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?
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This was written by the Silicon Valley Bank people, wasn’t it?
This was written by the Silicon Valley Bank people, wasn’t it?
This was written by the Silicon Valley Bank people, wasn’t it?
Let’s be fair. Best way to start a bank is to buy a bank. You get to have 1 less direct competitor, and all the initial paperwork is done.
Let’s be fair. Best way to start a bank is to buy a bank. You get to have 1 less direct competitor, and all the initial paperwork is done.
Let’s be fair. Best way to start a bank is to buy a bank. You get to have 1 less direct competitor, and all the initial paperwork is done.
Don’t start a bank. Go to a banking as a service provider, like [https://solidfi.com/](https://solidfi.com/), [https://synapsefi.com/](https://synapsefi.com/), [https://www.unit.co/](https://www.unit.co/). If you have a couple hundred thousand dollars, they’ll likely be willing to work with you, and a couple of months later you’ll be opening checking accounts and sending out debit cards with your company’s logo on it.
Don’t start a bank. Go to a banking as a service provider, like [https://solidfi.com/](https://solidfi.com/), [https://synapsefi.com/](https://synapsefi.com/), [https://www.unit.co/](https://www.unit.co/). If you have a couple hundred thousand dollars, they’ll likely be willing to work with you, and a couple of months later you’ll be opening checking accounts and sending out debit cards with your company’s logo on it.
Don’t start a bank. Go to a banking as a service provider, like [https://solidfi.com/](https://solidfi.com/), [https://synapsefi.com/](https://synapsefi.com/), [https://www.unit.co/](https://www.unit.co/). If you have a couple hundred thousand dollars, they’ll likely be willing to work with you, and a couple of months later you’ll be opening checking accounts and sending out debit cards with your company’s logo on it.
Simple answer: don’t.
In banking, every aspect of your business is subject to government oversight and regulation. Think the bank CEO runs the place?
*Nope.* It’s the legal and compliance heads who run the business. Because one screwup = Fed complaint. Fed complaint = Major Problems For Your Banking Institution. Even Wells Fargo, to big to fail and more connected than Kim Kardashians Facebook account , had to eat a full year of zero checking account growth as penance for their fraudulent account violations. The Fed is less forgiving of smaller and more honest institutions .
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