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Bank NEVERDIE Comments thread

So far as I am aware, and I am because I was one of the very close underbidders, and dealt with MA during the bidding process, the $100K only needed to be in your account upon opening, thereafter it was entirely down to you how much or how little you needed to leave in, dependant upon cash requirements.

My point on the two year payback, was that you have a two year window with limited competition to try and get your money back. After that then others will be allowed to enter the market

The rate of interest is still in my view usuary. Your security is strong with a right of sale over the defaulting customers items, either at TT or any other way you see fit.

I really think that to preserve your reputation as the gamers bank you should offer a much lower rate of interest more conducive to the risk reward profile you operate in and with the knowledge you have of the environment.
 
THank you for the explanation ND, I (as many others) misunderstood the terms for the loans, and thought that almost 100% interest was extremly high. What we all did not think about was that it was an anual rate and not a rate for the loan period of 30 days. The effective rate of about 8% is about what I expected.
Ill be coming in and taking a loan of my CND APT soon :)
 
First of all congrats ND on the bank. I hope that your investment will satisfy you.

It's a shame that it shows 99% annual rate as many people have long term rates in there minds which is nothing in common for this kind of business. Moreover it is clear that in EU if you are a wise investor you can easily do more than +99% a year considering it's growth. If it was showing something like 8% (althought I'm not sure it is 8% a month as the operation is not 1/12 over a year but the 12th root of it) a month people would not scream and it would be the same. Maybe you should have that fixed by MA.

I don't think I'll ever use bank services in EU but keep it up and not only as a pawn shop as it is at the moment.
 
Gratz on your bank ND. :yay:

I think the bank service isn't fully completed yet, there might be new updates in VU9.1 or 9.2 or something. Now the pawn service is just the first step of bank. (I hope so ...)
 
gwit said:
limited competition.
Click to expand...

Wiki lists the USA alone as have 7540 banks in operation at end of 2005. Add to that every other nation on earth and every other financial institution from which you can borrow money in all manner of different ways. IMO that doesn't constitute limited competition. :scratch2:

gwit said:
I really think that to preserve your reputation as the gamers bank you should offer a much lower rate of interest more conducive to the risk reward profile you operate in and with the knowledge you have of the environment.
Click to expand...

This is the point, as the other banks open and BND begins to see data come through (competitor offerings, default rates, costs, etc) then the sustainable 'fair' interest rate will emerge. Perhaps this is 99%, perhaps it is higher/lower. There are then two options for any of the banks ... offer the sustainable fair rate of interest, or go out of business. Sufficient motivation for any of the banks to do so I would say, given their investment.

As far as I can see then gamers can therefore sleep easy in the knowledge that they have plenty of choice and the correct environment and motivations exist for the banks to provide a reasonable and competitive product. And as for reputation, well I haven't seen any other banks open up such an interactive a thread as this to canvas user feedback and communicate with its potential customer base in order to achieve the reasonable and competitive product to which I refer.
 
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i've just watched the video about BND in the little shops room. i think its a very good way to up the massage forward about the bank and what u do. i liked how the armour turned to ped at the beginning, thought that was very cleaver idea :)

keep up all the good work at BND and hope it all goes well for u in the next few days and weeks.
 
In order to accept deposits you would need a real world banking licence including money laundering checks and major departments. The only banks that will be able to accept deposits in this game will be those who hold a real banking licence. Unfortunately, the "gamers bank" - which I really struggle with at 99% interest - irrespective of the loan period that is the amount you are charging - will not be able to do.

I also suspect that it is illegal under the law of the situs of the servers and probably most other countries that allow this game to operate, for holders of non banking licences to accept deposits.
 
Hi Neverdie,
Lucky you,I have been able to look at your bank by some random event. Haven't been in other bank yet (don 't even know their location), that's their job to advertise.
imo, you just find a great place for your business, newplayers who heard off Neverdie virtual guru would definitely have a look to it. But that's not my point, i am not here to be especially liked or not so my thought about all this concern only me.
One thing i would like to be explained is "IMPORTANT NOTE:The bank manager will customize the interface for Special Loans. You Will not Trade items or Cash with the bank manager directly only with the Automated teller."
As i am not in the bank business, nor especially like it, i wish you the best with it. Advertizing and detailed introduction on features would be nice, i do not know your competitors strategies but as you are a true addict in the good and the bad like me, i hope you achieve your goals, as long as they do not touch mine.:cool:

GL
 
I've been into the Bank...

As it stands ND... bank is far from the discription I'd give for it.

Will you be accepting deposits, in the true banking sense...
Is this just an oppertunity make peds on those who have to wait for payday.!
People who want to play now, pay later will like it...
People with alternate dodgy avators will love it...

I dont think I like it much... Its a dark area within EU for me...

It'll be interesting to see how this area developes.
 
Last night, I was curious how well the system works myself. After connecting to the "Teller" an interface pops up and you can browse over 200 pages of items, alphabetically, to see the current lending rate/offer. Or even easier is to just click on "Loan Application" and you can drag your item into the window and it will tell you that information as well (which really is convienient). As far as fees go, I put my Marber Bravo and both my A105 amps and took the loan (each item is a separate transaction). This morning I went to BND to pay my loans and retrieve my items. The interface is very user friendly and easy to use. As far as the fees, it was the minimum fee of .50 pec each item (not certain if minimum is the same at all banks, but assume so), because it was for a day (less than 24hrs). So for 1.5 PED I was able to borrow quite a large amount of PED (due to market value of the items).

As you can see, if you need a short term loan, this can be a viable option. :)
 
thanks for the heads up Lootman..

I will expand upon the issue of not trading directly with the Bank Manager on the front page. But to answer your question here.

It has to do with protecting the customers from scammers.


The Bank is Fully Automated, there is Bank Teller NPC behind the counter similar to the auctioneer NPC.

Right clicking on the Bank Teller NPC will bring up the Bank interface...

The Purpose of having a bank manager Avatar at the bank is to help people with Questions and specialized loans.
The Bank Manager can adjust the teller interface, in preperation for a special loan...

But I dont want to encourage anyone to trade cash or items with the bank Manager only with the Automated teller...

This is to prevent anyone from being scammed by someone Posing as the Bank Manager.
 
NEVERDIE said:
But I dont want to encourage anyone to trade cash or items with the bank Manager only with the Automated teller...

This is to prevent anyone from being scammed by someone Posing as the Bank Manager.
Click to expand...

A very good idea.

But might I suggest you go one step further, Forbid your bank managers to do any kind of transaction, Keep a big sign with a clear list of "approved bank managers", and clear instructions to never give items or peds directly to the bank manager.

Too easy for a clever scammer otherwise...
 
Annual Percentage Rate Set to 49.99% see top of thread
 
Hi ND

Maybe it woud be great to put an screen in your bank whit the usefull information like:
Annual Percentage rate - 49.99%
appx Monthly Rate - 4.16%
appx Daily Rate - 0.13%

Just to clear things up for the ppl

Edit: Missed your last upadate in bank
 
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Gratz ND!

I am sorry tosay that this is the worst idea the MA has ever made this far!
Alltho i wish u luck m8
 
Its a great Idea for MA!
They are getting some nice bonuses this xmas thanks to bank licenses
It is a very silly idea:laugh:
 
Ok We're Now Cheaper than Most Credit Cards :) 18.99% annual 0.05% Daily Rate. (Interest is not Compound)
 
Looks more like it. Now if there was a way you could borrow money without collateral you could have some nice business.
But still, here in The Netherlands it's not even allowed to ask above 17%, so cheaper than most creditcards??
 
NEVERDIE said:
Ok We're Now Cheaper than Most Credit Cards :) 18.99% annual 0.05% Daily Rate. (Interest is not Compound)
Click to expand...

Now we're getting somewhere... Knock it down 1 more percent and you won't have to worry about your contracts getting nullified.
 
I won't comment on the business itself, as I would have to learn more of the details before I could do so with a sense of fairness. Suffice it to say though, I don't like the scale and placement of these buildings.

They are over sized, pretty, but sterile looking, and just contain much of the usual terminals. Argus' designed to look aged auction and terminals buildings were moved around to accommodate the bank there, and it looks strangely out of place.

I don't bank in real life, I just use a very small credit union; and I avoid pawn shops like the plague. As far as the game goes, I use PayByCash, and much prefer to wait for funds to deposit and do other things.

Congratulations on your successes in game, but I will reserve judgment as to the value and propriety of this business until I learn more about it, and see what effect this has on the customer base.
 
Dunno if this was aked/answered till now ..

Will MA implement a system that will alow participants to lend weapons/tools to bank in order to receive some interest?
for example
: I want to lend my Mod fap to a bank for xxped/dayly, or something like that, this will be something real nice to see, ofcourse those items can be used by other participats, so bank will get some % from this deal.
 
Well....I wish you luck with the pawnshop but I think MA is the only one thats going to come out ahead in this venture.Im sure now that they have their $ out of it the support is much like everything else.Cut and paste.
Good luck with it.I fear your gonna need it.:rolleyes:
 
NEVERDIE said:
thx Burnsey were Down to 17.99%
Click to expand...

Now we are talking... well done getting the rate at these levels... I think you can get some descent business now.

Tromos
 
Just wanted to post that the bank works well

I wanted some extra peds to keep me going until my next deposit. I am glad the banks are in the game :)

Using a Boar Harness for the loan I used the system - it works very well - the loan is sufficient amount against the item and the interest rate very fair.

Well done Neverdie - it's up and running and working well. I know that not everyone wants to use the service - but the naysayers out there - if you don't want to use it - then don't - but at least now you have the option.

The interest rate is comparable to a credit card - and with the currency conversion fees it works out cheaper than a credit card.

Personally I see two areas for improvement that will make the service more usefull.

If I put up a boar harness - I should be able to borrow any amount up to the 900 ped - atm can only take the full amount.

I'd also like the option of longer term loans.
 
Sell items to bank

Obviously the TT value of just about any item is lower than the market value. (even the TT buyable items have higher market values because people sell then half used with a little markup), so it might be nice to have an option to sell items to the bank for halfway between the TT and the Market Value, or something like that. It might be good for people finding it hard to sell an item, or in the case of materials, not having enough to maerit an auction. For example: if the Market value for Sweetstuff is 108%, and the TT is well, were all intelligent on this forum, then it might be nice for a person who only has, say, 50 to be able to sell them to you for 104%, and then when you had a lot, you could put them in the auction for 108%. It's a win-win situation! Alao, can you please suggest to MindArk that they pur you bank on it's own server, because it is in the worst laggy area now I can think of, and it will kill your business if this continues. It took me 5 reboota of my computer to get the bank teller to respond, wheres at Anshe Bank on Amethera it took me one go, and I got in in a 10th of the time. You're rates are better, but for one day whether it's 0.16% or 0.005% doesnt really matter! Thanks for the banks though, they are an interesting new addition, and running in from Swamp Camp it makes itself very obvious!

Also, have you ever thought of selling ClubNEVERDIE discount flight tickets to people who use your bank, it would probably generate more business, and the pilots could just receive the iscount amount from you. Just a thought.

Long live NEVERDIE lol (that was a joke! see what I did there!)
 
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