GFSN WIKI - BANKING RULES
BANKING RULES If a player's checking account is overdrawn for any reason and stays that way overnight, Banking overdraft fees will be assessed to the players account. This generally happens when a player makes a mistake, or is bad at math
This is looked upon poorly by the banking management and will result in an overdraft in a players checking account. 1st time - Under 5k, No charge.. Accidents can happen... You should maybe be more careful perhaps..2nd time - 5,000 fine for each and every OVERDRAFT presented to the bank for payment and for each day that the account remains overdrawn. After the 2nd day the players credit score will decline each night as well. 3,4,5,6,7.. etc - 5,000 fine cheerfully applied by our Banksters..(thank you for your patronage !) (special notice: Actual fine may be much higher if overdraft amount is over 5K, the overdraft fee is 5% of the total amt compounded daily)
IMPORTANT
ALL LOANS ARE TO BE TRANSACTED THRU OFFICIAL LICENSED BANKERS ONLY
Private loans are not allowed between individual players under any circumstances.
GETTING A NEW LOAN All players can get an instant loan of up to 500K with no waiting or application process. Simply select a bank of your choosing and get your cash. It is just that simple. All loans come with an automatic pay option (mandatory) and the interest rate charged is determined by a players credit score in game.
NEED MORE THAN A 500K LOAN ? Our bankers are delighted to offer a broad spectrum of personal loans along with Mortages and Commercial Business loans. Players will need to have been here for a while, have good credit and a plan in hand when they apply for the commercial loan or mortgage.
The bank may also require a discord Voice Chat meeting with their Loan Officer who may request more information prior to granting or denial of the loan application.
LOAN COLLATERAL Most big loans require that players purchase actual land with the proceeds and give up the land title to the bank as collateral, and banks may also require additional personal collateral and property to be posted as required by the bank loan officer.
A player MUST provide exact details of what he intends to use the loan for when making a new loan application to a bank, or the application will be refused instantly. Bankers set interest rates based upon their judgement and analisys of player risk factors for all loans above 500K
PLAYER SAVINGS ACCOUNTS : Players looking to park their money overnight can place up to 9 million dollars into their savings account. Interest on savings accounts is paid out daily at an annualized interest rate of 3 % and added to your savings balance. Money can be withdrawn at any time without penalty.
Interest is ONLY PAID OUT if your main checking has a positive balance in it. It is worth noting that if a player has an existing loan from a bank, the annualized interest rate paid out on savings drops to 1.5% until the players loan has been paid back in full.
CERTIFICATES OF DEPOSIT : Players in search of higher interest returns are encouraged to purchase BANK CD'S when they are available from individual banks when offered. Banks frequently offer attractive CD's that can pay a much better interest rate, based on how long you are willing to invest your money for, until the CD reaches maturity and pays off
OTHER BANKING BUSINESSES : There are no insurance companies, no stock holdings, no market managers or any other nonsense of the sort. If it's not available thru official GFSN channels it is to be considered a scam and is not acceptable in our community.
Please note that any account that stays negative for longer that 9 days will be suspended, liquidated, and removed no questions asked. The player will lose all assetts in bankruptcy. If you return to the game and restart, it will be with zero dollars in your account and there will be no initial 500k land grant..
Our system is designed to run on trust and overdrawing your checking account is probably not a great idea in the long run, as our bankers are only too happy to charge an excessive fee to the unwary check kiter, which can really add up fast over time..
(IMORTANT NOTE : Overdrawn checking accounts accrue interest at a rate of 10 % every 3 days, automatically added to your existing balance, in addition savings accounts will not receive interest payments while your main checking balance is Zero dollars or lower)
BECOMING A BANK
Note 1 -in order to apply for a banking permit, pleyer MUST have a credit score of at least 700 to be eligible, and 2.5 million dollars minimum for starting capital to apply.
Note 2 - please not that all Interest rates charged are set by the banking commision and are based upon a borrowers credit score as follows.
CREDIT SCORE RANGES AND ALLOWABLE INTEREST RATES THAT MUST BE CHARGED TO DEBTORS AS PER BANKING COMMISSION REGULATIONS
1 - 399 Minimum Interest rate = 8 - 10 % 400 - 499 Minimum Interest rate = 7 - 9 % 500 - 599 Minimum Interest rate = 6 -7 % 600 - 699 Minimum Interest rate = 4 -5 % 700 - 799 Minimum Interest rate = 2 -3 % 800 + Minimum Interest rate =1 %