in four months. In other words, a new private bank must be self-sufficient within four months of opening. Payments can be made in installments to "BusinessCraftGov" and a screenshot of the transaction must be sent each month in their forum application. Failure to repay the loan will result in their company being disbanded, subtraction of funds and permanent ban from any business grant.
Eligibility for the loan is determined by business registration status and /joindate and /playtime. Approval is decided by the Department of Economy.
Private banks must be properly registered with the Department of Economy. Business registration requirements include HQ location, at least one other employee, a proper business plan, and more (https://mcbusinesscraft.com/forum/threads/business-registration-application.8728/).
Bank records must be made accessible via Google sheets. These records must include:
* A list of all active bank accounts and/or loans being repaid
* History of all transactions made by an account holder (deposits and withdrawals)
* The total value of your current reserves.
* Private banks are managed through a staff-approved discord server (See Approved Services).
A Department of Economy employee (who does not hold an account at said bank) must be present in your discord server.
(Player-owned Banks)
Interest
Players can also deposit cash in a private bank managed by another player. Due to competition between banks, private banks may offer higher interests rates than the government can provide. Interest rates are set by bank owners and may vary from one private bank to another. Players should do their research before depositing their funds in a private bank.
Loans
Private Banks may also offer loan services to fund your projects. The bank decides the interest rate of the loan and the date it must be paid back in full, with interest. Private banks have sole responsibility for determining players’ creditworthiness.
Fees, Rules, and Limits
Similar to real banks, private banks on BusinessCraft may have additional rules and limits regarding deposits, withdrawals, and limits. For example, a bank might limit how many withdrawals you can make per month in exchange for a higher interest rate. Private banks may also impose fees such as maintenance fees, overdraft fees, inactivity fees, and so forth.
It is up to players to take note of theses fees, rules, and limits and choose a private bank that suits their financial goals.
Risks and Insurance
Private banks, just like any other private company, risk insolvency. It is up to you to choose a reputable bank to store your funds. The Department of Economy inspects banks records periodically to prevent that situation. Nonetheless, to guarantee further protection, the government of Stratham will insure your funds up to a certain point should a private bank fail, through the Central Insurance Agency. Customers who store their funds in verified private banks benefit from government insurance. Banks can apply for verification at the Central Insurance Agency here.
Starting a Private Bank
Players can submit a Business Registration application to the Department of Economy, for their company to be approved.
Afterwards, players will be able to submit an application to request a no-interest starter loan (up to 50,000kr) to start a private bank.
No-Interest Starter Loans
No-interest starter loans must be paid back to the government in four months. In other words, a new private bank must be self-sufficient within four months of opening. Payments can be made in installments to "BusinessCraftGov" and a screenshot of the transaction must be sent each month in their forum application. Failure to repay the loan will result in their company being disbanded, subtraction of funds and permanent ban from any business grant.
Eligibility for the loan is determined by business registration status and /joindate and /playtime. Approval is decided by the Department of Economy.
Private banks must be properly registered with the Department of Economy. Business registration requirements include HQ location, at least one other employee, a proper business plan, and more (https://mcbusinesscraft.com/forum/threads/business-registration-application.8728/).
Bank records must be made accessible via Google sheets. These records must include:
* A list of all active bank accounts and/or loans being repaid
* History of all transactions made by an account holder (deposits and withdrawals)
* The total value of your current reserves.
* Private banks are managed through a staff-approved discord server (See Approved Services).
A Department of Economy employee (who does not hold an account at said bank) must be present in your discord server.
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