In-Game Name : Giant_leader
In-Game Rank [Include donations] : $$$$ president
Amount you wish to loan : 25k
Repaid amount [Read under Interest rates][1 week] :30k
Do you agree to our Terms and Conditions? : yes
Do you agree to make a contract? : yes
Do you understand that I may decline this app due to untold reasons? totally

 

Question: Can I made it so I can withdraw all of my money?

 

Really! Just let me withdraw when I want to!

 

NVM

 

U guys asking to take out all ur money do not know how a bank works. Why would a bank just give u money in interest to do u a service. Well a bank uses that money for loans. A bank only provides on average 3% of money that they use. Banks do not provide money they organize and reallocate money. They pay u interest of say 1% and loan it for lets say 10% that is how they make money. In the United States and Canada, a bank is only required to have 10% of money on hand. So ze7707 allowing you to take out 50% of your money at a time is actually quite generous. I don't know if this bank loans out ur money, but if they don't they are literally giving away money. So if you feel the need to take out more than 50% of your money at any given time, this is not the place for y0u. Do not criticize me. I am just a college student studying macro-economics.

 

It's a game

 

At the time of the financial crisis, interest rates on big loans, like mortgages, are at 3%.
Most loans are under 10% interest rate. Just saying. 10% is very high.

Also, in the United States, hardly anybody puts their money in savings accounts, the interest rates on bank accounts are extremely low, less than 1 percent. So people today invest their money in mutual funds, pension funds, or if you are rich, in hedge funds.

 

In Canada we invest in GIC's

 

Ok.

 

While it may be a game, no one even in-game would just give away money. And JazzBeam while interest rates are at 0.05% which is very low, the majority of independent Americans have money in savings accounts.

 

It is still possible for the lender to be done lending and the depositor happens to withdraw after. By the way, that isn't opposing your statement.

Also, Americans put majority of their money in investment accounts, but they put a little bit in savings accounts so that they will still have savings left incase their investments fail. Wait, what do you mean by independent?

 

Financially independent. Steady income, etc. And while many Americans do invest in stock or mutual funds, some don't

 

I appologize

 

K

i am sorry

 

As Deathtoll1 is now permabanned I am going to lock this.

Locked