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Refined Banking System

Stults

by Stults
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Stults

Stults

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Short description: I believe there should be a feature of player owned banks instead of everyone from the start having a bank account at Flecca Bank. It isn't realistic and we're not a communist society. We shouldn't be forced to one bank. With this being said people who make banks can have their own interest rates in the account types they offer. The main four account types are

Detailed description: 

Checking -
The home base of all accounts, this is where you get direct deposits, pay your bills, where people keep the money they need to get quickly. With this you can have other types of accounts.

Savings - 

A checking account and savings account go together like Batman and Robin. They make a great team, and if you’re setting one up, you might as well set up the other. A savings account is exactly what it sounds like: a place to put your money that you want to save. It’s a great spot for funds that you don’t need right away but want to have nearby just in case. Take car maintenance, for example. If you set up a car maintenance sinking fund (a stash of money for expenses you know are coming) in your budget for things like oil changes, tire rotations and tune ups, you’re going to want to put that money in a savings account. You don’t need it every week, or even every month, but you need it to be easy to get to when the time comes. And if you keep it in your checking account, you might accidentally spend it.  

Money Market Account -

Let’s pretend a checking account and a savings account had a baby. This sweet little money baby would be a money market account. Like a checking account, a money market account might come with a debit card, although some banks don’t offer this feature.

And like a savings account, a money market account earns interest slightly more than a savings account while keeping your money separate from your everyday funds. This type of bank account is a good place to store your 3- to 6-month emergency fund so that it’s close if you need it but out of your everyday checking account.

Certificate of Deposit -

A CD is a certificate of deposit. It’s like a savings account but a savings account where you won’t earn much and you could lose even more. Yikes! So, it’s more like a certificate of depression—not a place you want to put your money.

Nowadays, CDs have an average rate of return of about 1%. And when you consider that inflation goes up about 3% each year, then you could actually lose money. Nope. No, thank you.

There are a range of CD term lengths, or “maturity dates,” and if you withdraw your funds before that date, you’ll get hit with penalty fees. CDs come in short-term (less than 12 months), mid-range (1–3 years) and long-term (4–5 years) ranges.

With a CD, you’re basically loaning your money to the bank and they’re “rewarding” you with a little bit of earned interest. The longer you loan them your money, the higher your interest rate will be.

Remember though, that “higher” interest rate is still usually not more than 1–2%. Your bank would love nothing more than for you to lose patience and cash out a mid- or long-term CD early so they can capture those early withdrawal fees.


Sources:

Source One

Commands to add: Depends on the business and what type of accounts they'll offer and how to edit their interest rates and such for making an account.

Items to add: New banking system accounts described above and commands for them.

How would your suggestion improve the server? It would give variety of banking and not make the server a one-bank-for-all system. "EVERYONE GETS ONE BANK ONE BANK FITS ALL IF YOU DON'T LIKE IT YOU GET EXECUTED" This system is very communistic

Additional information: Contact me back if you have any questions about the system.


 

Edited by StultsCPD
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