Minecraft Name:Thecreator767

Suggestion: Multi-User Bank Accounts

Reason:
Add the ability to add users to a bank account/make a second bank account to start/promote the use of investment banks and the formation of a user-run banking system.

How this would work:
1. Players would pay X amount of ECD to buy a second bank account that can have multiple users with a set limit of 4 for now. For every additional user they wish to add, the price is X amount of dollars. Multiple users will allow for "Employees" at an investment bank.

2. Employees can toggle the ability to accept money from other users into their main account for investment. (All investments to the bank pool can be logged on a table to log who owns what)

3. Employees will invest customer money in US Stocks on the exchange and give a certain percentage of their profits (or losses) to the customers. Banks will also have the ability to toggle the ability to pay their customers back in chunks (to stop bank runs and the collapse of the bank in the result of a panic (or troll))
Edit: The admins should also have the ability to toggle the player-run banks on/off in the result of an unlikely economic crash (or they can just watch the world burn)

4. Employees can invest and make higher profits with their larger pool of money (higher stakes) and customers can store their money in the player-run bank to gain interest (based on how the bank decides to award interest/take money for losses)

Any Other Information:

-Many options would have to be added in order to stop people from destroying the bank (like the option to set it so the customer can only withdraw X amount of their money per day) and the option to make CDs where the customer chooses the option to store their money from X amount of months/weeks in exchange for higher interest rates
-Bank protection has to be implemented (Server insurance in the unlikely event a bank fails/the US stock exchange crashes and top companies die) (Only banks that have been approved get protection/customers can only be paid back a certain amount) (Employees withdrawing X amount of cash must have approval from X amount of employees/the owner. (large withdraws from the owner would need approval from administraitors))
-Bank open/close times must be implemented so the bank can function according to when they want to receive deposits/withdraws.
-Many more features would have to be added to make the banks viable and realistic.
-Probably would have to limit/stop loans from banks to prevent banks from going bankrupt.
-This would not need too much human regulation as a computer would do 99% of the work running the banking system.


Link To This Plugin: N/A -Would have to be written

This would probably be a pretty decent undertaking and add some complication to our new banking system, but it would start a new private banking industry on the game and add more functions to the bank & stock exchange.

 

the idea behind it is that people will bank with accredited, safe banks that are server insured with multiple employees to prevent this. Another key indicator would be ridiculous return rates like 1000%. I understand that you think people will just take the money and run with it, but it will cost money to set up one of these investment banks (More than you can steal in a go (It also takes time to build up investor confidence)) and people can tell if their money just vanishes if they check the stock leaderboard and see that your company is worth next to nothing :p

Large withdraws from the bank would require a couple days reveal & would have to be approved by high ranking admins.

Edit:
It would work a little like the real world. You go with the safe bet that's not ridiculous to the point of giving you triple your money in a week. You don't get rich easily & quickly.

 

bump