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Manalapan
Dynasty Banking
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Posted - 2008.02.25 03:46:00 -
[1]
Edited by: Manalapan on 25/02/2008 03:46:44
Dynasty Banking is currently offering:
Savings Accounts:
Standard: 4% monthly rate
Limited Access: 6% monthly rate
Certificate of Deposit:
2 Month CD: 7% Monthly Rate
3 Month CD: 8% Monthly Rate
4 Month CD: 10% Monthly Rate
Loans: Available at a per character instance based on credit ratings. Expect to put forth collateral.
Credit Ratings and Reports
Dynasty Banking History. Dynasty Banking started as a corporation devoted to the usage of Dynasty Corporation members. With the success of that operation the bank is now going public with its operation.
*Interest is on a monthly basis. The money to support the interest is achieved via market trading and dividends received from investments. Loans also serve a portion of the interest but as of yet have not served as a large source of income.
Currently Dynasty Banking has gathered a 364% reserve balance for the current savings accounts and CDs. So the ability to cover interest is of no issue. Currently I understand that players will be worried about me running away with their money, so I guess until I have earned some creditability that fear will remain an issue.
Credit Ratings and Reports is a system similar to that that currently exists in modern banking. It is designed to allow for new banks to start operating in EVE and have a resource they can use to determine low and hi risk characters based on how they have behaved in the banking industry throughout their history.
Dynasty Banking is currently piggybacking off of Dynasty Corporation's website at http://dyco-eve.com/bank/bank.html. You can apply for a savings account there or by contacting me personally in game. You can also check your account balance at that site.
*Note: Loan Interest operates separately on a per loan basis.
Please post any and all questions or concerns you might have so I can clarify all confusion.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 05:14:00 -
[2]
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1.Why should anyone on the MD forum trust you with our money when you have no history or credibility?
I do understand the issue of trust present here. With minimal history, including on my main there is very little room for trust and credibility. There is honestly very little room for me to gain any trust without use or reference. I will be posting a response in reference when I get to that question.
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2. Why should I choose you over Ebank and Furybank.?
The account rates are much higher than the primary competition of EBANK who provides an interest rate of 3.044% a month while Dynasty Banking base rate is 4% a month.
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3. Do you know your competition?
I have not contacted them, but I have looked at their rates and intend to remain competitive with the primary competitors (Ebank and Furybank).
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4. Is this character an ALT?
5. If ALT, post with your main?
Yes, this is an alt. This topic was posted for quick in game reference by this character. I will be following up this with a post by my main.
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6. Do you have any references?
There are current users of the bank. If you contact me in game I would be glad to have them join in conversation with you. Just as policy I do not feel it is right to disclose that information of customers publicly.
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7. Is anyone acting as a guarantor for the accounts?
Money will be primarily gained utilizing market trading so loss amounts will be minimal if at all. Dynasty Corporation and my main also personally gaurantee all accounts on Dynasty Banking. If for any reason Dynasty Banking reserves run too low for withdrawal my main will personally pay the difference.
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You then suggest you have a 364% reserve on an undisclosed balance. This could be 1m or 100b. There's no way you can suggest you can repay people based on a 364% reserve that is undisclosed. What happens if people deposit 10b into you tomorrow?
The bank currently has deposits of 1,607,161,250 and reserves of 5,850,066,950
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I would like to know how you plan to action this. Would I be eligible for a 10m unsecured loan even though I have no Dynasty bank account?
As the Credit Rating system is set up all characters have a neutral credit rating if they have no previous history Dynasty Banking. All loans for characters of this credit rating are required to place collateral on the loan. Unsecured loans are for those members that have had a long positive history with Dynasty Banking. Also this is to help other banks start by giving them an idea of risk associated with certain characters.
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how did Dyn customers access their accounting information etc?
On the site there was originally a listing based on account numbers. Recently implemented, you may now enter your account number to check balance. Soon to also check account usage and history.
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Looks like you nabbed some EBANK font/styles too but I don't care about that (and may be wrong)
Myself and the primary web designer created the site prior to the existence of Dynasty Banking all designs are based on the original Dynasty Corporation design.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 07:17:00 -
[3]
Edited by: Manalapan on 25/02/2008 07:20:38
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I would like to open a savings and limited access account.
Small - probably 10 mill in each.
I mainly want to look at the interface.
Thank you for deciding to open an account. I would like to inform you that right now myself and the web designer are working on maximizing the interface usability.
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One more question... the CD maturation process.
After maturity, what will happen to the cd? What tpe of account does it go into?
Will it rollover after some point?
Terms for CD is compounded monthly interest. I apologize if that was not clear, so the 100B would actually be worth 146.41B after the 4 months.
After maturation of the CD the funds will be as the default dropped into the customer's standard account. The customer will be contacted closer to the maturity date to establish if they desire a different option (at this point it will be an option to rollover and extend to a longer CD that is retroactive across the past CD duration up to a maximum of 4 months at which time the CD will be at maximum maturity).
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 07:35:00 -
[4]
Everyone loves competition am I right? I offer higher rates than EBank if I start growing to an adequate size of EBank then EBank raises interest rates and then all depositors win!
In all seriousness I do understand that I have a lot of work ahead of me if I am going to be able to compete with EBank or Fury. I do hope to achieve this point as well as work along with them to get an adequate universal Credit Rating system established.
Also, anyone have Fury site link? I can't find it for the life of me. Everything I can get is in game information.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 08:24:00 -
[5]
This is actually supposed to reference a capped deposit rate. It allows for large accounts but it takes time to deposit that much isk into them. The rate at which you may deposit is capped at 500M but the accounts remain uncapped. I do not wish to have capped accounts but due to some concern as to that I have capped account growth rate to handle issues with trade capabilities that were earlier expressed.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 21:15:00 -
[6]
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2) EBANK competes via convenience and services, having a highly functional website with lots of bells and whistles. Also, since multiple people run EBANK, it has some added marginal benefits (multiple tellers for fast withdraws and it's run by a Board of some well known MD regulars). However, as most people know, the rates are quite low (1.5% for checking, 3% for savings, up to 4% on bonds)
I have looked much more in depth at EBANK and especially how their system works and I am currently working with my web designer to develop a system of similar capacity. Currently only viewing account balances and information is available online a deposit and withdrawal system (beyond the current opening accounts) will be implemented soon. I do also understand that if I am the only player running Dynasty Banking there is less considerably less convenience then there could be so I will be looking at creating a board in the very immediate future of about 2 other characters.
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What happens when you get hit by a bus?
I would be very sad, but of course this would be a good example of a need for other members operating the bank.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.25 21:43:00 -
[7]
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Here's a free tip...the most manually intensive part of running a Bank is handeling withdraws. Spend some time making an easy withdraw tracking management system the shows requests and the status of those requests. Record dates and times to measure how quick you can turn it around.
Thank you for the advice. I will be doing that having the information available for each account as well as placing stats for public viewing.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.26 02:45:00 -
[8]
Hexxx I want to thank you alot for the advise you have given me. I am currently planning most advances around information you have provided. So, Thank You.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.26 15:25:00 -
[9]
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Manalapan, weird as this sounds you might want to look at depositing a decent chunk of change and/or other collateral (say, BPOs) with your competition ? This can reassure people that there will be something to repay them with in the case of you heading to Delve with a bag of cash.
I am a little confused as to how that would increase how comfortable everyone is with me. I do understand that characters like to know that I have a ton of on hand cash so they know they can make a withdrawal if they so desire but I feel that having some money deposited in EBANK would effect everyones comfort levels none. If you care to elaborate this reasoning I would be happy to look into it.
Dynasty Banking |
Manalapan
Dynasty Banking
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Posted - 2008.02.27 14:14:00 -
[10]
Well awaking to what appears to be a very heated night of discussion here it goes.
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Are you saying his findings aren't valid? I find it very interesting that the only people offering support of the OP's project are alts... if alts post, they should be called out. The point of having people support you is their reputation. Alts don't have a reputation.
My Main: Daallie
Alt: YinandYang
Alt: Manalapan
You did know that already. Also, I do understand that many of you are going to express concern at the start up and the matter that I have few very reputable members having deposited in the bank should really be expected since the bank did just become more than a corporate service. The expectation that I would have several highly MD active and reputable customers prior to the bank's release is slightly absurd. Even though with that I do hope that given some time those that been willing to test the waters with Dynasty Banking will begin to provide lots of open support.
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You don't mention anything here about loan rates, securities accepted etc.
That information will be posted later today as myself and the board (yes i am making a board) come to some adequate standards.
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Well, one of the initia problems that arise is the fact that for you to success, you need a fairly good starting capital.
1. You need a decent amount of isk to loan out.
2. You need a decent amount of liquid isk if any withdrawls are requested.
3. You need a decent amount of isk for investments, to keep a sustained growth of the bank.
I dont see it possible to do this with less than 5-10 bill.
I have no expectations for the first couple of months than for people to begin simply testing out the bank. The first month or two of the bank does not need to be heavily dependent on loan income. It is very easy with less than 5-10B to maintain the interest rates via trade and small investments. Its only at grand scales that would mandate large loans, and when that point is reached the capital is there either way. Our hope is that over the next few months characters will slowly grow to trust Dynasty Banking. I am not looking to be a competitor of EBANK or Fury for quite some time.
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- Dynasty is incomparable starting with less than 1% of the other 2.
It is very unfair to base your prospects of a new bank around its size compared to banks that have been around for quite some time. Expecting a bank to start with a sizable amount of capital relative to EBank or Fury is quite absurd if you would ask me. However, thank you for those statistics you posted. Gives me an idea of reserve ratios.
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Dynasty is High risk due to being run by 1 not very reputable person and is expected to have massive exposure to Dynasty Corp.
I never claimed it not to be a risky idea. As with all aspects of eve there is no rock solid garantee with your isk. I do personally guaranty all deposited funds. I do understand not being a reputable person that that may not stand for much but I would prefer not to go and destroy my reputation.
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That all said, Daallie, I think it's preferable if you could fill in the 'unknowns' in your Dynasty stats as well, and in the process endeavour to publish these regularly. All the other banks do this, and as you can see public trust is earned, in part by disclosure and in part by past performance of those running it.
Yes, right now we are developing public viewable stats on our site that are automatically updated with changes in the bank. Also we will be posting monthly reports there as well as here on the MD forums.
I do understand that I have a long way to go before I will be even a small percentage of Ebank or Fury, but I do plan on sticking with this and most of you seem to be interested but not yet convinces of the idea. I am going to be taking all of your advise and implementing it asap. We have a lot of work over the remainder of the week. Thank You.
Dynasty Banking |
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