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  1. #1

    Do you have to be a bank to offer a Cert of Deposit service?

    I was curious to know if you need special permission or need to have to be a big time bank in order to offer interest bearing accounts to users online?

  2. #2
    Join Date
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    I think you would need to be very brave to consider that.

    I'd start by consulting: your lawyer/atterny, your accountant

    I would expect there are thousand of $ worth of 'setting up' to be done,
    Insurences, garuntees etc.

    Whilst in theory being 'the bank' is one of the best business's, in reality, it's not viable nowadays unless you have or can be backed, by millions of $

    If you do look further into it, remember that financial laws vary between states, countries & continents.
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  3. #3
    Yeah but I wonder if sites like prosper.com needed to do that?

  4. #4
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    Quote Originally Posted by lexington View Post
    Yeah but I wonder if sites like prosper.com needed to do that?
    Personaly, I think you'd be better off rolling up $50 notes & smoking them.

    The chances of falling foul of some law are so high, the financial risks are so high, the potential prifit [to me] is so low.
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    - There are many types of Marmalade -

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