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TAUTX: Private Bank and Lending

First post
Author
Koniforous
Tauren Transit
#1 - 2014-02-17 10:59:12 UTC  |  Edited by: Koniforous
::EDIT:: There have been numerous policy changes since the public release of TAUTX. All current policies can be found on the TAUTX webpage.

::EDIT:: Withdrawals no longer require a 30 day notice, and will be processed as soon as funds permit. Interest rate is now paid out between the 1st - 5th as a single Dividend payment = 12.5% of TAUTX estimated monthly profits. Up to date policies and reports can be found on the TAUTX webpage.

First of all, I get it. You guys hate banks. And, omg, you love to heckle the Bank owners. Oh well, here it goes:

I started this Bank to help my corp/alliance mates out and practice market techniques. Then I thought I'd open it publicly and started reading the Eve forums with the intent of actually posting something. For the first time. Ever. Then I became terrified of what I was reading, again and again, about you guys saying people have ruined their character's chances of future loan requests and of all of the skepticism and negative labeling. So, I abstained from posting.

Well, after some final polishes, and initial account holders, I believe my small bank is ready for the public. Cool

I have my own website I use for personal things, mostly Eve, and I created a page with, I think, most of the questions and answers people will be interested in. Keep in mind, please, that I do not have any coding/web design experience and have built this site from the ground up using only dreamweaver and google. So, it's amateur, at best. Any suggestions for the website are more than welcome, as well as feedback from the policies of the bank.

http://cemotes.com/ks_enterprises.html

There's a link in my bio and corp info, also.

Well, for those of you that haven't read the webpage, lets talk about the bank, shall we? You can probably skip this part if you went to the site or read my corp info.

I'll be using shares as a Certificate of Deposit system. Shares will cost 1mil each, and give a simple interest of 2.5% (25k isk) on the 1st-5th of every month. We'll call this the enrollment period. During this time I will also open any new accounts, and issue any withdrawals. However, this will be the only time period these actions will take place, and I require a 30 day notice prior to withdrawals. Before you get all crazy and label this another scam, keep in mind: there is no withdrawal fee, and if you want to deposit your isk and get it back in 30 days then just tell me that when you deposit it. No fine-print strings attached.

See in-game corp info for up to date Share limits, and available Shares. I'm placing limits on Shares because it seems wise. I genuinely want this to be a successful service, so I want to make sure things are taken slow and performed well. I will decrease or increase this amount when necessary.

Further details can be found on the webpage, if you're interested.

To all new account holders, I'd like to thank you in advance, and I hope you enjoy the simple interest every month that I'm offering. Please, if you are happy with the bank, post here and spread the good word.

Once Shares have been maxed out I think we can probably use this topic to sell any of your shares in the corp to other pilots if you want to 'withdraw' your funds before an enrollment period.

I will answer any questions you have. So, please, instead of labeling this a scam, be constructive and ask me to clarify something if it seems unclear. Thanks for reading my first forums post ever!
Koniforous
Tauren Transit
#2 - 2014-02-17 10:59:55 UTC  |  Edited by: Koniforous
During Enrollment periods, pilots may begin sending me Evemails requesting specific amounts of TAUTX Shares:

Beginning 00:00 on the 1st (Eve-Time) of each month. Shares will be issued in order beginning with the first pilot to Evemail me.

Evemails sent before 00:00 on the 1st requesting Shares will NOT be considered valid.

See in-game corp info for remaining shares available for purchase during the next enrollment period (the 1st-5th of every month).

During Share expansions, Share Holders are allowed to reserve shares in an amount up to 25% of their current shares. Simply evemail me at anytime before the 1st to reserve shares from your 25% reserve allowance.

Monthly Reports can be found on the TAUTX website.
Elizabeth Norn
Nornir Research
Nornir Empire
#3 - 2014-02-17 11:11:50 UTC  |  Edited by: Elizabeth Norn
Golly, another 5% interest uncollaterlized loan calling itself a bank! How officious.

Could you show some proof that you've been operating this bank prior to this post? You can't really expect people to take your word on it, can you? :)
Koniforous
Tauren Transit
#4 - 2014-02-17 11:23:14 UTC  |  Edited by: Koniforous
Elizabeth Norn wrote:
Golly, another 5% interest uncollaterlized loan calling itself a bank! How officious.

Could you show some proof that you've been operating this bank prior to this post? You can't really expect people to take your word on it, can you? :)



This will be the first full month of operation. For Account Holders and interested parties I have included my Eve-Mogul profile in my bio, as well as on my webpage, to indicate if the bank will be able to make interest payments at the end of the month. This month has far surpassed both requirements and expectations in profit.
Daniel Plain
Doomheim
#5 - 2014-02-17 11:59:57 UTC
Koniforous wrote:
This month has far surpassed both requirements and expectations in profit.

they always do....

I should buy an Ishtar.

Billy Hix
Dreddit
Test Alliance Please Ignore
#6 - 2014-02-17 12:45:40 UTC  |  Edited by: Billy Hix
So you started the bank to help your Corp.

You then read the forums and went away to polish your idea.

You have already received about 3.5B in investments from your Corp.

You only want another 500M from the public.

This is the first month of trading for your bank.

So what you are saying it that you haven't even run a months trial in your Corp yet to iron out the bugs?
Bad Bobby
Bring Me Sunshine
In Tea We Trust
#7 - 2014-02-17 12:52:10 UTC
Why are you calling this a bank?

You are looking to pay an interest rate that is lower than the going rate for starter projects. How do you justify this?

You have chosen to use the in-game share system dispite its many flaws. How do you intend to get around all the issues this will cause?

Having reseached the history of banking in EVE, why do you feel that you will be able to succeed where others have failed?
Koniforous
Tauren Transit
#8 - 2014-02-17 12:53:15 UTC
Billy Hix wrote:
So you started the bank to help your Corp.

You then read the forums and went away to polish your idea.

This is the first month of trading for your bank.

So what you are saying it that you haven't even run a months trial in your Corp yet to iron out the bugs?




To which bugs are you referring?

The polishing was in trying to be as detailed as possible, and answer as many questions as I have seen asked on Bank, or Loan, or Bond posts, that I could on my webpage to be as clear as possible for public critique.

This is the first month of trading for my bank, yes, it is not, however, the first month of trading for me.
Koniforous
Tauren Transit
#9 - 2014-02-17 13:08:35 UTC  |  Edited by: Koniforous
Bad Bobby wrote:
Why are you calling this a bank?


You are looking to pay an interest rate that is lower than the going rate for starter projects. How do you justify this?

You have chosen to use the in-game share system dispite its many flaws. How do you intend to get around all the issues this will cause?

Having reseached the history of banking in EVE, why do you feel that you will be able to succeed where others have failed?



I am calling this a bank because I didn't need a loan, or bond. These 'accounts' do not mature, and account holders can withdraw their isk when they wish, upon the terms of condition.

This is the rate I calculated I would be able to maintain safely and guarantee interest payments. If you do not like the interest rate there are several other projects you can invest in. This is, on my end, a safe rate.

To which issues are you referring? After examining several avenues I decided this would be the easiest to way to keep track of account holders and interest. I can immediately see who holds accounts and even issue dividend interest payments to all account holders at once.

I feel that I will be able to succeed where others have failed because I am placing limits on the accounts I am accepting/issuing, that will fluctuate with the amount of playtime I have for Eve and with how well my trades are performing. There is no possibility of theft since I am the only operator of the bank. Also, I trust myself to be trusted by others. My intentions are honest, whether you believe them or not. I believe that continued success and wise decisions in the management of the bank and funds will reap an equally reciprocated level of trust and commitment from the Eve community.
Mu-Shi Ai
Ai Capital
#10 - 2014-02-17 14:02:24 UTC
<-- Loves watching Bad Bobby try to ride on his moral high horse.
Bad Bobby
Bring Me Sunshine
In Tea We Trust
#11 - 2014-02-17 14:40:50 UTC
Mu-Shi Ai wrote:
<-- Loves watching Bad Bobby try to ride on his moral high horse.
There isn't anything moral about by my high horse.


Sarton Wells
The Scope
Gallente Federation
#12 - 2014-02-17 14:55:08 UTC
So why should I invest my money in your bank with zero guarantee of ever seeing them back instead of investing in a fully collateralized loan?
Far Wanderer
The New Bank of Far
#13 - 2014-02-17 19:00:10 UTC  |  Edited by: Far Wanderer
Having quietly run a bank for some time now, I can tell you (the OP) that it's often better to do things the hard way as opposed to the easy way.

That is, start and run your bank for at least three months before you bother with advertising on the forums.

Find your customers in-game. Learn to deal with questions as they are posed to you. Do well in those early months and often your business will grow on its own, absent forum interaction.

But if you must use the forums, remember, there will always be hecklers on the forums. This is where the 80/20 rule applies: capsuleers who ask the most good/useful to you questions--the ones that really help you improve your banking system--while giving you the least grief, are the ones worth talking to. They are 80% good and 20% bad.

Whereas the ones who help 20% of the time--if that--and then dole out 80% of the grief you receive...these are the capsuleers (read: potential customers) worth ignoring. Stop answering their questions and move on to the people worth doing business with.

You provide a service, but you are also a customer. A customer in the market for good clients. Don't be afraid to fire a client, or a potential client, if they don't provide you with good service.

Good luck!

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn

Koniforous
Tauren Transit
#14 - 2014-02-17 19:49:21 UTC
Thank you for the great advice and constructive feedback, Far Wanderer!
Loraine Gess
Confedeferate Union of Tax Legalists
#15 - 2014-02-17 22:11:18 UTC
So OP any time you want to explain how your bank isn't an uncollat loan at bad rate go ahead
Koniforous
Tauren Transit
#16 - 2014-02-18 03:10:19 UTC
Loraine Gess wrote:
So OP any time you want to explain how your bank isn't an uncollat loan at bad rate go ahead



bank ac·count
noun
1.
an arrangement made with a bank whereby one may deposit and withdraw money and in some cases be paid interest.

sav·ings ac·count
noun
1.
a bank account that earns interest.

loan
lōn/Submit
noun
1.
a thing that is borrowed, esp. a sum of money that is expected to be paid back with interest.



When you stop to think about it, a savings account is almost identical to a loan. The only real difference is that a savings account has an added condition to its terms that allows 'loaning' parties to withdraw their funds when they want to, upon conditional agreements.

So, if you don't find 5% unsecured attractive, don't open an account with me. This is probably going to more attractive to less active, small capital investors than the large scale players I've seen tossing around huge sums of isk on the forums.
I LIKE IT
HIGH RISK INVESTMENT
#17 - 2014-02-18 08:19:04 UTC
Koniforous wrote:
if you don't find 5% unsecured attractive, don't open an account with me.

MESSAGE RECEIVED AND UNDERSTOOD
Samroski
Deep Core Mining Inc.
Caldari State
#18 - 2014-02-18 08:30:08 UTC
What happens to my shares if I suddenly decide to quit playing Eve? Will my interest still be paid regularly for the foreseeable future?

Any colour you like.

Loraine Gess
Confedeferate Union of Tax Legalists
#19 - 2014-02-18 14:53:30 UTC
I would like to purchase all available shares. Please send them to me and I will reply with payment.


If you want to use a third party, I instead wish to buy one share now and reserve the right to buy more later. You pay 3rd party fee.
Koniforous
Tauren Transit
#20 - 2014-02-18 15:24:35 UTC
Samroski wrote:
What happens to my shares if I suddenly decide to quit playing Eve? Will my interest still be paid regularly for the foreseeable future?


Your 5% interest will be paid as long as you have Shares.

If you are quitting Eve, and hold accounts with me, consider transferring those shares to someone you trust and/or like.

In the event that Shares in circulation need to be reduced, Share holders will be notified via evemail with a request to buyback their shares at a specific amount. Preferably higher than 1mil each. If you are inactive during this time, your shares will obviously be part of those that remain in circulation.

In the event that TAUTX closes, or stops paying interest for possible RL reasons (ie - I find it impossible to balance game time and rl) I will buy back all shares in circulation, preferably at a higher value than 1mil each, and notify account holders vie evemail that I will be stopping all interest payments. If account holders do not return their shares (ie - they do not have an active subscription) they will not be able to withdraw their funds during the closing of the bank (obviously) and will no longer collect interest on their shares.

However, in the event that share holders resub after the bank closes, they will be more than welcomed to evemail me and recollect their savings. I will still honor the previous arrangements of TAUTX savings accounts and reissue them their savings in return for their shares.
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