Yeah.. so I'm thinking of starting my own bank... w/ credit card etc etc.. But how would you do this? It's very interesting.
depends which part of the world your in. it would require over +10mil to start any good bank within us
look on google found plenty of ideas http://www.google.co.uk/search?q=ho...s=org.mozilla:en-GB:official&client=firefox-a and as to the comment on $10mil start up - double that and your there check this - http://www.prospermag.com/article/1477-587
it will be really hard to compete with banks already running... all i got to say is... good luck... you'll need it.
You'll need to have a large cash base - probably much more than $10 Million. You'd also need real estate for an office, technical staff to create and maintain a proper website, staff to work at your physical locations, lawyers to protect yourself and your company, as well as to file the proper paperwork to register as a financial institution. Then you'd have to pay for insurance - banks are required, at least to my knowledge, to have insurance on their operations, and of course - the buildings. Then you'd also need to work out how the bank would make money! Banks invest the money you deposit into them, and that's how they make a profit. Your next step would be to secure a client base. This would require a lot of advertising! You would also need to be able to compete with the larger banks such as Bank of America. You'd have to offer amazing deals and rates. Plus, you'd need branches across the country so that your customers could access their money! I suggest taking a look at this page: http://www.fdic.gov/ That's one of the stories on the front page - interesting, eh? The First National Bank of Nevada, Reno, NV failed! Do you understand the repercussions of such an event? Think this out thoroughly, and start building up those funds. And do your research! You can't expect to learn everything you need to know on a forum!
What part of the world are you in? I thought that banks were given an allotment by the world bank to stay funding.
Should not be that hard! Like any corporation. I know it only costs $300 to file corporation charter here in Texas. For bank, you need to insure with FDIC.. not hard at all. @IntellectToday, you do not need a website.. why bank needs a website? If you just want credit with your own store, that is even easier.. you do not need a bank to do that.. you take application, pass that to credit wholesaler..
Are you mentally challenged? "Not that hard" to start your own bank? Are you kidding me? It's not like he's starting a bakery and making cookies, a bank is an incredibly complex business which requires millions in capital and technology. Who would become a customer of a bank without a website, ATMs or current technology?
Sounds complicated, You could try searching bankrate.com but you may have to sit down with a professional or search the library for the info. The way banks are failing right now you might just have a good opportunity to make some business.
not really... just google Swedish Credit Unions, Private Bank Panama and so on and you'll see that there is nothing fishy about it.
I'm not going to start my own bank, I wasn't ever planning to. I was just asking how would you go around it, god thanks people for having fath LOL i love dp
It depends on your country! Initially you need lot of millions to be deposited as security deposit in your countery's central bank!
what about a credit union? what about a check cashing place. that might not be as . how ever in ohio they are all going out of business because the state is cracking down on their 999% interest rate
A Credit Union is a far better and easier way to go, and you won't have to wait 5-10 years to get everything approved by government bodies.
In most parts of the world, the banking industries are highly regulated by laws. It is almost impossible to start your own bank without millions or billions in cash. A lot of countries require government licensing and also bank bylaws which states the amount of reserves you need to have and the reporting that needs to be done. Not counting anything else, just creating the reports alone will bankrupt you.