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Bank NEVERDIE Comments thread

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Apprentice Jedi,
Force Majeure
 
14% annual rate?! lol:twocents:
 
for everybody info!!!!this interest(anual rate) is alot smaler then all banks from east europe........in Romania for example is aroud 24-28%DAE...in the best bank....so ....clients will come...i'm very sure of that.

just need a litle more people ingame
 
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sententz said:
for everybody info!!!!this interest(anual rate) is alot smaler then all banks from east europe........in Romania for example is aroud 24-28%DAE...in the best bank....so ....clients will come...i'm very sure of that.

just need a litle more people ingame
Click to expand...

Certainly lower than most credit cards.

Using the bank also can prevent the need for a deposit - I know I have never taken funds out of EU - so once I make a deposit it is pretty much tied up in there. So glad to have this kind of facility available.
 
NEVERDIE said:
thx Burnsey were Down to 17.99%
Click to expand...

Now what about ppl that took a loan at the higher rate? I am due to pay off a loan I took at your bank tomorrow, but I think I took it at the higher rate.. which of course that was my dicision to do, but to see it so much lower now kinda sucks :(
 
Xander Catman said:
Now what about ppl that took a loan at the higher rate? I am due to pay off a loan I took at your bank tomorrow, but I think I took it at the higher rate.. which of course that was my dicision to do, but to see it so much lower now kinda sucks :(
Click to expand...

Dont take a loan at all then.
 
chielsen said:
Dont take a loan at all then.
Click to expand...

I think the banking is a great idea... I was hoping maybe for a prorate adjustment on my loan :)

It would certainly go far to ensure my future use of ND's banking services.
 
however...loans sucks and get you more stressed

i think that BANKs in EU are not needed
 
Wonder what the apr on Credit Cards are in Poland?

The banks interest rate at 14.99 is more then comparable to a credit card, and with the currency conversion fee's it works out cheaper then a credit card, not all that stressful imo.




Apprentice Jedi,
Force Majeure
 
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Xander Catman said:
I think the banking is a great idea... I was hoping maybe for a prorate adjustment on my loan :)

It would certainly go far to ensure my future use of ND's banking services.
Click to expand...

I think ND posted somewhere (either earlier in this thread or on another thread) that he can't see who has taken out a loan. It is all completely automated.
 
Force Majeure said:
The banks interest rate at 14.99 is more then comparable to a credit card, and with the currency conversion fee's it works out cheaper then a credit card, not all that stressful imo.




Apprentice Jedi,
Force Majeure
Click to expand...


Hmm

But why is the loan period so short :scratch2:

I have a CC type which allows me to pay the bill the next month with no intrest... Therefore - I would suggest to prolong the credit period...

I.
 
Just a quick note for people who are thinking about borrowing money from the EU Banks.

I've read a lot of books about finances, money and similar topics. My all time Favorite is Rich Dad, Poor Dad. From then on, Robert Kyosaki's books, audio programs really made a lot sense to me. I always wondered why they never taught Financial Literacy in school. I have an idea but I won't discuss it here.

Anyway, a very good point that I have learned is to Borrow money when you don't need it. This was completely opposite than what I knew about money. In relation to the EU Banks, it would be a very bad idea if a player puts his items for a loan, go out hunting, and hoping for that next big global or HoF! That's just speculation and treating this game more like gambling. You can make money in this game if you're smart in your activities. It may not be fun as hunting all the time but you can do it.

With Real Life Banks, for example, would make more sense to them to lend someone who smart with their money, could make payments, and has a steady income. And if the loan defaults, say on a mortgage, the house is Tangible item that the bank can regain it's loan back.

I would suggest to players to borrow against what you know you can pay back. Say you have 1000 peds in your ped card. And you have an extra armor to lend to the Bank so you can bid on a item that you want to resell or use it to further your ped making activities for the month. This would be wiser because you can pay the loan bank easier without going broke.

Hope this makes sense for people who want to borrow from the banks. Any feedback on this would be appreciated and wlecomed.

My :twocents: :D
 
can some one give me a link or expain how this works exactly?

say i want to get a foxtrot mentor edition for a little pvp in cl this weekend, id just want the gun for say 4 days, can i get it through the bank loan system or can i only get peds? im not sure exactly how all this works....keep in mind im not interested in % or what not. ty
 
Pig said:
can some one give me a link or expain how this works exactly?

say i want to get a foxtrot mentor edition for a little pvp in cl this weekend, id just want the gun for say 4 days, can i get it through the bank loan system or can i only get peds? im not sure exactly how all this works....keep in mind im not interested in % or what not. ty
Click to expand...

The basic principles of the system (avoiding references to percentages and what not ;)):

  • You access the Bank Teller NPC
  • You drop the item you want to use as collateral into a pop up window
  • You are offered a loan of a certain amount based on the item you used
  • You accept the loan terms
  • You get the PED and hand over the collateral
  • You go and spend the PED on your foxtrot mentor edition
  • You incur interest each time the in-game clock passes 00:00 MA time
  • You repay your loan along with any interest you have incurred (or the loan amount + the minimum fee if that is larger)
  • If you do not repay the loan amount before your agreed loan period ends, the item you put up as collateral is transferred to the Bank Owner for them to keep.
 
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+rep and thanks for the quick explaination

For some reason i thought that you would be able to "rent" armour, guns in this system, but i havent payed attention to it for since the news of its arrival.
 
Midori Fairlona said:
The basic principles of the system (avoiding references to percentages and what not ;)):

[*]If you do not repay the loan amount before your agreed loan period ends, the item you put up as collateral is transferred to the Bank Owner for them to keep.[/LIST]
Click to expand...

And what happens to people who have to repay their loan on the day of maintanance or VU day or any other reason (example : no electricity due to goverment works in your street , etc etc , .....).

I suspect time will keep on running like it does with auctions. I don't think I will personally use banks but I think this is a point everyone should be aware of.

GR

Castro
 
Just used and is a great service! Useful for when there was a beacon run but I couldnt afford to pay for it *Click* loaned my clothes, back comes 80 peds, problem solved! 1 Beacon run later, good loots, went back to bank, got my clothes back for 0.50 peds overall! Great service, and very very useful.
+rep!
Frankenberry
 
Integration of Banks and Auction

ND - Congrats on the opening of the bank - I hope you're still reading these threads for suggestions on future business endeavors.

As many soc mates can confirm, I like to upgrade my gear - the thing that kills me is when I want to upgrade my Angel Harness for Supremacy Harness (which I just did in the last three weeks), I currently have three choices:

1. sell angel for peds and deposit remainder risking that the suprem will still be there when my angel sells.
2. deposit the entire amount of suprem harness in peds which I'm loathe to do
3. attempt a trade with items which you know many sellers don't want to do except resellers and then I take a haircut on the price of my item.

I really don't find the current service of banks useful at all as it's been pointed out that I can take a loan from you or just make a deposit. What would be invaluable to me is the following:

1. I go to bank ND and deposit my angel harness
2. receive the loan amount you are willing give for that item (for arguments sake, let's assume 75% of 12k peds = 9k peds)
3. I deposit the rest and go buy my suprem and I'm happy, but I still owe ND 9k peds
4. I go back to bank ND and look at my deposit. I right click on the item where a new feature is added "send to auction" which automatically brings up the auction sell screen.
5. I start the auction process and when the item sells, the proceeds pay off the lien at bank ND and any remainder goes to my ped card. I know someone is going to say something about price fluctuation here, but if bank ND saw the price of angel harness go to 5k and they had a 9k loan attached to it, they would have done something about it already (ie. called the loan, sold the items, etc.)
6. Bank ND is happy they still earn interest on the loan during this entire time
7. And by the way, did I mention that this loan would have never happened if this service wasn't available. This is 100% incremental revenue to you.

I know I'm not the first to think of this, but wanted to provide some feedback iin detail for possible upgrades to the system.

For all those who will say MA will never allow this, I'll remind you that in this scenario, I still inserted 12k extra peds into circulation on this transaction which may not have been realized otherwise.

I'll remind MA to thing long term here as the frictional peds will come by use of my new upgraded gear.

Kid
 
Kid Dynomite said:
4. I go back to bank ND and look at my deposit. I right click on the item where a new feature is added "send to auction" which automatically brings up the auction sell screen.
5. I start the auction process and when the item sells, the proceeds pay off the lien at bank ND and any remainder goes to my ped card.
Click to expand...

The problem with that idea is that you can't be allowed to set the price of the item you are trying to sell, or it could lead to massive fraud with the banks. For example, Avatar A gets a loan on an Angel harness for 9K PED but later comes back and clicks the "send to auction" button. They set the sale price and buyout at a ridiculously low level (2K PED) and get a friend (Avatar B) to pay the buyout the moment it appears. The bank owner gets 2K PED to pay off the loan, Avatar B walks off with a cheap Angel Harness and Avatar A no longer needs to repay the 9K PED.

You could set a rule that Avatar A has to repay the remainder of the debt, but with the collateral gone they may not have the ability to pay anything more. Especially if the loan money has been squandered or withdrawn from the system.

Kid Dynomite said:
I know someone is going to say something about price fluctuation here, but if bank ND saw the price of angel harness go to 5k and they had a 9k loan attached to it, they would have done something about it already (ie. called the loan, sold the items, etc.)
Click to expand...

That is a flawed argument because the Bank Owner cannot touch your item unless you have failed to pay back the loan on time.
 
The problem with that idea is that you can't be allowed to set the price of the item you are trying to sell, or it could lead to massive fraud with the banks. For example, Avatar A gets a loan on an Angel harness for 9K PED but later comes back and clicks the "send to auction" button. They set the sale price and buyout at a ridiculously low level (2K PED) and get a friend (Avatar B) to pay the buyout the moment it appears. The bank owner gets 2K PED to pay off the loan, Avatar B walks off with a cheap Angel Harness and Avatar A no longer needs to repay the 9K PED.

You could set a rule that Avatar A has to repay the remainder of the debt, but with the collateral gone they may not have the ability to pay anything more. Especially if the loan money has been squandered or withdrawn from the system.
Click to expand...

Apologies - not too sure how to quote in here so we'll see how this goes.
I didn't intend to hash through the entire safety mechanism for the bank, but give a suggestion which could very easily be implemented in the same vein as a IRL commercial bank which I and I'm sure many others would use. We will not use the bank services "as is" because we have the ability to deposit already. One idea though, sales could be buyout only and bank ND could have approval authority on all sales entered to ensure they met collateral requirements. No sale, no payback and the interest keeps rollling up. The IT guys can figure out the details on how to provide a service and keep bank safe at same time. Not a complete "how to" here so don't treat it as such.

That is a flawed argument because the Bank Owner cannot touch your item unless you have failed to pay back the loan on time.
Click to expand...

Guess I was thinking securities lending and not commerical lending. US Securities lending has a feature of initial margin called reg t (like the haircut the EU banks give - 50%) and then on-going maintenance requirement (let's say 35%) which is the minimum equity the position must be worth to keep the loan on the books. If the value goes below, the borrower must supply additional collateral or pay back the loan.

For the finance guys, I guess this would be considered a non-purpose loan :D
 
The bank's location in main city of PA is really bad adding more lag to already lagged PA and the lag inside the bank is weird almost 3 times the lag at PA tp.
And about low markup items should not they be giving atleast tt value as loan for them.
 
Midori Fairlona said:
The problem with that idea is that you can't be allowed to set the price of the item you are trying to sell, or it could lead to massive fraud with the banks. For example, Avatar A gets a loan on an Angel harness for 9K PED but later comes back and clicks the "send to auction" button. They set the sale price and buyout at a ridiculously low level (2K PED) and get a friend (Avatar B) to pay the buyout the moment it appears. The bank owner gets 2K PED to pay off the loan, Avatar B walks off with a cheap Angel Harness and Avatar A no longer needs to repay the 9K PED.

You could set a rule that Avatar A has to repay the remainder of the debt, but with the collateral gone they may not have the ability to pay anything more. Especially if the loan money has been squandered or withdrawn from the system.

That is a flawed argument because the Bank Owner cannot touch your item unless you have failed to pay back the loan on time.
Click to expand...

The Bank will normaly give you less PED for an item than its Marketvalue to be on the safe side. So with the feature to list the item on the auction as well, all which has to be done is that you are not able to set the start bid lower than then what you will own the Bank at the end of your loan.
So if ND Bank gives you 9k for an Angle Harness and you would need to pay 50 ped at the end of the loan: Min. Start for Auction=9050 PED (+auction fee). BO whatever you like...

If you item sells: You pay Auction fee + Bank fee. But you get the biggest chunk of money right away + whatever your item sold for more at auction.

Would be a nice service and very helpfull in some situations. Also i doubt that it would have much impact on the Market beside that the business of High-End Resellers like Tzepu or Star would take a big hit.
 
I believe that you forgot to update the plasma outside

I'm sure that it says there 14,99%
 
thanks yeah will change it.
 
Kid Dynomite said:
ND - Congrats on the opening of the bank - I hope you're still reading these threads for suggestions on future business endeavors.

As many soc mates can confirm, I like to upgrade my gear - the thing that kills me is when I want to upgrade my Angel Harness for Supremacy Harness (which I just did in the last three weeks), I currently have three choices:

1. sell angel for peds and deposit remainder risking that the suprem will still be there when my angel sells.
2. deposit the entire amount of suprem harness in peds which I'm loathe to do
3. attempt a trade with items which you know many sellers don't want to do except resellers and then I take a haircut on the price of my item.

I really don't find the current service of banks useful at all as it's been pointed out that I can take a loan from you or just make a deposit. What would be invaluable to me is the following:

1. I go to bank ND and deposit my angel harness
2. receive the loan amount you are willing give for that item (for arguments sake, let's assume 75% of 12k peds = 9k peds)
3. I deposit the rest and go buy my suprem and I'm happy, but I still owe ND 9k peds
4. I go back to bank ND and look at my deposit. I right click on the item where a new feature is added "send to auction" which automatically brings up the auction sell screen.
5. I start the auction process and when the item sells, the proceeds pay off the lien at bank ND and any remainder goes to my ped card. I know someone is going to say something about price fluctuation here, but if bank ND saw the price of angel harness go to 5k and they had a 9k loan attached to it, they would have done something about it already (ie. called the loan, sold the items, etc.)
6. Bank ND is happy they still earn interest on the loan during this entire time
7. And by the way, did I mention that this loan would have never happened if this service wasn't available. This is 100% incremental revenue to you.

I know I'm not the first to think of this, but wanted to provide some feedback iin detail for possible upgrades to the system.

For all those who will say MA will never allow this, I'll remind you that in this scenario, I still inserted 12k extra peds into circulation on this transaction which may not have been realized otherwise.

I'll remind MA to thing long term here as the frictional peds will come by use of my new upgraded gear.

Kid
Click to expand...

Hey Kid,

Here is what I did when making the upgrade and it worked out great:

I placed my current gear in bank and got loan, took those peds and my, all important everyone MUST have, savings account and bought the new item I was upgrading to. I then ran right back to the bank and placed the upgraded item in loan and took those peds to pay off the firast loan then sold off the old stuff. I took the peds from selling off the old stuff-which by not really being in a hurry I got better pricing for-I went back and paid off the second loan getting my now newly upgraded item in my hands for use. See the issue was the upgraded item was gonna sell no matter what--I needed the peds quick to make the deal-I was then able to wait a little and get good pricing on my items--in the end I didn't even HAVE to deposit more like I thought I would(though that was thanks to the savings account) and all the loans cost me a grand total of 5 peds. Just my 2 pecs thought I would share :) The Banks have a purpose imho, at first I didn't think it was a good idea but they meet the needs when trying to make those rush "opportunity knocking" upgrades. I could have deposited sure but then I would have either spent those peds or waited 2-3 months for them on withdrawl this whole thing took 3 days and it was done--surely worth my 5 peds spent--check the fees on depositing and do the math yourself. :)) Hope this helps.
 
The idea about making deposit accounts in banks are great. I think the bank owners have to collaborate with dev team a lot to make that feature happen. It is in best interest of some of players as well as owners of the bank. To put it simply. Now owners have to rely on their own savings and currency and keep a certain money in system to provide the short term service.

Deposit account system would allow owner to attract not only customers with loan service, but customers that are willing to deposit money in system thus making more funds available for owner to hand out in loans. Much like in real life smaller banks try to attract customers with good deposit rates, while larger banks tend to buy the money from international banks with a set interest rate. Then that interest rate is added to customers interest rate.

e.g bank A buys funds from bank B at 5% annual rate. Bank A has interest rate of 10% annual for short term loands. Bank A loans money to customer for 15% ( where 10 is bank A rate and 5 is the rate they need to pay to Bank B ). And the bank can buy money from customers via deposits offering 4% annual interest rate thus giving customer chance to make some maney and to make a little more themselves.

Money brings more money. :)
Best of luck to ND and all other good folks out there
 
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If you read through the posts you will see that in order to give interest on deposits the banks have to be licensed as banks irl. One or two of the banks may be real life banks but the others like Anshe and Neverdie, so far as I am aware are not and accordingly they cannot give interest on deposits.
 
gwit said:
If you read through the posts you will see that in order to give interest on deposits the banks have to be licensed as banks irl. One or two of the banks may be real life banks but the others like Anshe and Neverdie, so far as I am aware are not and accordingly they cannot give interest on deposits.
Click to expand...

I know Anshe is via the DSE website. Been getting a few pecs of interest on any surplus PEDs I have in the holding account.
 
gwit said:
If you read through the posts you will see that in order to give interest on deposits the banks have to be licensed as banks irl. One or two of the banks may be real life banks but the others like Anshe and Neverdie, so far as I am aware are not and accordingly they cannot give interest on deposits.
Click to expand...
I am aware of that, I just tried to explain how it might help the players and the holder of the bank. In this case it doesn't apply for all the holders.
 
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