A brand new bank in SL - did they not get the memo?

You can open a RL joint checking or savings account with anyone you want to... a parent, a sibling, a boyfriend or girlfriend, a roommate. It better be someone you trust, though, since either owner of a joint account has full rights to withdraw all the money at any time regardless of who deposited it.

Hmmm....Trout Recreant, guardian ad litem. That has a nice ring to it. OK, everyone send me all your lindens and I'll take care of them because you are incapacitated and can't do it for yourselves.

/me rubs his hands together gleefully and starts looking through travel catalogs...Hey! The Bahamas look nice this time of year!

I thought Bradley had the market cornered on the Forum's banking needs?
I gave him my Lindens anyway...I have nothing to spend now, but at least I know it is all safe for when I want it in the future ...

Yes, my bank is still in business. Send your Lindens over to me. I promise outrageous interest rates you wont believe. Need to make a withdrawal? No problem. Just drop me a line anytime and I promise I'll eventually get back with you.

From what I can see, these Second Life "Banks" are about as legit as an email from a Prince in Nigeria promising you money for your help.

I think what these "bankers" are trying is going after the MMO Players who are quite 'new' to SL. In many MMO's there's a bank for storing stuff you collect.

In Second Life it's called your Inventory.

YUP!

Endless Inventory & I dont have to pay 200 Gold to access it

Just looking at the "loan" aspect, say the "account" you open offers no interest, but you can take a loan out whereby they credit you Lindens you have to pay back. Not sure this would be a smart move, but it would apparently not fall under the new "banking" rules would it?

Perhaps its time for our Islamic friends to open a Sharia Bank here (http://en.wikipedia.org/wiki/Islamic_banking) - after all, Sharia law as I understand it when it comes to finances outlaws interest?

That is not completely correct, at least not for over here in The Netherlands.

Because of my mothers weak health it impossible for her to handle all her own bank account. I share her bank account, so I can do all that is needed for her. If it is needed I visit the bank for her and I do her payments per computer from my home. I have all rights to her bank account.
Of course something like this can only be succesful when there is complete trust between those involved (missuse is considered a bank crime).

Morwen.

You can do that in the US too with a power of attorney.

However in SL the ability to share a bank account with a partner could hardly be considered a SELLING feature.

More like a detraction from value lol.

Useful for business partners though. But I just use an alt account that acts as a bank. Any payments for event prizes etc. come from the alt and either my partners or I can give it money or withdraw. So no real need for a bank.

Todays SL business partner who has access to your money -

IS tomorrow's ex friend who stole it.

IRL embezzlers go to jail.

In SL embezzlers buy an island.

It's funny to see this kind of threads... when yesterday I saw it I just thought "in no time there will be dozens of answers but none of them from the Bankers".... where are those people in anyway??? I would like to also read their thoughts lolol at least to smile a little lolol

That's what I was wondering too, Nuno. Where are the bankers in this thread? I would like to see what they have to say about this.

The overview of this bank states that you can have a savings account but they cannot pay interest as this is against the TOS of SL.

WTF, would anyone want a savings account in SL?

and they say you can have a shared accounts?

I already have a shared account in SL, its called click on my alt and pay.

They mean you will share your account with THEM.

Brenda, I'd rather share it with you?

Please don't contact me inworld your muted.

It sounds like it's just a system where people can store their money, and the 'bank' can use their money to try and make profits for themselves from loans. It's a great idea - I think I'll start one myself

If that's all it is, the wealth of the 'bank' is in plain sight - they have little or no money to back it up, or they would just operate a loans business. The fact that they need other people's money for it tells the story.

Hey! Place your money with me, and I'll lend it to people in the hope that they will pay back with interest, although I can't actually make them pay it back. I'd really like you to share in any profits that I make, but it's against the ToS. Don't worry though. If people don't pay back the loans, it's your money that's at risk, and not mine. So place all your money with me and, together, *I* will make good profits. What's in it for you? Well, you can get your money at any time (if I haven't lost it all), and don't forget how much you'll save by not having your money readily available, when you're looking at something really desirable in a store. Together, we can't lose )

Good point Broccoli.

And knowing how much our Islamic "friends" dislike people offering even objective criticism, I await that one with interest pardon the pun.

Indeed it could even be argued that leaving our Lindens with Linden may be not correct under Islamic law due to the fact Linden Labs may gain some interest on it.......

(Stands well back from the firing line………….)

Huh? I don't want to share anything?

You aren't trying for the Archbishop of Canterbury's job are you????

My guess is that even a Sharia bank in SL would have to prove it was real life registered, in whatever capacity they need to be, like any other bank. The "not giving interest" clause is probably irrelevant in any case now.

If anyone can convince me for some strange reason I need to place my money in any kind of non interest bearing savings account rather than my own account, I think I'll choose to move all my money over to SLex where I know it will be safe and it's easy to transfer back and forth...thank you very much. At least I know they have a proven track record.

LOL, I think your maybe just a little bit paranoid.

That is a very neat location. Can I just sit in the lobby and watch the waves roll in?