Yup, thats right ^.^

I'd like to deposit 100k gold.

Also...

The website is a great idea, but I will still conduct my business off of this thread for now. This may change. It is nice to be able to quickly access information on one's accountant without having to scroll down a long post. I have to say that I admire the effort put into organising this bank.

id like to apply for a savings account my favorite pet? https://www.sylestia.com/view/pets/?petid=655289 or https://www.sylestia.com/view/pets/?petid=1087620 these here sylestis are my favorites

I'd like to deposit 200k gold and 200 diamonds, please.

@Tachy

Business is still conducted on this site. c:
The Website is simply for information. The optional thread thing is for Accountants to be able to post direct or more detailed information on an individual basis.
Guests and Registered users are only able to See these forums, not actually post in them. They're only able to post/make threads in the Help and Suggestion Forums. Only Accountants have access to everything, including special tools specifically for them.
But thank you, it's taken a lot of thinking and a bit of a lot of other stuff including getting approval for the website but I think it's worth it if it helps everyone in the long run. ^^
Being able to organize things like this also helps up later on when we want to add things.

@Fennec
Please use the Full Form.

Account Application
Username:fennectech
Account Type:savings
Preferred Accountant?: carrot
First Deposit:20k gold
Favorite Pet Owned:

If you have a bank account and put money into it. Then someone takes a loan out of your money and they pay it back to you (this would all happen within the bank though), does the person have to pay interest depending on how long they took to repay you, just like in a real bank (at least I think, :P)?

Hello :)

I've got 900 diamonds that I'd like to repay - this will leave a balance of 100 diamonds owing.

Please set up an exchange whenever is convenient for you and I'll send them over.

Thanks!

Link: https://www.sylestia.com/forums/?thread=26408&page=21#207 Author: Erinkitty2003 Time Posted: 7/23/2015 at 4:52 PM If you have a bank account and put money into it. Then someone takes a loan out of your money and they pay it back to you (this would all happen within the bank though), does the person have to pay interest depending on how long they took to repay you, just like in a real bank (at least I think, :P)?

This is my understanding:

The funds held by the bank would be "mixed" so when someone takes out a loan it wouldn't be clear which depositors gold is being used. The bank does charge interest (if there is a loan balance outstanding at the end of the month) but then uses that interest to pay interest to a variety of depositors.

Generally, the interest rates paid by borrowers is higher than the interest rates paid to depositors - this is how banks make their money and ensure that they have sufficient holdings going forward to continue to pay interest (if, for example, nobody took out a loan for awhile).

As an example, say there was a brand new Accountant (called AccountantA) that only held 1,000,000g paid by you. The bank then lends 1,000,000g to UserX via AccountantA. In this very limited scenario (which I wouldn't really expect to occur) it is clear that your 1,000,000g is being used for the loan to UserX.

If UserX took out the loan for general use, UserX will have to pay 40,000g per month (the interest rate is 4% so the calculation is 1,000,000g x 0.04=40,000).

You don't get the 40,000g.

Your interest rate if you had a Platinum account would be 0.02%. By my calculations that means each month you'd get 200g (1,000,000 x 0.0002=200).

The difference of 38,800g is used to pay other people's interest as well.


If the bank doesn't get loans, it doesn't get interest from borrowers which would mean that the Accountants would have to use their own gold to pay interest to depositors - not how banks work! Instead, banks take the advantage of a loan to generate "profit" so that, if loans dry up, they can keep paying interest to depositors.

Edited for example

Holy crap I wish I saw this when the themed pet thing was going on.

Username: Keanai
Account Type: Platinum
Preferred Accountant?: Nope. Someone I know, so a chat regular who also has been here longer than I have <3 I'm biased.
First Deposit: I'll be depositing 1,500,000.
Favorite Pet Owned: could it be of my avatar instead? :o I don't have a favorite pet - however, my avatar doesn't change.