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
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 .
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 .
My favorite part of the movie ‘Saving Mr Banks’ was when he said “it’s bankin time” and proceeded to bank all over the place.
My favorite part of the movie ‘Saving Mr Banks’ was when he said “it’s bankin time” and proceeded to bank all over the place.
My favorite part of the movie ‘Saving Mr Banks’ was when he said “it’s bankin time” and proceeded to bank all over the place.
There’s a film on Netflix UK ‘Bank of Dave’ about a guy in Burnley who was wealthy and was lending money to help people with their lives and eventually tried to set up a bank. Spoiler, he did manage it and I believe it’s still going but it wasn’t easy
There’s a film on Netflix UK ‘Bank of Dave’ about a guy in Burnley who was wealthy and was lending money to help people with their lives and eventually tried to set up a bank. Spoiler, he did manage it and I believe it’s still going but it wasn’t easy
There’s a film on Netflix UK ‘Bank of Dave’ about a guy in Burnley who was wealthy and was lending money to help people with their lives and eventually tried to set up a bank. Spoiler, he did manage it and I believe it’s still going but it wasn’t easy
Latest Answers