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Bank Interest Account Started by: Buddha on May 08, '15 19:27

Why don't we add a bank account that gives interest if you leave the money in it for a while.

Interest will depend on the period you leave the money in for, the more time u keep it, the more interest u get.

It can be useful to make money or to get some benefits if u are offline for a while.

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Part of me likes the idea but it Admin like give and take. If you make money one place you need to lose it in another. 

 

I think like interest rates should go up and down so you could make money and lose it. 

Also I think it should only be based on the Western Union Banks and not the Federal Bank. 

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Regulation Q was Title 12, part 217 of the United States Code of Federal Regulations. From 1933 until 2011 it prohibited banks from paying interest on demand deposits in accordance with Section 11 of the Glass–Steagall Act (formally the Banking Act of 1933)

 

Basically what this means, that any account that you have instant access too, was prohibited from paying interest on. In order to earn interest, they would have to code up a savings account, that pays a set amount of interest over a fixed period. So for example, you deposit $1,000,000 on a 30 day account, you can't access that money for 30 days. Interest would be payable on the final day.

As Izzy is always interested (pardon the pun) in balancing the books, this would have to be a couple of months at least, for a relatively low amount of interest, say 5% per month or so. Whilst this wouldn't take the money out of the game, it would effectively 'lock' it out of the game. Should you die before closing the account though, you would loose your money.

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2 or 3 months is quite a long period. It would be good to do it in form of days or weeks, anyways 2-10 % Interest isnt that big deal I guess

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It is a good idea, but in all honesty were there that many gangsters that were using banks? Especially those that would be robbing them? If anyone has any facts on this I would be interested in reading them. I just don't see them putting their money in them but then again, I'm not too knowledgeable of what all was going on during the times. 

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Hmm, 1930's I do not think gangsters were using banks back then. Gangsters typically don't use a bank...And its quite easy to make money in this game, I do not think this should be implemented.

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implement it but perhaps add in a insurance fee because we do have crimes to rob banks, make it risk vs reward

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