Second Life Forums Archive - Question about new banking regulation

Uvas Umarov

Phone Weasel Advocate

Join date: 8 Feb 2007

Posts: 622

01-09-2008 08:29

So as I read on the blog, RL chartered banks will still be able to operate in SL.

How will the average "Joe Avatar" be able to confirm that the bank he is depositing lindens into is an official bank and not some fly-by-night operation?

_____________________

"On the other hand, if you are convinced that I spent all the money on a new sports car, then getting even 2.5% instead of 0% back would be quite a deal, wouldn't it?" ---ginko bank owner on his financial dealings

Kalderi Tomsen

Nomad Extraordinaire!

Join date: 10 May 2007

Posts: 888

01-09-2008 08:53

I think that's a good question, Uvas, and I'm sure we'll find out, once the the semi-inevitable chaos following the ban calms down.

_____________________

Kalderi, General Manager, Hosoi Ichiba and Hosoi Design

- - -
Hosoi Ichiba - High Quality Classically-styled Asian buildings, furniture and home decorations in an old-fashioned Japanese market garden on Japan Kanto. http://hosoi-ichiba.blogspot.com/

Hosoi Design - High Quality prefabs and furnishings, plus commercial buildings.

Okiphia Anatine

Okiphia Rayna

Join date: 22 Nov 2007

Posts: 454

01-09-2008 09:04

Probably have a 'Linden Seal of Approval' thing, and there is most likely always going to be the option of contacting LL directly and just asking.

_____________________

In-world, I am Okiphia Rayna. This account is an alt, and is the only account I currently have with payment info on-file due to some account cracking that took place. This is a security measure at present, and I may return to the forums as Okiphia Rayna at a later date.

If you need to reach me, IM Okiphia Rayna, not Okiphia Anatine

Kidd Krasner

Registered User

Join date: 1 Jan 2007

Posts: 1,938

01-09-2008 09:10

More likely, a RL bank will have their own web site that will provide information about their in-world activities.

To verify the web site, you can check both their security certificate and domain names to make sure they really were issued to that bank. (The security certificate is likely to be more reliable.) Or find their phone number through a source other than their web site, and call them to verify things.

Colette Meiji

Registered User

Join date: 25 Mar 2005

Posts: 15,556

01-09-2008 09:13

They will probably have to provide an easily to get to link explaining their legal status.

Thats my guess.

(so what Kidd said)

Rob Adelaide

Cream Cheese Fanatic

Join date: 19 Oct 2006

Posts: 34

01-09-2008 09:24

I think this calls for the "Phillip K. Linden Banking Seal of Certified Authentic Allowed Financial Institution Establishment Management and Operation Approval Certificate of Authenticity"

-R

Okiphia Anatine

Okiphia Rayna

Join date: 22 Nov 2007

Posts: 454

01-09-2008 09:25

From: Rob Adelaide

I think this calls for the "Phillip K. Linden Banking Seal of Certified Authentic Allowed Financial Institution Establishment Management and Operation Approval Certificate of Authenticity"

-R

Holy crap man!

PKLBSCAAFIEMOACA!?

TOOO MANY... LEEETTTTTEEEEERSSS!!!!!

how'd ya say that?

puhkulbscaahfeemohahkah?

_____________________

In-world, I am Okiphia Rayna. This account is an alt, and is the only account I currently have with payment info on-file due to some account cracking that took place. This is a security measure at present, and I may return to the forums as Okiphia Rayna at a later date.

If you need to reach me, IM Okiphia Rayna, not Okiphia Anatine

Colette Meiji

Registered User

Join date: 25 Mar 2005

Posts: 15,556

01-09-2008 09:28

Basically

If you want to be a bank/fund/stock exchange in SL ...

You have to jump whatever hoops needed to become a

bank/fund/stock exchange IRL ...

Then go to the Lindens, show proof, and open up in SL.

Ceera Murakami

Texture Artist / Builder

Join date: 9 Sep 2005

Posts: 7,750

01-09-2008 09:46

Trust bank names you know in RL, and verify that they actually have a presence in SL by checking their Corporate website. Chase Manhattan, Wells Fargo, etc... if they ever come to SL, will probably make it abundantly clear and easy to prove that they are the real external bank that they claim to be, and not an imposter.

_____________________

Sorry, LL won't let me tell you where I sell my textures and where I offer my services as a sim builder. Ask me in-world.

Colette Meiji

Registered User

Join date: 25 Mar 2005

Posts: 15,556

01-09-2008 09:52

From: Ceera Murakami

Trust bank names you know in RL, and verify that they actually have a presence in SL by checking their Corporate website. Chase Manhattan, Wells Fargo, etc... if they ever come to SL, will probably make it abundantly clear and easy to prove that they are the real external bank that they claim to be, and not an imposter.

I wonder if that is why they even bothered to make that exception.

In the event that some day real banks will want to move into SL.

Since LL has often courted real business, it would only make sense to me they wouldnt want to shut the door on RL banks.

Particularly Credit Card Companies.

Question about new banking regulation
Uvas Umarov Phone Weasel Advocate Join date: 8 Feb 2007 Posts: 622	01-09-2008 08:29 So as I read on the blog, RL chartered banks will still be able to operate in SL. How will the average "Joe Avatar" be able to confirm that the bank he is depositing lindens into is an official bank and not some fly-by-night operation? _____________________ "On the other hand, if you are convinced that I spent all the money on a new sports car, then getting even 2.5% instead of 0% back would be quite a deal, wouldn't it?" ---ginko bank owner on his financial dealings
Kalderi Tomsen Nomad Extraordinaire! Join date: 10 May 2007 Posts: 888	01-09-2008 08:53 I think that's a good question, Uvas, and I'm sure we'll find out, once the the semi-inevitable chaos following the ban calms down. _____________________ Kalderi, General Manager, Hosoi Ichiba and Hosoi Design - - - Hosoi Ichiba - High Quality Classically-styled Asian buildings, furniture and home decorations in an old-fashioned Japanese market garden on Japan Kanto. http://hosoi-ichiba.blogspot.com/ Hosoi Design - High Quality prefabs and furnishings, plus commercial buildings.
Okiphia Anatine Okiphia Rayna Join date: 22 Nov 2007 Posts: 454	01-09-2008 09:04 Probably have a 'Linden Seal of Approval' thing, and there is most likely always going to be the option of contacting LL directly and just asking. _____________________ In-world, I am Okiphia Rayna. This account is an alt, and is the only account I currently have with payment info on-file due to some account cracking that took place. This is a security measure at present, and I may return to the forums as Okiphia Rayna at a later date. If you need to reach me, IM Okiphia Rayna, not Okiphia Anatine
Kidd Krasner Registered User Join date: 1 Jan 2007 Posts: 1,938	01-09-2008 09:10 More likely, a RL bank will have their own web site that will provide information about their in-world activities. To verify the web site, you can check both their security certificate and domain names to make sure they really were issued to that bank. (The security certificate is likely to be more reliable.) Or find their phone number through a source other than their web site, and call them to verify things.
Colette Meiji Registered User Join date: 25 Mar 2005 Posts: 15,556	01-09-2008 09:13 They will probably have to provide an easily to get to link explaining their legal status. Thats my guess. (so what Kidd said)
Rob Adelaide Cream Cheese Fanatic Join date: 19 Oct 2006 Posts: 34	01-09-2008 09:24 I think this calls for the "Phillip K. Linden Banking Seal of Certified Authentic Allowed Financial Institution Establishment Management and Operation Approval Certificate of Authenticity" -R
Okiphia Anatine Okiphia Rayna Join date: 22 Nov 2007 Posts: 454	01-09-2008 09:25 From: Rob Adelaide I think this calls for the "Phillip K. Linden Banking Seal of Certified Authentic Allowed Financial Institution Establishment Management and Operation Approval Certificate of Authenticity" -R Holy crap man! PKLBSCAAFIEMOACA!? TOOO MANY... LEEETTTTTEEEEERSSS!!!!! how'd ya say that? puhkulbscaahfeemohahkah? _____________________ In-world, I am Okiphia Rayna. This account is an alt, and is the only account I currently have with payment info on-file due to some account cracking that took place. This is a security measure at present, and I may return to the forums as Okiphia Rayna at a later date. If you need to reach me, IM Okiphia Rayna, not Okiphia Anatine
Colette Meiji Registered User Join date: 25 Mar 2005 Posts: 15,556	01-09-2008 09:28 Basically If you want to be a bank/fund/stock exchange in SL ... You have to jump whatever hoops needed to become a bank/fund/stock exchange IRL ... Then go to the Lindens, show proof, and open up in SL.
Ceera Murakami Texture Artist / Builder Join date: 9 Sep 2005 Posts: 7,750	01-09-2008 09:46 Trust bank names you know in RL, and verify that they actually have a presence in SL by checking their Corporate website. Chase Manhattan, Wells Fargo, etc... if they ever come to SL, will probably make it abundantly clear and easy to prove that they are the real external bank that they claim to be, and not an imposter. _____________________ Sorry, LL won't let me tell you where I sell my textures and where I offer my services as a sim builder. Ask me in-world.
Colette Meiji Registered User Join date: 25 Mar 2005 Posts: 15,556	01-09-2008 09:52 From: Ceera Murakami Trust bank names you know in RL, and verify that they actually have a presence in SL by checking their Corporate website. Chase Manhattan, Wells Fargo, etc... if they ever come to SL, will probably make it abundantly clear and easy to prove that they are the real external bank that they claim to be, and not an imposter. I wonder if that is why they even bothered to make that exception. In the event that some day real banks will want to move into SL. Since LL has often courted real business, it would only make sense to me they wouldnt want to shut the door on RL banks. Particularly Credit Card Companies.

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Question about new banking regulation