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Economy revamp [Testing phase]


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On 9/9/2021 at 7:30 PM, Strobe said:

If an employee works there they can just decline the order (it states which method was used during the order) otherwise if they keep it open there is no possibility right now to tag the business with an exclusive payment method.

 

Can this option be added though? It makes no sense that a business would accept cash when the employee needs to be NPC'd, while not accepting cash by policy when they actively run it.

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2 hours ago, The.Godfather said:

True! In fact, most banks do not have a transfer fee unless you request a specific type of transfer.

 

2 hours ago, GDUP24Z said:

Not all bank transfers have a fee.

The bank is definitely not free, like it is IG right now. You get transfer fees (sure, sometimes in some specific situations, there arent any), you get maintenance fees on your accounts, you get withdraw fees and so on.

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6 minutes ago, zaXer. said:

 

The bank is definitely not free, like it is IG right now. You get transfer fees (sure, sometimes in some specific situations, there arent any), you get maintenance fees on your accounts, you get withdraw fees and so on.

I've never had to pay any transfer fee (including international transfers) or withdrawal fee till date. Sure, there are other charges, like if you do a cross-border transaction, there's currency conversion charge. If you opt for an OD, there's an interest fee on that, then if you take any special services like home-banking and so on, there are additional charges. But banking as it is in GTAW, is entirely free in most countries! Can't say how it is in California though.

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4 hours ago, zaXer. said:

 

The bank is definitely not free, like it is IG right now. You get transfer fees (sure, sometimes in some specific situations, there arent any), you get maintenance fees on your accounts, you get withdraw fees and so on.

You get withdrawal fees if you withdraw from an ATM that ISN'T owned by your bank. IE: Being a WellsFargo Customer, using a Generic or other named bank (bank of america or suntrust or something). Outside of that, there are no withdrawal fees if using your own bank. And since there's only like what 1 bank in all of LS, you'd not have said fees. There ARE maintenance fees, for example mine IRL is $10/month

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I just wanted to address some of the well-intentioned misinformation in this thread about how banks work in the USA. While there are some banks which charge maintenance fees, it is almost exclusively charged to people who don't have a lot of money. Yes, it's shitty. Bank of America, for instance, has in the past charged a $12 monthly maintenance fee for a checking account only if you keep an average balance of less than $2,000 that month. In the USA, having $2,000 or less in your bank account suggests you are very low income, or otherwise not a really desirable customer for the bank (though even that $2,000 makes the bank between $50 to $150 a year even before they charge you anything). The major reason these few banks charge their customers is that they're essentially saying that serving this customer will cost them more money than they will make from passive income holding the customer's money. There are other options, like Credit Unions, which will gladly bank your money for free and provide all the basic resources you need regardless of your income or balance. Banks charging their patrons is a bit of a niche controversy, and it's not the industry standard unless you're dirt poor, unfortunately. 

 

If you are wealthy, or even comfortably middle class, no reasonable bank will charge you money to bank with them. If one of those circumstances exists that you can personally attest to, anyone utilizing that option is being badly duped. Banks want you to bank with them. While they hold onto your money, they are making money. While you are purchasing things on credit with their money, they are potentially seeing massive returns from exorbitant interest rates (annual rates in the high 20%s are industry standard). Rather than charge you money, they will spend money on incentives to get you to bank with them--most banks offer bonuses of between $200 to $500 just for signing up with them and depositing a certain sum of money and/or using their card for a certain amount of purchases. Very wealthy clients (six figures liquid cash banked and up) get extra perks, benefits, and rewards to encourage them to sign on with the bank. If you're even wealthier than that, banks will outright try to hunt you down and beg you to consider banking with them, and the rewards offered to the wealthiest patrons of banks are ostentatious enough to make us average peasants cry.

 

And even if you're not that wealthy? Any decent bank in the US will pay you interest for the money you have banked with them, even if you're just an average joe. The typical interest rate they pay is very small (around 1% annually is industry standard) and tends to barely cover annual inflation, but it's a tiny incentive to keep you storing your money with them. Remember, the bank makes money off your money, so they break off a little piece for you, and in the USA the federal reserve itself guarantees the first $200,000 you have banked so there is virtually no chance for you to lose it. Of course there are many other investment instruments in real life which allow you to see larger returns even with next to no risk such as treasury bills and bonds. Wealthy people tend to keep little of their money just "sitting around" in a bank account--why earn only 1% annual interest on your money a year when inflation tends to be between 1.3% and 1.7% a year, and when you can be earning 7% without even taking on substantial risk?

 

The most common type of bank-related fee is an ATM fee when you use an ATM which is not owned by your bank. The reason for this is because many ATMs are privately owned, essentially a small business. A private citizen like you or me buys an ATM, loads it with their own money, and essentially sells cash to people in exchange for bank funds. They take a fee because it's a service they're offering--it costs them money, time, and risk to keep these machines running. Your bank foots the bill for you if you use an ATM owned by them. They charge customers of other banks for using their own ATMs because they want to encourage those customers to open an account with them to benefit from the convenience of their ATMs. Basic stuff.

 

If the development team has any questions about banking, accounting, tax auditing, or other finance-related questions, feel free to message me. I'm glad to offer more insight on the subject, and have the credentials to be a source.

Edited by Ink
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