How does someone start a bank. I understand that you have to have a shit ton of money, but how does someone actually start/open a bank of their own? Can mr joe shblow, given that he is able to come up with previously mentioned “shit ton of money”, go out and open his own bank? Obviously it takes time, but what’s the process of doing so?
In: 614
You would have to apply for and obtain a state or federal bank charter, get FDIC approval, and obtain any other permits required in your area. Essentially the government wants to make sure you have a reasonable chance for success and that you will operate in a safe and sound manner.
Latest Answers