Post by Shad on May 16, 2014 10:58:00 GMT -5
Shad's Bank
Current: $649,227
Current: $649,227
Welcome to Shadowstalker's Bank!
I've had this in mind for a while now, but decided to wait until I had a substantial amount of money before I began. And now that I have quite a stock, I'm open for business! For forever, I've been notorious for being a hoarder, especially when it came to online money. So I thought I'd put it to good use.
More than a few times, some of you guys have been in a pinch for money; emergency lair expansions, limited-time auctioned dragons, etc. And on these occasions I've offered temporary loans. Now I'm making it official! Only now, it's a more refined systems, and not just for loans and debts! Savings can also be found here.
So, I hope you'll stop by soon.
LOANING
Loaning isn't too complicated of a business. It's simple, really. First, you fill out the form to apply for a loan. Then, if I approve, you will be given the statistics and sent the money. If the statistics are not acceptable, you are to return the money.
Loans aren't 100% free. There is a catch. Depending on the size of the loan, you will be given a certain number of days in which you can repay it for the same amount loaned (i.e. if you ask for a loan of 5,000, you would only have to repay me 5,000). If you do not repay me by the set date, then the amount you owe me will rise 8%. Every day until you repay the lent money, it will rise 8%. For instance, if you borrow $150, you would have one day to return it (as it is such a low amount). On day two, you would owe me $162. Day three, it would be 174. By day seven, you would owe me $237. This is called compound interest.
My rules for loaning are below, and the form is at the bottom of the post:
-If the loan is over $20,000, the loaner must choose one dragon to send to me as a safeguard. It must be as close to the loan worth as possible (in other words, a $30,000 loan will require more than just a baby basic fae. For instance, a gene'd imperial would be closer to the amount)
-If borrower does not have any dragon worth loaned amount, the rarest/most valuable dragon must be sent.
-After the debt is paid, all safeguard dragons will be sent back to their original owner.
-The safeguard is a way to assure me that I'll get my money back sooner or later. I trust you all, but it's a safeguard. Any safeguarded dragons will not be trained, bred, or changed in any way under my protection unless given permission. (Remember, safeguards are only for loans over 20,000!)
-A final deadline will be set in place. If the money is not paid back by that time, (a) if the loan was originally under 20,000, I will request one of your dragons worth the debt amount (b) if loan required a safeguard, the dragon will be kept, and if the debt is much higher than the original loan, I may request another dragon.
-It does not have to be dragons; valuable items work too.
-If you break my trust in such sensitive matters, you will most likely never earn it back.
-I'm very fair in my deadlines that I set; I won't grant a loan of 25,000 and then expect it back in two days. The deadlines set depend on the amount taken.
-The maximum amount I'll allow for a loan right now is [ 50,000 ].
BANK ACCOUNTS
Bank accounts are the opposite of loans. Instead of borrowing money, you’re storing it. There are two kinds of bank accounts; open and savings.
Open accounts allow you to access your money freely and whenever you wish. You can deposit, withdraw, or handle your money at any given time. Got some money from a sale? Deposit! Expensive dragon caught your eye? Withdraw! The account is always open. Open accounts do not have interest.
Savings accounts work a little differently. For one, the money is not as accessible. Money goes in easy, but harder to take out. The whole point of these accounts is to save your money, and is particularly useful for those who are shopaholics or are inclined to buy things on sight. You deposit an amount of money to start it off. Every day, $100 is added to your savings (that’s $700 a week!), so within a month you will find your original 1000 deposit has tripled into 3,100. However, mostly the savings in your account should come from you (don’t just rely on interest). Make a pact to every day deposit a thousand treasure (or seven thousand at the end of the week) so that it’s there for a rainy day. Withdraws are free on Saturdays; however, any other day of the week has a 10% fee. This fee will never exceed 1,000, so if you take out a few ten grand, don’t be worried about major costs. The fee helps the account owners to save the money and not take it out on shopping whims (great for shopaholics).
You can have both an open and savings bank account and complete transactions between them. For instance, perhaps on a Saturday you want to have 10,000 T moved to your opened account from your savings. Or maybe you’ll move some from your opened account to your savings. Or, you can use money you have in your account to pay off a loan. Transactions between your account and another is also acceptable (such as paying off borrowed money).
Account owners have many choices in the notable upkeep of their accounts. Weekly, a message is sent to all account owners and/or those who have taken a loan. They will be reminded of any debts needed to be paid, if there is any built interest, final deadlines, how much money is in their account(s), and a full history of that week’s activity (any transactions, withdraws, or deposits).
Creating an opened account is free, but every week $100 will be removed in payment. If this fee is not paid in three weeks, any money in the account will then be absorbed into the bank (although $300 takes about 20 seconds to win in any of the fair games, so this shouldn’t really happen). Savings accounts are free to open and free to keep.
I keep very careful track of whose money is whose, and I make sure I don’t spend money that isn’t mine. (If you haven’t figured it out by now, all the opened/savings are on my Flight Rising account.)
FORMS
For Loans
Name:
FR User:
Loan Amount:
Date:
Opened Account
Name:
FR User:
Deposit:
Date:
Savings Account
Name:
FR User:
Deposit:
Date:
For Loans
Name:
FR User:
Loan Amount:
Date:
Opened Account
Name:
FR User:
Deposit:
Date:
Savings Account
Name:
FR User:
Deposit:
Date: